It is necessary and essential’when making risk decision on cross-national capital operation to trace and measure the country risk of host country．Country risk measurement can be divided into two types: country risk rating based on multi-attributes and systematic risk modeling based on capital asset pricing．In this paper， the dynamics of systematic risk of BRICS countries is modeled and then the correlations between systematic risk and ICRG country risk ratings based on multi-attributes are calculated and analyzed．Empirical results show that systematic risk volatility is high，but decreasing in BRICS countries; and although shocked by the 2008 financial crisis，the systematic risk volatilities quickly tend to be stable，which suggests that the risk tol_x005ferance has been increasing in BRICS countries．Compared with ICRG country risk ratings that reflect the whole risk status of one given country，systematic risk reflects more the financial risk with return information．This could offer more risk-return information to improve the rationality and accuracy of decisions on cross-national capital operation．