PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ENZL vs. BBAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENZL vs. BBAX

Last updated Jun 24, 2026

ENZL (iShares MSCI New Zealand ETF) and BBAX (JPMorgan BetaBuilders Developed Asia ex-Japan ETF) are both Asia Pacific Equities funds - ENZL tracks the MSCI New Zealand Investable Market Index while BBAX tracks the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, ENZL returned -4.30%/yr vs 4.79%/yr for BBAX. A 0.65 correlation means they provide meaningful diversification when combined. ENZL charges 0.50%/yr vs 0.19%/yr for BBAX.

Performance

ENZL vs. BBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI New Zealand ETF (ENZL) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ENZL achieves a -1.49% return, which is significantly lower than BBAX's 7.03% return.

ENZL

1D
-1.26%
1M
0.18%
YTD
-1.49%
6M
-2.07%
1Y
0.68%
3Y*
-0.31%
5Y*
-4.30%
10Y*
3.47%

BBAX

1D
-2.11%
1M
-2.67%
YTD
7.03%
6M
5.44%
1Y
15.68%
3Y*
12.30%
5Y*
4.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENZL vs. BBAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ENZL
iShares MSCI New Zealand ETF		-1.49%2.47%-4.86%2.95%-16.18%-11.39%20.04%30.09%-1.33%
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		7.03%20.21%2.50%5.60%-4.80%5.53%8.02%18.66%-9.65%

Correlation

The correlation between ENZL and BBAX is 0.58, 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

0.59

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

0.64

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

0.67

Correlation (All Time)
Calculated using the full available price history since Aug 8, 2018

0.65

The correlation between ENZL and BBAX has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

ENZL vs. BBAX - Sectors Allocation Comparison

Sectors
ENZL
BBAX

Industrials

31.4%
8.0%

Healthcare

29.3%
4.1%

Utilities

12.9%
3.2%

Real Estate

12.9%
8.4%

Communication Services

4.0%
2.7%

Basic Materials

3.8%
17.5%

Energy

1.9%
2.7%

Financial Services

1.4%
45.0%

Consumer Defensive

1.3%
3.1%

Consumer Cyclical

1.0%
5.2%

Technology

0.5%
0.2%

Industrials

ENZL
31.4%
BBAX
8.0%

Healthcare

ENZL
29.3%
BBAX
4.1%

Utilities

ENZL
12.9%
BBAX
3.2%

Real Estate

ENZL
12.9%
BBAX
8.4%

Communication Services

ENZL
4.0%
BBAX
2.7%

Basic Materials

ENZL
3.8%
BBAX
17.5%

Energy

ENZL
1.9%
BBAX
2.7%

Financial Services

ENZL
1.4%
BBAX
45.0%

Consumer Defensive

ENZL
1.3%
BBAX
3.1%

Consumer Cyclical

ENZL
1.0%
BBAX
5.2%

Technology

ENZL
0.5%
BBAX
0.2%

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 New Zealand ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

Often compared with ENZL:
ENZL vs. EIRLENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWQENZL vs. EWA
Often compared with BBAX:
BBAX vs. AAXJBBAX vs. EPPBBAX vs. BBJPBBAX vs. BBEUBBAX vs. GMFBBAX vs. AIABBAX vs. EMMF

Return for Risk

ENZL vs. BBAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ENZL
ENZL Risk / Return Rank: 99
Overall Rank
ENZL Sharpe Ratio Rank: 99
Sharpe Ratio Rank
ENZL Sortino Ratio Rank: 99
Sortino Ratio Rank
ENZL Omega Ratio Rank: 99
Omega Ratio Rank
ENZL Calmar Ratio Rank: 99
Calmar Ratio Rank
ENZL Martin Ratio Rank: 99
Martin Ratio Rank
BBAX
BBAX Risk / Return Rank: 3232
Overall Rank
BBAX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
BBAX Sortino Ratio Rank: 2929
Sortino Ratio Rank
BBAX Omega Ratio Rank: 2929
Omega Ratio Rank
BBAX Calmar Ratio Rank: 3737
Calmar Ratio Rank
BBAX Martin Ratio Rank: 3737
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.

ENZL vs. BBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX). 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.

ENZLBBAXDifference
Sharpe ratioReturn per unit of total volatility
0.04
1.05

-1.01

Sortino ratioReturn per unit of downside risk
0.17
1.51

-1.34

Omega ratioGain probability vs. loss probability

1.02

1.19

-0.17

Calmar ratioReturn relative to maximum drawdown

0.05

1.75

-1.70

Martin ratioReturn relative to average drawdown

0.15

5.35

-5.20

ENZL vs. BBAX - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.04, which is lower than the BBAX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of ENZL and BBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

ENZL vs. BBAX - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, which is greater than BBAX's maximum drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for ENZL and BBAX.

Loading charts...

Drawdown Indicators

ENZLBBAXDifference

Max Drawdown

Largest peak-to-trough decline

-42.44%

-39.64%

-2.80%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-9.01%

-3.89%

Max Drawdown (3Y)

Largest decline over 3 years

-20.67%

-20.12%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-36.86%

-23.21%

-13.65%

Max Drawdown (10Y)

Largest decline over 10 years

-42.44%

—

—

Current Drawdown

Current decline from peak

-30.28%

-6.22%

-24.06%

Average Drawdown

Average peak-to-trough decline

-12.83%

-7.20%

-5.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.70%

2.94%

+1.76%

Volatility

ENZL vs. BBAX - Volatility Comparison

iShares MSCI New Zealand ETF (ENZL) and JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) have volatilities of 5.59% and 5.61%, 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.

Loading charts...

Volatility by Period

ENZLBBAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.59%

5.61%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

13.45%

12.74%

+0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

15.84%

15.05%

+0.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.63%

17.40%

+1.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

19.70%

+0.72%

ENZL vs. BBAX - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is higher than BBAX's 0.19% expense ratio.

Dividends

ENZL vs. BBAX - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.29%, less than BBAX's 3.70% yield.

PositionTTM20252024202320222021202020192018201720162015
BBAX
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		3.70%3.86%4.13%4.17%5.06%5.47%2.57%4.07%1.36%0.00%0.00%0.00%
ENZL
iShares MSCI New Zealand ETF		2.29%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

ENZL and BBAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBAX has higher volatility (5.61%) compared to ENZL (5.59%). In terms of maximum drawdown, ENZL dropped -42.44% vs BBAX's -39.64%.

On 5-year performance, BBAX leads with 4.79% vs -4.30% for ENZL. On fees, BBAX is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, BBAX has performed better with a 4.79% return vs -4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBAX is cheaper with a 0.19% expense ratio, compared with 0.50% for ENZL.

BBAX has the higher dividend yield at 3.70%, compared with 2.29% for ENZL.

ENZL tracks MSCI New Zealand Investable Market Index, while BBAX tracks Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.50% for ENZL and 0.19% for BBAX.

BBAX currently has the higher Sharpe Ratio (1.05 vs 0.04), 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

Find the right allocation for ENZL and BBAX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer