EMCS vs. EZA

Last updated Jun 4, 2026

EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) and EZA (iShares MSCI South Africa ETF) are both Emerging Markets Equities funds - EMCS tracks the MSCI Emerging Markets Climate Select Index while EZA tracks the MSCI South Africa Index. Both are passively managed. Over the past 5 years, EMCS returned 7.95%/yr vs 8.78%/yr for EZA. A 0.73 correlation means they provide meaningful diversification when combined. EMCS charges 0.15%/yr vs 0.59%/yr for EZA.

Performance

EMCS vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) 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, EMCS achieves a 33.83% return, which is significantly higher than EZA's -2.56% return.

EMCS

• 1D: -1.20%
• 1M: 13.15%
• YTD: 33.83%
• 6M: 37.78%
• 1Y: 64.32%
• 3Y*: 27.65%
• 5Y*: 7.95%
• 10Y*: —

EZA

• 1D: -2.20%
• 1M: -0.12%
• YTD: -2.56%
• 6M: 5.66%
• 1Y: 34.67%
• 3Y*: 26.60%
• 5Y*: 8.78%
• 10Y*: 7.31%

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

EMCS vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	33.83%	38.71%	10.12%	5.68%	-23.58%	-2.02%	19.72%	19.54%	-0.59%
EZA iShares MSCI South Africa ETF	-2.56%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-2.04%

Correlation

The correlation between EMCS and EZA is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.73

The correlation between EMCS and EZA has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

EMCS vs. EZA - Sectors Allocation Comparison

Sectors	EMCS	EZA
Technology	44.5%	-
Financial Services	29.4%	32.1%
Consumer Cyclical	9.1%	14.7%
Communication Services	8.4%	6.7%
Basic Materials	2.6%	39.7%
Industrials	2.5%	1.5%
Energy	1.6%	-
Real Estate	1.0%	1.6%
Utilities	0.8%	-
Consumer Defensive	0.0%	2.4%
Healthcare	0.0%	1.2%

Return for Risk

EMCS vs. EZA — Risk / Return Rank

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

EMCS

EMCS Risk / Return Rank: 85
EMCS Sharpe Ratio Rank: 87
EMCS Sortino Ratio Rank: 83
EMCS Omega Ratio Rank: 85
EMCS Calmar Ratio Rank: 84
EMCS Martin Ratio Rank: 85

EZA

EZA Risk / Return Rank: 30
EZA Sharpe Ratio Rank: 30
EZA Sortino Ratio Rank: 29
EZA Omega Ratio Rank: 30
EZA Calmar Ratio Rank: 30
EZA Martin Ratio Rank: 29

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.

EMCS vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) 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.

	EMCS	EZA	Difference
Sharpe ratio Return per unit of total volatility	2.89	1.12	+1.77
Sortino ratio Return per unit of downside risk	3.70	1.59	+2.11
Omega ratio Gain probability vs. loss probability	1.52	1.21	+0.31
Calmar ratio Return relative to maximum drawdown	4.51	1.49	+3.02
Martin ratio Return relative to average drawdown	17.47	4.19	+13.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCS vs. EZA - Sharpe Ratio Comparison

The current EMCS Sharpe Ratio is 2.89, which is higher than the EZA Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of EMCS 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

	EMCS	EZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.12	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.31	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.28	+0.26

Drawdowns

EMCS vs. EZA - Drawdown Comparison

The maximum EMCS drawdown since its inception was -44.86%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EMCS and EZA.

Drawdown Indicators

	EMCS	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-64.64%	+19.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-23.31%	+8.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.73%	-23.31%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	-42.06%	-34.94%	-7.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-62.25%	—
Current Drawdown Current decline from peak	-1.20%	-17.84%	+16.64%
Average Drawdown Average peak-to-trough decline	-16.61%	-16.92%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	8.30%	-4.61%

Volatility

EMCS vs. EZA - Volatility Comparison

The current volatility for Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) is 9.86%, while iShares MSCI South Africa ETF (EZA) has a volatility of 10.55%. This indicates that EMCS 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

	EMCS	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.86%	10.55%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	26.15%	-6.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.37%	31.03%	-8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	28.69%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	31.37%	-9.72%

EMCS vs. EZA - Expense Ratio Comparison

EMCS has a 0.15% expense ratio, which is lower than EZA's 0.59% expense ratio.

Dividends

EMCS vs. EZA - Dividend Comparison

EMCS's dividend yield for the trailing twelve months is around 1.24%, less than EZA's 6.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.24%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%	0.00%	0.00%	0.00%	0.00%
EZA iShares MSCI South Africa ETF	6.32%	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 EMCS and EZA in my portfolio?

EMCS and EZA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCS or EZA?

EZA has higher volatility (10.55%) compared to EMCS (9.86%). In terms of maximum drawdown, EMCS dropped -44.86% vs EZA's -64.64%.

Which ETF is better, EMCS or EZA?

On 5-year performance, EZA leads with 8.78% vs 7.95% for EMCS. On fees, EMCS is cheaper at 0.15% per year. On volatility, EMCS has been the lower-risk option at 9.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCS or EZA?

Over the 5-year period, EZA has performed better with a 8.78% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCS or EZA?

EMCS is cheaper with a 0.15% expense ratio, compared with 0.59% for EZA.

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

EZA has the higher dividend yield at 6.32%, compared with 1.24% for EMCS.

What is the main difference between EMCS and EZA?

EMCS tracks MSCI Emerging Markets Climate Select Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for EMCS and 0.59% for EZA.

Which has better risk-adjusted returns?

EMCS currently has the higher Sharpe Ratio (2.89 vs 1.12), 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.