EMF vs. EZA
EMF (Templeton Emerging Markets Fund) and EZA (iShares MSCI South Africa ETF) are both Emerging Markets Equities funds. EMF is actively managed, while EZA is passively managed. Over the past 10 years, EMF returned 14.87%/yr vs 7.41%/yr for EZA. A 0.64 correlation means they provide meaningful diversification when combined. EMF charges 1.43%/yr vs 0.59%/yr for EZA.
Performance
EMF vs. EZA - Performance Comparison
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Returns By Period
In the year-to-date period, EMF achieves a 32.81% return, which is significantly higher than EZA's -5.39% return. Over the past 10 years, EMF has outperformed EZA with an annualized return of 14.87%, while EZA has yielded a comparatively lower 7.41% annualized return.
EMF
- 1D
- -0.67%
- 1M
- -1.02%
- YTD
- 32.81%
- 6M
- 36.23%
- 1Y
- 77.86%
- 3Y*
- 32.88%
- 5Y*
- 10.56%
- 10Y*
- 14.87%
EZA
- 1D
- 0.40%
- 1M
- -9.22%
- YTD
- -5.39%
- 6M
- 2.60%
- 1Y
- 27.60%
- 3Y*
- 22.84%
- 5Y*
- 8.46%
- 10Y*
- 7.41%
EMF vs. EZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMF Templeton Emerging Markets Fund | 32.81% | 58.20% | 6.56% | 8.84% | -21.53% | -8.23% | 24.48% | 27.20% | -14.78% | 53.55% |
EZA iShares MSCI South Africa ETF | -5.39% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
Correlation
The correlation between EMF and EZA is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2003 | 0.64 |
The correlation between EMF and EZA shifts across timeframes, from 0.51 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMF vs. EZA — Risk / Return Rank
EMF
EZA
EMF vs. EZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) 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.
| EMF | EZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.17 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 1.19 | +2.83 |
| Martin ratioReturn relative to average drawdown | 15.90 | 3.19 | +12.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMF | EZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.36 | 0.88 | +2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.30 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | 0.24 | +0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.28 | -0.05 |
Drawdowns
EMF vs. EZA - Drawdown Comparison
The maximum EMF drawdown since its inception was -76.97%, which is greater than EZA's maximum drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EMF and EZA.
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Drawdown Indicators
| EMF | EZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.97% | -64.64% | -12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -19.48% | -23.31% | +3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -19.48% | -23.31% | +3.83% |
Max Drawdown (5Y)Largest decline over 5 years | -45.08% | -34.94% | -10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -47.65% | -62.25% | +14.60% |
Current DrawdownCurrent decline from peak | -7.72% | -20.23% | +12.51% |
Average DrawdownAverage peak-to-trough decline | -28.99% | -16.92% | -12.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.91% | 8.66% | -3.75% |
Volatility
EMF vs. EZA - Volatility Comparison
Templeton Emerging Markets Fund (EMF) and iShares MSCI South Africa ETF (EZA) have volatilities of 9.80% and 9.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMF | EZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 9.66% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 26.59% | -5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.34% | 31.43% | -8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.60% | 28.77% | -8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.63% | 31.40% | -10.77% |
EMF vs. EZA - Expense Ratio Comparison
EMF has a 1.43% expense ratio, which is higher than EZA's 0.59% expense ratio.
Dividends
EMF vs. EZA - Dividend Comparison
EMF's dividend yield for the trailing twelve months is around 7.41%, more than EZA's 6.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMF Templeton Emerging Markets Fund | 7.41% | 9.73% | 4.28% | 6.22% | 9.89% | 6.92% | 3.51% | 7.36% | 5.92% | 12.11% | 1.62% | 12.81% |
EZA iShares MSCI South Africa ETF | 6.51% | 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
EMF and EZA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMF has higher volatility (9.80%) compared to EZA (9.66%). In terms of maximum drawdown, EMF dropped -76.97% vs EZA's -64.64%.
EMF currently has the higher Sharpe Ratio (3.36 vs 0.88), 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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