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EIDO vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EIDO vs. EZA

Last updated Jun 13, 2026

EIDO (iShares MSCI Indonesia ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - EIDO is a Asia Pacific Equities fund tracking the MSCI Indonesia Investable Market Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, EIDO returned -3.71%/yr vs 8.12%/yr for EZA. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EIDO vs. EZA - Performance Comparison

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

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Returns By Period

In the year-to-date period, EIDO achieves a -34.01% return, which is significantly lower than EZA's -2.81% return. Over the past 10 years, EIDO has underperformed EZA with an annualized return of -3.71%, while EZA has yielded a comparatively higher 8.12% annualized return.

EIDO

1D
1.82%
1M
-13.77%
YTD
-34.01%
6M
-33.58%
1Y
-31.30%
3Y*
-16.75%
5Y*
-8.51%
10Y*
-3.71%

EZA

1D
0.89%
1M
-5.12%
YTD
-2.81%
6M
2.77%
1Y
33.90%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EIDO vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EIDO
iShares MSCI Indonesia ETF		-34.01%4.90%-13.02%2.56%-0.16%-0.60%-7.13%5.30%-10.88%19.40%
EZA
iShares MSCI South Africa ETF		-2.81%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%

Correlation

The correlation between EIDO and EZA is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.52

Correlation (All Time)
Calculated using the full available price history since May 7, 2010

0.56

The correlation between EIDO and EZA shifts across timeframes, from 0.38 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

EIDO vs. EZA - Sectors Allocation Comparison

Sectors
EIDO
EZA

Financial Services

37.8%
32.1%

Basic Materials

18.5%
39.7%

Energy

10.6%

-

Communication Services

8.7%
6.7%

Consumer Defensive

7.5%
2.4%

Industrials

6.1%
1.5%

Technology

2.7%

-

Utilities

2.4%

-

Healthcare

2.4%
1.2%

Real Estate

1.8%
1.6%

Consumer Cyclical

1.6%
14.7%

Financial Services

EIDO
37.8%
EZA
32.1%

Basic Materials

EIDO
18.5%
EZA
39.7%

Energy

EIDO
10.6%
EZA

-

Communication Services

EIDO
8.7%
EZA
6.7%

Consumer Defensive

EIDO
7.5%
EZA
2.4%

Industrials

EIDO
6.1%
EZA
1.5%

Technology

EIDO
2.7%
EZA

-

Utilities

EIDO
2.4%
EZA

-

Healthcare

EIDO
2.4%
EZA
1.2%

Real Estate

EIDO
1.8%
EZA
1.6%

Consumer Cyclical

EIDO
1.6%
EZA
14.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Indonesia ETF

iShares MSCI South Africa ETF

Often compared with EIDO:
EIDO vs. IDXEIDO vs. EWYEIDO vs. INDAEIDO vs. ASEAEIDO vs. EWMEIDO vs. EWSEIDO vs. EWW
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

EIDO vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EIDO
EIDO Risk / Return Rank: 11
Overall Rank
EIDO Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EIDO Sortino Ratio Rank: 11
Sortino Ratio Rank
EIDO Omega Ratio Rank: 00
Omega Ratio Rank
EIDO Calmar Ratio Rank: 33
Calmar Ratio Rank
EIDO Martin Ratio Rank: 00
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
Martin Ratio Rank
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.

EIDO vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Indonesia ETF (EIDO) 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.

EIDOEZADifference
Sharpe ratioReturn per unit of total volatility
-1.29
0.95

-2.24

Sortino ratioReturn per unit of downside risk
-1.84
1.41

-3.24

Omega ratioGain probability vs. loss probability

0.76

1.18

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.74

1.31

-2.05

Martin ratioReturn relative to average drawdown

-2.38

3.41

-5.79

EIDO vs. EZA - Sharpe Ratio Comparison

The current EIDO Sharpe Ratio is -1.29, which is lower than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of EIDO 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.

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Drawdowns

EIDO vs. EZA - Drawdown Comparison

The maximum EIDO drawdown since its inception was -63.21%, roughly equal to the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EIDO and EZA.

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Drawdown Indicators

EIDOEZADifference

Max Drawdown

Largest peak-to-trough decline

-63.21%

-64.64%

+1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-43.81%

-23.31%

-20.50%

Max Drawdown (3Y)

Largest decline over 3 years

-51.77%

-23.31%

-28.46%

Max Drawdown (5Y)

Largest decline over 5 years

-51.77%

-34.94%

-16.83%

Max Drawdown (10Y)

Largest decline over 10 years

-59.41%

-62.25%

+2.84%

Current Drawdown

Current decline from peak

-54.96%

-18.05%

-36.91%

Average Drawdown

Average peak-to-trough decline

-24.68%

-16.92%

-7.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.63%

8.93%

+4.70%

Volatility

EIDO vs. EZA - Volatility Comparison

iShares MSCI Indonesia ETF (EIDO) has a higher volatility of 13.82% compared to iShares MSCI South Africa ETF (EZA) at 11.34%. This indicates that EIDO's price experiences larger fluctuations and is considered to be riskier than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EIDOEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

13.82%

11.34%

+2.48%

Volatility (6M)

Calculated over the trailing 6-month period

21.56%

27.03%

-5.47%

Volatility (1Y)

Calculated over the trailing 1-year period

25.14%

31.92%

-6.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.41%

28.86%

-8.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.00%

31.43%

-6.43%

EIDO vs. EZA - Expense Ratio Comparison

Both EIDO and EZA have an expense ratio of 0.59%.

Dividends

EIDO vs. EZA - Dividend Comparison

EIDO's dividend yield for the trailing twelve months is around 5.39%, less than EZA's 6.34% yield.

PositionTTM20252024202320222021202020192018201720162015
EIDO
iShares MSCI Indonesia ETF		5.39%3.56%5.20%2.94%2.53%1.33%1.51%1.78%1.99%1.26%1.16%1.67%
EZA
iShares MSCI South Africa ETF		6.34%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

EIDO and EZA have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIDO has higher volatility (13.82%) compared to EZA (11.34%). In terms of maximum drawdown, EIDO dropped -63.21% vs EZA's -64.64%.

On 10-year performance, EZA leads with 8.12% vs -3.71% for EIDO. Both ETFs have the same 0.59% expense ratio. On volatility, EZA has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZA has performed better with a 8.12% return vs -3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EIDO and EZA have the same expense ratio: 0.59% per year.

EZA has the higher dividend yield at 6.34%, compared with 5.39% for EIDO.

EIDO is categorized as Asia Pacific Equities, while EZA is Emerging Markets Equities. EIDO tracks MSCI Indonesia Investable Market Index, while EZA tracks MSCI South Africa Index.

EZA currently has the higher Sharpe Ratio (0.95 vs -1.29), 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.

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