EIS vs. IZRL

Last updated Jun 24, 2026

EIS (iShares MSCI Israel ETF) and IZRL (ARK Israel Innovative Technology ETF) are both exchange-traded funds - EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net), while IZRL is a Technology Equities fund tracking the ARK Israeli Innovation Index. Both are passively managed. Over the past 5 years, EIS returned 12.91%/yr vs -1.47%/yr for IZRL. A 0.76 correlation means they provide meaningful diversification when combined. EIS charges 0.59%/yr vs 0.49%/yr for IZRL.

Performance

EIS vs. IZRL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Israel ETF (EIS) and ARK Israel Innovative Technology ETF (IZRL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIS achieves a 9.26% return, which is significantly higher than IZRL's -3.14% return.

EIS

• 1D: -1.31%
• 1M: -10.17%
• YTD: 9.26%
• 6M: 6.96%
• 1Y: 35.91%
• 3Y*: 31.69%
• 5Y*: 12.91%
• 10Y*: 11.61%

IZRL

• 1D: -1.26%
• 1M: -7.04%
• YTD: -3.14%
• 6M: -1.99%
• 1Y: 17.20%
• 3Y*: 17.14%
• 5Y*: -1.47%
• 10Y*: —

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

EIS vs. IZRL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIS iShares MSCI Israel ETF	9.26%	45.11%	34.50%	5.48%	-27.05%	22.83%	12.01%	20.93%	-4.84%	4.80%
IZRL ARK Israel Innovative Technology ETF	-3.14%	36.94%	15.28%	11.39%	-38.61%	-3.55%	34.12%	21.75%	-6.17%	0.00%

Correlation

The correlation between EIS and IZRL is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 5, 2017	0.76

The correlation between EIS and IZRL has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

EIS vs. IZRL - Sectors Allocation Comparison

Sectors	EIS	IZRL
Financial Services	32.3%	5.1%
Technology	19.5%	36.7%
Industrials	11.2%	3.2%
Healthcare	9.6%	14.9%
Real Estate	8.9%	-
Utilities	6.3%	-
Consumer Cyclical	2.7%	2.0%
Communication Services	2.5%	10.8%
Energy	2.3%	-
Consumer Defensive	1.8%	1.8%
Basic Materials	1.7%	-

Return for Risk

EIS vs. IZRL — Risk / Return Rank

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

EIS

EIS Risk / Return Rank: 50
EIS Sharpe Ratio Rank: 47
EIS Sortino Ratio Rank: 47
EIS Omega Ratio Rank: 44
EIS Calmar Ratio Rank: 60
EIS Martin Ratio Rank: 54

IZRL

IZRL Risk / Return Rank: 22
IZRL Sharpe Ratio Rank: 23
IZRL Sortino Ratio Rank: 23
IZRL Omega Ratio Rank: 21
IZRL Calmar Ratio Rank: 21
IZRL Martin Ratio Rank: 22

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.

EIS vs. IZRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Israel ETF (EIS) and ARK Israel Innovative Technology ETF (IZRL). 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.

	EIS	IZRL	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.77	+0.78
Sortino ratio: Return per unit of downside risk	2.22	1.21	+1.01
Omega ratio: Gain probability vs. loss probability	1.27	1.14	+0.13
Calmar ratio: Return relative to maximum drawdown	2.84	0.95	+1.90
Martin ratio: Return relative to average drawdown	9.08	2.65	+6.43

EIS vs. IZRL - Sharpe Ratio Comparison

The current EIS Sharpe Ratio is 1.55, which is higher than the IZRL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of EIS and IZRL, 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

EIS vs. IZRL - Drawdown Comparison

The maximum EIS drawdown since its inception was -51.94%, smaller than the maximum IZRL drawdown of -59.98%. Use the drawdown chart below to compare losses from any high point for EIS and IZRL.

Drawdown Indicators

	EIS	IZRL	Difference
Max Drawdown Largest peak-to-trough decline	-51.94%	-59.98%	+8.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-18.27%	+5.58%
Max Drawdown (3Y) Largest decline over 3 years	-24.10%	-24.60%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-41.88%	-53.21%	+11.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.88%	—	—
Current Drawdown Current decline from peak	-12.69%	-21.29%	+8.60%
Average Drawdown Average peak-to-trough decline	-13.89%	-25.72%	+11.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	6.51%	-2.55%

Volatility

EIS vs. IZRL - Volatility Comparison

iShares MSCI Israel ETF (EIS) has a higher volatility of 10.15% compared to ARK Israel Innovative Technology ETF (IZRL) at 9.37%. This indicates that EIS's price experiences larger fluctuations and is considered to be riskier than IZRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIS	IZRL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	9.37%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	17.76%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	23.35%	22.53%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.18%	24.49%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	24.92%	-3.69%

EIS vs. IZRL - Expense Ratio Comparison

EIS has a 0.59% expense ratio, which is higher than IZRL's 0.49% expense ratio.

Dividends

EIS vs. IZRL - Dividend Comparison

EIS's dividend yield for the trailing twelve months is around 1.56%, less than IZRL's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIS iShares MSCI Israel ETF	1.56%	1.44%	1.38%	1.39%	1.66%	1.04%	0.16%	2.06%	0.87%	2.02%	1.78%	2.55%
IZRL ARK Israel Innovative Technology ETF	2.68%	2.59%	0.45%	0.00%	0.00%	0.34%	0.00%	2.15%	3.08%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EIS and IZRL in my portfolio?

EIS and IZRL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIS or IZRL?

EIS has higher volatility (10.15%) compared to IZRL (9.37%). In terms of maximum drawdown, EIS dropped -51.94% vs IZRL's -59.98%.

Which ETF is better, EIS or IZRL?

On 5-year performance, EIS leads with 12.91% vs -1.47% for IZRL. On fees, IZRL is cheaper at 0.49% per year. On volatility, IZRL has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIS or IZRL?

Over the 5-year period, EIS has performed better with a 12.91% return vs -1.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIS or IZRL?

IZRL is cheaper with a 0.49% expense ratio, compared with 0.59% for EIS.

Which ETF pays a higher dividend yield, EIS or IZRL?

IZRL has the higher dividend yield at 2.68%, compared with 1.56% for EIS.

What is the main difference between EIS and IZRL?

EIS is categorized as Foreign Large Cap Equities, while IZRL is Technology Equities. EIS tracks MSCI Israel Capped Investable Market Index (Net), while IZRL tracks ARK Israeli Innovation Index. They also come from different issuers: iShares and ARK. Their fees differ too: 0.59% for EIS and 0.49% for IZRL.

Which has better risk-adjusted returns?

EIS currently has the higher Sharpe Ratio (1.55 vs 0.77), 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.