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EIRL vs. ENZL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EIRL vs. ENZL

Last updated Aug 2, 2026
Documentation

EIRL (iShares MSCI Ireland ETF) and ENZL (iShares MSCI New Zealand ETF) are both exchange-traded funds - EIRL is a Europe Equities fund tracking the MSCI Ireland Investable Market 25/50 Index, while ENZL is a Asia Pacific Equities fund tracking the MSCI New Zealand Investable Market Index. Both are passively managed. Over the past 10 years, EIRL returned 9.78%/yr vs 2.99%/yr for ENZL. Their 0.46 correlation means their historical movements had little consistent relationship. EIRL charges 0.49%/yr vs 0.50%/yr for ENZL.

Performance

EIRL vs. ENZL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Ireland ETF (EIRL) and iShares MSCI New Zealand ETF (ENZL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EIRL achieves a 9.90% return, which is significantly higher than ENZL's 4.40% return. Over the past 10 years, EIRL has outperformed ENZL with an annualized return of 9.78%, while ENZL has yielded a comparatively lower 2.99% annualized return.

EIRL

1D
-0.36%
1M
0.13%
6M
7.17%
YTD
9.90%
1Y
25.57%
3Y*
12.74%
5Y*
8.40%
10Y*
9.78%
ALL TIME*
9.90%

ENZL

1D
-0.93%
1M
4.18%
6M
0.69%
YTD
4.40%
1Y
7.11%
3Y*
0.97%
5Y*
-2.78%
10Y*
2.99%
ALL TIME*
7.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EIRL

iShares MSCI Ireland ETF
$557.35K$479.69K$1.13M

ENZL

iShares MSCI New Zealand ETF
$6.05M$5.22M$3.06M

EIRL vs. ENZL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EIRL
iShares MSCI Ireland ETF		9.90%28.82%-1.64%35.13%-18.83%13.72%9.63%28.15%-21.92%29.82%
ENZL
iShares MSCI New Zealand ETF		4.40%2.47%-4.86%2.95%-16.18%-11.39%20.04%30.09%0.35%24.04%

Correlation

The correlation between EIRL and ENZL is 0.49, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.49

Correlation (3Y)
Balances recent behavior with more history.

0.46

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.49

Correlation (10Y)
Provides a long-term view across more market conditions.

0.48

Correlation (All Time)
Calculated using the full available price history since Sep 2, 2010

0.46

EIRL vs. ENZL - Sectors Allocation Comparison

Sectors
EIRL
ENZL

Financial Services

39.6%
1.5%

Consumer Defensive

19.5%
1.4%

Healthcare

10.9%
30.0%

Industrials

10.4%
30.9%

Consumer Cyclical

8.5%
1.2%

Basic Materials

4.3%
4.4%

Energy

4.3%
1.9%

Utilities

4.3%
12.6%

Real Estate

2.0%
12.9%

Technology

0.2%
0.5%

Communication Services

0.0%
3.0%

Financial Services

EIRL
39.6%
ENZL
1.5%

Consumer Defensive

EIRL
19.5%
ENZL
1.4%

Healthcare

EIRL
10.9%
ENZL
30.0%

Industrials

EIRL
10.4%
ENZL
30.9%

Consumer Cyclical

EIRL
8.5%
ENZL
1.2%

Basic Materials

EIRL
4.3%
ENZL
4.4%

Energy

EIRL
4.3%
ENZL
1.9%

Utilities

EIRL
4.3%
ENZL
12.6%

Real Estate

EIRL
2.0%
ENZL
12.9%

Technology

EIRL
0.2%
ENZL
0.5%

Communication Services

EIRL
0.0%
ENZL
3.0%

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 Ireland ETF

iShares MSCI New Zealand ETF

Often compared with EIRL:
EIRL vs. EPOLEIRL vs. EUFNEIRL vs. EWIEIRL vs. EWQEIRL vs. EWPEIRL vs. EWZSEIRL vs. ENOR
Often compared with ENZL:
ENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWAENZL vs. EWQENZL vs. EWY

Return for Risk

EIRL vs. ENZL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EIRL
EIRL Risk / Return Rank: 5555
Overall Rank
EIRL Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EIRL Sortino Ratio Rank: 5959
Sortino Ratio Rank
EIRL Omega Ratio Rank: 5858
Omega Ratio Rank
EIRL Calmar Ratio Rank: 4848
Calmar Ratio Rank
EIRL Martin Ratio Rank: 5050
Martin Ratio Rank
ENZL
ENZL Risk / Return Rank: 2020
Overall Rank
ENZL Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ENZL Sortino Ratio Rank: 1919
Sortino Ratio Rank
ENZL Omega Ratio Rank: 1919
Omega Ratio Rank
ENZL Calmar Ratio Rank: 1919
Calmar Ratio Rank
ENZL Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EIRL vs. ENZL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) and iShares MSCI New Zealand ETF (ENZL). 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.

