EDOG vs. EZA

Last updated Jun 24, 2026

EDOG (ALPS Emerging Sector Dividend Dogs ETF) and EZA (iShares MSCI South Africa ETF) are both Emerging Markets Equities funds - EDOG tracks the S-Network Emerging Sector Dividend Dogs Index while EZA tracks the MSCI South Africa Index. Both are passively managed. Over the past 10 years, EDOG returned 6.34%/yr vs 7.74%/yr for EZA. A 0.74 correlation means they provide meaningful diversification when combined. EDOG charges 0.60%/yr vs 0.59%/yr for EZA.

Performance

EDOG vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Emerging Sector Dividend Dogs ETF (EDOG) 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, EDOG achieves a 1.65% return, which is significantly higher than EZA's -5.04% return. Over the past 10 years, EDOG has underperformed EZA with an annualized return of 6.34%, while EZA has yielded a comparatively higher 7.74% annualized return.

EDOG

• 1D: -0.23%
• 1M: -0.76%
• YTD: 1.65%
• 6M: 0.54%
• 1Y: 17.09%
• 3Y*: 10.59%
• 5Y*: 4.98%
• 10Y*: 6.34%

EZA

• 1D: -1.86%
• 1M: -2.94%
• YTD: -5.04%
• 6M: -6.05%
• 1Y: 31.63%
• 3Y*: 24.47%
• 5Y*: 10.32%
• 10Y*: 7.74%

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

EDOG vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EDOG ALPS Emerging Sector Dividend Dogs ETF	1.65%	22.59%	1.70%	11.58%	-10.50%	11.71%	7.99%	13.26%	-16.52%	20.42%
EZA iShares MSCI South Africa ETF	-5.04%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%

Correlation

The correlation between EDOG and EZA is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 28, 2014	0.74

The correlation between EDOG and EZA has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

EDOG vs. EZA - Sectors Allocation Comparison

Sectors	EDOG	EZA
Industrials	11.3%	1.5%
Energy	11.2%	-
Financial Services	11.0%	33.5%
Healthcare	10.3%	1.1%
Utilities	10.2%	-
Consumer Defensive	9.6%	2.5%
Technology	9.4%	-
Consumer Cyclical	6.1%	14.3%
Basic Materials	6.0%	39.0%
Communication Services	5.4%	6.5%
Real Estate	-	1.6%

Return for Risk

EDOG vs. EZA — Risk / Return Rank

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

EDOG

EDOG Risk / Return Rank: 32
EDOG Sharpe Ratio Rank: 31
EDOG Sortino Ratio Rank: 30
EDOG Omega Ratio Rank: 32
EDOG Calmar Ratio Rank: 34
EDOG Martin Ratio Rank: 32

EZA

EZA Risk / Return Rank: 28
EZA Sharpe Ratio Rank: 29
EZA Sortino Ratio Rank: 28
EZA Omega Ratio Rank: 28
EZA Calmar Ratio Rank: 28
EZA Martin Ratio Rank: 27

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.

EDOG vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Emerging Sector Dividend Dogs ETF (EDOG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EDOG	EZA	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.99	+0.08
Sortino ratio: Return per unit of downside risk	1.54	1.45	+0.09
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.60	1.36	+0.24
Martin ratio: Return relative to average drawdown	4.24	3.41	+0.82

EDOG vs. EZA - Sharpe Ratio Comparison

The current EDOG Sharpe Ratio is 1.07, which is comparable to the EZA Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of EDOG 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.

Drawdowns

EDOG vs. EZA - Drawdown Comparison

The maximum EDOG drawdown since its inception was -44.29%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EDOG and EZA.

Drawdown Indicators

	EDOG	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-44.29%	-64.64%	+20.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-23.31%	+12.58%
Max Drawdown (3Y) Largest decline over 3 years	-15.29%	-23.31%	+8.02%
Max Drawdown (5Y) Largest decline over 5 years	-26.54%	-34.94%	+8.40%
Max Drawdown (10Y) Largest decline over 10 years	-44.29%	-62.25%	+17.96%
Current Drawdown Current decline from peak	-9.54%	-19.94%	+10.40%
Average Drawdown Average peak-to-trough decline	-11.20%	-16.92%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	9.29%	-5.24%

Volatility

EDOG vs. EZA - Volatility Comparison

The current volatility for ALPS Emerging Sector Dividend Dogs ETF (EDOG) is 4.04%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.13%. This indicates that EDOG 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

	EDOG	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	11.13%	-7.09%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	27.33%	-13.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	32.07%	-16.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	28.90%	-13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	31.27%	-13.85%

EDOG vs. EZA - Expense Ratio Comparison

EDOG has a 0.60% expense ratio, which is higher than EZA's 0.59% expense ratio.

Dividends

EDOG vs. EZA - Dividend Comparison

EDOG's dividend yield for the trailing twelve months is around 5.06%, less than EZA's 7.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDOG ALPS Emerging Sector Dividend Dogs ETF	5.06%	4.50%	6.55%	6.53%	5.07%	4.11%	2.60%	4.93%	5.37%	2.89%	2.97%	4.55%
EZA iShares MSCI South Africa ETF	7.89%	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 EDOG and EZA in my portfolio?

EDOG and EZA have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDOG or EZA?

EZA has higher volatility (11.13%) compared to EDOG (4.04%). In terms of maximum drawdown, EDOG dropped -44.29% vs EZA's -64.64%.

Which ETF is better, EDOG or EZA?

On 10-year performance, EZA leads with 7.74% vs 6.34% for EDOG. On fees, EZA is cheaper at 0.59% per year. On volatility, EDOG has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDOG or EZA?

Over the 10-year period, EZA has performed better with a 7.74% return vs 6.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDOG or EZA?

EZA is cheaper with a 0.59% expense ratio, compared with 0.60% for EDOG.

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

EZA has the higher dividend yield at 7.89%, compared with 5.06% for EDOG.

What is the main difference between EDOG and EZA?

EDOG tracks S-Network Emerging Sector Dividend Dogs Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: SS&C and iShares. Their fees differ too: 0.60% for EDOG and 0.59% for EZA.

Which has better risk-adjusted returns?

EDOG currently has the higher Sharpe Ratio (1.07 vs 0.99), 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.