ENZL vs. EEMV

Last updated Jun 4, 2026

ENZL (iShares MSCI New Zealand ETF) and EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) are both Asia Pacific Equities funds from iShares - ENZL tracks the MSCI New Zealand Investable Market Index while EEMV tracks the MSCI Emerging Markets Minimum Volatility Index. Both are passively managed. Over the past 10 years, ENZL returned 3.34%/yr vs 6.68%/yr for EEMV. A 0.53 correlation means they provide meaningful diversification when combined. ENZL charges 0.50%/yr vs 0.25%/yr for EEMV.

Performance

ENZL vs. EEMV - Performance Comparison

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

Returns By Period

In the year-to-date period, ENZL achieves a -0.60% return, which is significantly lower than EEMV's 17.74% return. Over the past 10 years, ENZL has underperformed EEMV with an annualized return of 3.34%, while EEMV has yielded a comparatively higher 6.68% annualized return.

ENZL

• 1D: -1.64%
• 1M: 0.88%
• YTD: -0.60%
• 6M: -1.29%
• 1Y: 3.15%
• 3Y*: -0.29%
• 5Y*: -4.24%
• 10Y*: 3.34%

EEMV

• 1D: -1.04%
• 1M: 7.00%
• YTD: 17.74%
• 6M: 18.90%
• 1Y: 26.57%
• 3Y*: 14.14%
• 5Y*: 5.59%
• 10Y*: 6.68%

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

ENZL vs. EEMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENZL iShares MSCI New Zealand ETF	-0.60%	2.47%	-4.86%	2.95%	-16.18%	-11.39%	20.04%	30.09%	0.35%	24.04%
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	17.74%	13.45%	7.98%	7.75%	-13.94%	5.05%	6.90%	7.83%	-5.81%	27.28%

Correlation

The correlation between ENZL and EEMV is 0.59, 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	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.53

The correlation between ENZL and EEMV has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

ENZL vs. EEMV - Sectors Allocation Comparison

Sectors	ENZL	EEMV
Utilities	29.0%	4.6%
Healthcare	26.1%	6.2%
Industrials	19.0%	6.7%
Real Estate	12.6%	0.5%
Basic Materials	3.8%	3.1%
Communication Services	3.7%	11.2%
Energy	2.0%	3.4%
Financial Services	1.4%	17.7%
Consumer Cyclical	0.9%	5.0%
Consumer Defensive	0.8%	6.8%
Technology	0.6%	28.9%

Return for Risk

ENZL vs. EEMV — Risk / Return Rank

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

ENZL

ENZL Risk / Return Rank: 11
ENZL Sharpe Ratio Rank: 11
ENZL Sortino Ratio Rank: 11
ENZL Omega Ratio Rank: 11
ENZL Calmar Ratio Rank: 12
ENZL Martin Ratio Rank: 12

EEMV

EEMV Risk / Return Rank: 61
EEMV Sharpe Ratio Rank: 59
EEMV Sortino Ratio Rank: 60
EEMV Omega Ratio Rank: 66
EEMV Calmar Ratio Rank: 58
EEMV Martin Ratio Rank: 60

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. EEMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV). 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.

	ENZL	EEMV	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.04	-1.84
Sortino ratio: Return per unit of downside risk	0.39	2.89	-2.49
Omega ratio: Gain probability vs. loss probability	1.05	1.40	-0.36
Calmar ratio: Return relative to maximum drawdown	0.25	2.89	-2.65
Martin ratio: Return relative to average drawdown	0.70	10.79	-10.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENZL vs. EEMV - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.20, which is lower than the EEMV Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of ENZL and EEMV, 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

	ENZL	EEMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.04	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.47	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.48	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.39	-0.03

Drawdowns

ENZL vs. EEMV - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, which is greater than EEMV's maximum drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for ENZL and EEMV.

Drawdown Indicators

	ENZL	EEMV	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-31.56%	-10.88%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-9.22%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-12.47%	-8.20%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-21.90%	-14.96%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-31.56%	-10.88%
Current Drawdown Current decline from peak	-29.65%	-1.08%	-28.57%
Average Drawdown Average peak-to-trough decline	-12.78%	-7.97%	-4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	2.47%	+2.07%

Volatility

ENZL vs. EEMV - Volatility Comparison

iShares MSCI New Zealand ETF (ENZL) and iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) have volatilities of 6.01% and 5.78%, 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.

Volatility by Period

	ENZL	EEMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	5.78%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	11.71%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	13.06%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	11.85%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	13.86%	+6.58%

ENZL vs. EEMV - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is higher than EEMV's 0.25% expense ratio.

Dividends

ENZL vs. EEMV - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.25%, which matches EEMV's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	2.25%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
ENZL iShares MSCI New Zealand ETF	2.25%	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

Can I hold both ENZL and EEMV in my portfolio?

ENZL and EEMV have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENZL or EEMV?

ENZL has higher volatility (6.01%) compared to EEMV (5.78%). In terms of maximum drawdown, ENZL dropped -42.44% vs EEMV's -31.56%.

Which ETF is better, ENZL or EEMV?

On 10-year performance, EEMV leads with 6.68% vs 3.34% for ENZL. On fees, EEMV is cheaper at 0.25% per year. On volatility, EEMV has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENZL or EEMV?

Over the 10-year period, EEMV has performed better with a 6.68% return vs 3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENZL or EEMV?

EEMV is cheaper with a 0.25% expense ratio, compared with 0.50% for ENZL.

Which ETF pays a higher dividend yield, ENZL or EEMV?

ENZL and EEMV have nearly identical dividend yields, around 2.25%.

What is the main difference between ENZL and EEMV?

ENZL tracks MSCI New Zealand Investable Market Index, while EEMV tracks MSCI Emerging Markets Minimum Volatility Index. Their fees differ too: 0.50% for ENZL and 0.25% for EEMV.

Which has better risk-adjusted returns?

EEMV currently has the higher Sharpe Ratio (2.04 vs 0.20), 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.