EIRLENZLDifference
Sharpe ratioReturn per unit of total volatility
1.36
0.40

+0.97

Sortino ratioReturn per unit of downside risk
2.03
0.66

+1.36

Omega ratioGain probability vs. loss probability

1.25

1.08

+0.17

Calmar ratioReturn relative to maximum drawdown

1.72

0.49

+1.23

Martin ratioReturn relative to average drawdown

5.74

1.30

+4.44

EIRL vs. ENZL - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.36, which is higher than the ENZL Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of EIRL and ENZL, 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

EIRL vs. ENZL - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, which is greater than ENZL's maximum drawdown of -42.44%. Use the drawdown chart below to compare losses from any high point for EIRL and ENZL.

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Drawdown Indicators

EIRLENZLDifference

Max Drawdown

Largest peak-to-trough decline

-46.48%

-42.44%

-4.04%

Max Drawdown (1Y)

Largest decline over 1 year

-14.28%

-12.90%

-1.38%

Max Drawdown (3Y)

Largest decline over 3 years

-23.04%

-20.67%

-2.37%

Max Drawdown (5Y)

Largest decline over 5 years

-40.14%

-36.86%

-3.28%

Max Drawdown (10Y)

Largest decline over 10 years

-46.48%

-42.44%

-4.04%

Current Drawdown

Current decline from peak

-1.17%

-26.11%

+24.94%

Average Drawdown

Average peak-to-trough decline

-9.02%

-12.93%

+3.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.26%

4.83%

-0.57%

Volatility

EIRL vs. ENZL - Volatility Comparison

iShares MSCI Ireland ETF (EIRL) has a higher volatility of 4.45% compared to iShares MSCI New Zealand ETF (ENZL) at 4.20%. This indicates that EIRL's price experiences larger fluctuations and is considered to be riskier than ENZL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EIRLENZLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.45%

4.20%

+0.25%

Volatility (6M)

Calculated over the trailing 6-month period

15.31%

13.72%

+1.59%

Volatility (1Y)

Calculated over the trailing 1-year period

17.99%

15.89%

+2.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.10%

18.58%

+2.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.19%

20.37%

+0.82%

EIRL vs. ENZL - Expense Ratio Comparison

EIRL has a 0.49% expense ratio, which is lower than ENZL's 0.50% expense ratio.

Dividends

EIRL vs. ENZL - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.37%, more than ENZL's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
EIRL
iShares MSCI Ireland ETF		2.37%2.71%2.56%1.00%1.13%0.82%0.50%2.11%1.52%1.44%1.34%1.70%
ENZL
iShares MSCI New Zealand ETF		2.16%2.23%2.13%3.00%1.62%2.46%1.66%3.35%3.60%3.69%4.79%4.29%

Frequently Asked Questions

EIRL and ENZL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIRL has higher volatility (4.45%) compared to ENZL (4.20%). In terms of maximum drawdown, EIRL dropped -46.48% vs ENZL's -42.44%.

On 10-year performance, EIRL leads with 9.78% vs 2.99% for ENZL. On fees, EIRL is cheaper at 0.49% per year. On volatility, ENZL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EIRL has performed better with a 9.78% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EIRL is cheaper with a 0.49% expense ratio, compared with 0.50% for ENZL.

EIRL has the higher dividend yield at 2.37%, compared with 2.16% for ENZL.

EIRL is categorized as Europe Equities, while ENZL is Asia Pacific Equities. EIRL tracks MSCI Ireland Investable Market 25/50 Index, while ENZL tracks MSCI New Zealand Investable Market Index. Their fees differ too: 0.49% for EIRL and 0.50% for ENZL.

EIRL currently has the higher Sharpe Ratio (1.36 vs 0.40), 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.

Portfolio Optimizer

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