ENZL vs. EPHE

Last updated Jun 24, 2026

ENZL (iShares MSCI New Zealand ETF) and EPHE (iShares MSCI Philippines ETF) are both Asia Pacific Equities funds from iShares - ENZL tracks the MSCI New Zealand Investable Market Index while EPHE tracks the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, ENZL returned 3.47%/yr vs -2.80%/yr for EPHE. At a 0.38 correlation, their price movements are largely independent. ENZL charges 0.50%/yr vs 0.59%/yr for EPHE.

Performance

ENZL vs. EPHE - Performance Comparison

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

Returns By Period

In the year-to-date period, ENZL achieves a -1.49% return, which is significantly lower than EPHE's 1.87% return. Over the past 10 years, ENZL has outperformed EPHE with an annualized return of 3.47%, while EPHE has yielded a comparatively lower -2.80% annualized 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%

EPHE

• 1D: 0.69%
• 1M: 2.70%
• YTD: 1.87%
• 6M: 1.83%
• 1Y: -1.42%
• 3Y*: 1.74%
• 5Y*: -2.44%
• 10Y*: -2.80%

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

ENZL vs. EPHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENZL iShares MSCI New Zealand ETF	-1.49%	2.47%	-4.86%	2.95%	-16.18%	-11.39%	20.04%	30.09%	0.35%	24.04%
EPHE iShares MSCI Philippines ETF	1.87%	1.56%	-1.41%	1.27%	-15.87%	-2.23%	-3.95%	8.50%	-17.50%	20.20%

Correlation

The correlation between ENZL and EPHE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010	0.38

The correlation between ENZL and EPHE shifts across timeframes, from 0.24 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

ENZL vs. EPHE - Sectors Allocation Comparison

Sectors	ENZL	EPHE
Industrials	31.4%	30.8%
Healthcare	29.3%	-
Utilities	12.9%	13.5%
Real Estate	12.9%	11.2%
Communication Services	4.0%	4.8%
Basic Materials	3.8%	1.1%
Energy	1.9%	1.3%
Financial Services	1.4%	20.0%
Consumer Defensive	1.3%	4.5%
Consumer Cyclical	1.0%	12.7%
Technology	0.5%	-

Return for Risk

ENZL vs. EPHE — Risk / Return Rank

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

ENZL

ENZL Risk / Return Rank: 9
ENZL Sharpe Ratio Rank: 9
ENZL Sortino Ratio Rank: 9
ENZL Omega Ratio Rank: 9
ENZL Calmar Ratio Rank: 9
ENZL Martin Ratio Rank: 9

EPHE

EPHE Risk / Return Rank: 8
EPHE Sharpe Ratio Rank: 8
EPHE Sortino Ratio Rank: 8
EPHE Omega Ratio Rank: 8
EPHE Calmar Ratio Rank: 8
EPHE Martin Ratio Rank: 8

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. EPHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and iShares MSCI Philippines ETF (EPHE). 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.

	ENZL	EPHE	Difference
Sharpe ratio: Return per unit of total volatility	0.04	-0.07	+0.11
Sortino ratio: Return per unit of downside risk	0.17	0.05	+0.13
Omega ratio: Gain probability vs. loss probability	1.02	1.01	+0.02
Calmar ratio: Return relative to maximum drawdown	0.05	-0.09	+0.14
Martin ratio: Return relative to average drawdown	0.15	-0.16	+0.31

ENZL vs. EPHE - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.04, which is higher than the EPHE Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of ENZL and EPHE, 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

ENZL vs. EPHE - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum EPHE drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for ENZL and EPHE.

Drawdown Indicators

	ENZL	EPHE	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-53.82%	+11.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-15.90%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-21.42%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-32.96%	-3.90%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-51.62%	+9.18%
Current Drawdown Current decline from peak	-30.28%	-32.64%	+2.36%
Average Drawdown Average peak-to-trough decline	-12.83%	-21.02%	+8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	8.76%	-4.06%

Volatility

ENZL vs. EPHE - Volatility Comparison

The current volatility for iShares MSCI New Zealand ETF (ENZL) is 5.59%, while iShares MSCI Philippines ETF (EPHE) has a volatility of 9.46%. This indicates that ENZL experiences smaller price fluctuations and is considered to be less risky than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENZL	EPHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	9.46%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	15.63%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	20.50%	-4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.63%	18.42%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	22.29%	-1.87%

ENZL vs. EPHE - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is lower than EPHE's 0.59% expense ratio.

Dividends

ENZL vs. EPHE - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.29%, less than EPHE's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EPHE iShares MSCI Philippines ETF	2.73%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%

Frequently Asked Questions

Can I hold both ENZL and EPHE in my portfolio?

ENZL and EPHE have a correlation of 0.24, 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 EPHE?

EPHE has higher volatility (9.46%) compared to ENZL (5.59%). In terms of maximum drawdown, ENZL dropped -42.44% vs EPHE's -53.82%.

Which ETF is better, ENZL or EPHE?

On 10-year performance, ENZL leads with 3.47% vs -2.80% for EPHE. On fees, ENZL is cheaper at 0.50% per year. On volatility, ENZL has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENZL or EPHE?

Over the 10-year period, ENZL has performed better with a 3.47% return vs -2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENZL or EPHE?

ENZL is cheaper with a 0.50% expense ratio, compared with 0.59% for EPHE.

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

EPHE has the higher dividend yield at 2.73%, compared with 2.29% for ENZL.

What is the main difference between ENZL and EPHE?

ENZL tracks MSCI New Zealand Investable Market Index, while EPHE tracks MSCI Philippines Investable Market Index. Their fees differ too: 0.50% for ENZL and 0.59% for EPHE.

Which has better risk-adjusted returns?

ENZL currently has the higher Sharpe Ratio (0.04 vs -0.07), 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.