AFK vs. EZA

Last updated Jun 3, 2026

AFK (VanEck Vectors Africa Index ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - AFK is a Foreign Large Cap Equities fund tracking the Dow Jones Africa Titans 50 Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, AFK returned 5.75%/yr vs 7.55%/yr for EZA. A 0.69 correlation means they provide meaningful diversification when combined. AFK charges 0.78%/yr vs 0.59%/yr for EZA.

Performance

AFK vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Africa Index ETF (AFK) and iShares MSCI South Africa ETF (EZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFK achieves a 3.48% return, which is significantly higher than EZA's -0.36% return. Over the past 10 years, AFK has underperformed EZA with an annualized return of 5.75%, while EZA has yielded a comparatively higher 7.55% annualized return.

AFK

• 1D: 0.73%
• 1M: 3.28%
• YTD: 3.48%
• 6M: 13.04%
• 1Y: 44.31%
• 3Y*: 23.18%
• 5Y*: 6.45%
• 10Y*: 5.75%

EZA

• 1D: 1.38%
• 1M: 0.51%
• YTD: -0.36%
• 6M: 8.72%
• 1Y: 37.34%
• 3Y*: 27.55%
• 5Y*: 9.58%
• 10Y*: 7.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFK vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFK VanEck Vectors Africa Index ETF	3.48%	74.71%	12.10%	-12.11%	-17.31%	3.00%	4.26%	9.90%	-19.55%	28.22%
EZA iShares MSCI South Africa ETF	-0.36%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%

Correlation

The correlation between AFK and EZA is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 15, 2008	0.69

The correlation between AFK and EZA shifts across timeframes, from 0.68 (3 years) to 0.81 (1 year), reflecting how their relationship changes across market environments.

AFK vs. EZA - Sectors Allocation Comparison

Sectors	AFK	EZA
Financial Services	37.7%	32.1%
Basic Materials	32.5%	39.7%
Communication Services	12.5%	6.7%
Consumer Cyclical	6.5%	14.7%
Energy	4.7%	-
Industrials	3.7%	1.5%
Consumer Defensive	1.6%	2.4%
Healthcare	0.5%	1.2%
Real Estate	0.2%	1.6%
Utilities	0.2%	-
Technology	-	-

Return for Risk

AFK vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFK

AFK Risk / Return Rank: 48
AFK Sharpe Ratio Rank: 50
AFK Sortino Ratio Rank: 44
AFK Omega Ratio Rank: 50
AFK Calmar Ratio Rank: 49
AFK Martin Ratio Rank: 45

EZA

EZA Risk / Return Rank: 33
EZA Sharpe Ratio Rank: 34
EZA Sortino Ratio Rank: 31
EZA Omega Ratio Rank: 33
EZA Calmar Ratio Rank: 34
EZA Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFK vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Africa Index ETF (AFK) and iShares MSCI South Africa ETF (EZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AFK	EZA	Difference
Sharpe ratio Return per unit of total volatility	1.74	1.21	+0.53
Sortino ratio Return per unit of downside risk	2.22	1.69	+0.54
Omega ratio Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio Return relative to maximum drawdown	2.44	1.72	+0.72
Martin ratio Return relative to average drawdown	7.38	4.88	+2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFK vs. EZA - Sharpe Ratio Comparison

The current AFK Sharpe Ratio is 1.74, which is higher than the EZA Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of AFK and EZA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AFK	EZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.21	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.34	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.24	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.29	-0.27

Drawdowns

AFK vs. EZA - Drawdown Comparison

The maximum AFK drawdown since its inception was -62.46%, roughly equal to the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for AFK and EZA.

Drawdown Indicators

	AFK	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-62.46%	-64.64%	+2.18%
Max Drawdown (1Y) Largest decline over 1 year	-19.54%	-23.31%	+3.77%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	-23.31%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-38.46%	-34.94%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-53.33%	-62.25%	+8.92%
Current Drawdown Current decline from peak	-9.42%	-15.99%	+6.57%
Average Drawdown Average peak-to-trough decline	-32.04%	-16.92%	-15.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.45%	8.22%	-1.77%

Volatility

AFK vs. EZA - Volatility Comparison

The current volatility for VanEck Vectors Africa Index ETF (AFK) is 8.12%, while iShares MSCI South Africa ETF (EZA) has a volatility of 10.43%. This indicates that AFK experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFK	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	10.43%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	26.07%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	25.62%	30.99%	-5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	28.70%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	31.37%	-9.21%

AFK vs. EZA - Expense Ratio Comparison

AFK has a 0.78% expense ratio, which is higher than EZA's 0.59% expense ratio.

Dividends

AFK vs. EZA - Dividend Comparison

AFK's dividend yield for the trailing twelve months is around 0.98%, less than EZA's 6.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFK VanEck Vectors Africa Index ETF	0.98%	1.02%	0.00%	2.27%	3.59%	4.17%	3.91%	6.34%	1.71%	1.99%	2.67%	2.16%
EZA iShares MSCI South Africa ETF	6.18%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%

Frequently Asked Questions

Can I hold both AFK and EZA in my portfolio?

AFK and EZA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFK or EZA?

EZA has higher volatility (10.43%) compared to AFK (8.12%). In terms of maximum drawdown, AFK dropped -62.46% vs EZA's -64.64%.

Which ETF is better, AFK or EZA?

On 10-year performance, EZA leads with 7.55% vs 5.75% for AFK. On fees, EZA is cheaper at 0.59% per year. On volatility, AFK has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFK or EZA?

Over the 10-year period, EZA has performed better with a 7.55% return vs 5.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFK or EZA?

EZA is cheaper with a 0.59% expense ratio, compared with 0.78% for AFK.

Which ETF pays a higher dividend yield, AFK or EZA?

EZA has the higher dividend yield at 6.18%, compared with 0.98% for AFK.

What is the main difference between AFK and EZA?

AFK is categorized as Foreign Large Cap Equities, while EZA is Emerging Markets Equities. AFK tracks Dow Jones Africa Titans 50 Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.78% for AFK and 0.59% for EZA.

Which has better risk-adjusted returns?

AFK currently has the higher Sharpe Ratio (1.74 vs 1.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.