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ENZL vs. EWS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ENZL vs. EWS

Last updated Jun 24, 2026

ENZL (iShares MSCI New Zealand ETF) and EWS (iShares MSCI Singapore ETF) are both Asia Pacific Equities funds from iShares - ENZL tracks the MSCI New Zealand Investable Market Index while EWS tracks the MSCI Singapore Index. Both are passively managed. Over the past 10 years, ENZL returned 3.47%/yr vs 8.34%/yr for EWS. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

ENZL vs. EWS - Performance Comparison

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

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Returns By Period

In the year-to-date period, ENZL achieves a -1.49% return, which is significantly lower than EWS's 9.65% return. Over the past 10 years, ENZL has underperformed EWS with an annualized return of 3.47%, while EWS has yielded a comparatively higher 8.34% 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%

EWS

1D
-0.54%
1M
2.36%
YTD
9.65%
6M
9.41%
1Y
22.70%
3Y*
22.62%
5Y*
10.27%
10Y*
8.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ENZL vs. EWS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWS
iShares MSCI Singapore ETF		9.65%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%

Correlation

The correlation between ENZL and EWS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

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

0.49

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

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Sep 2, 2010

0.52

The correlation between ENZL and EWS shifts across timeframes, from 0.42 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

ENZL vs. EWS - Sectors Allocation Comparison

Sectors
ENZL
EWS

Industrials

31.4%
18.1%

Healthcare

29.3%

-

Utilities

12.9%
4.3%

Real Estate

12.9%
8.9%

Communication Services

4.0%
3.9%

Basic Materials

3.8%

-

Energy

1.9%

-

Financial Services

1.4%
51.6%

Consumer Defensive

1.3%
4.1%

Consumer Cyclical

1.0%
4.6%

Technology

0.5%
4.5%

Industrials

ENZL
31.4%
EWS
18.1%

Healthcare

ENZL
29.3%
EWS

-

Utilities

ENZL
12.9%
EWS
4.3%

Real Estate

ENZL
12.9%
EWS
8.9%

Communication Services

ENZL
4.0%
EWS
3.9%

Basic Materials

ENZL
3.8%
EWS

-

Energy

ENZL
1.9%
EWS

-

Financial Services

ENZL
1.4%
EWS
51.6%

Consumer Defensive

ENZL
1.3%
EWS
4.1%

Consumer Cyclical

ENZL
1.0%
EWS
4.6%

Technology

ENZL
0.5%
EWS
4.5%

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

iShares MSCI Singapore ETF

Often compared with ENZL:
ENZL vs. EIRLENZL vs. EDENENZL vs. MNROENZL vs. IBC6.DEENZL vs. VTIENZL vs. EWQENZL vs. EWA
Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. SMINEWS vs. FLGR

Return for Risk

ENZL vs. EWS — 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
EWS
EWS Risk / Return Rank: 4848
Overall Rank
EWS Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWS Omega Ratio Rank: 4343
Omega Ratio Rank
EWS Calmar Ratio Rank: 6262
Calmar Ratio Rank
EWS Martin Ratio Rank: 4545
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. EWS - Risk-Adjusted Trends Comparison

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

ENZLEWSDifference
Sharpe ratioReturn per unit of total volatility
0.04
1.49

-1.45

Sortino ratioReturn per unit of downside risk
0.17
2.14

-1.96

Omega ratioGain probability vs. loss probability

1.02

1.27

-0.25

Calmar ratioReturn relative to maximum drawdown

0.05

2.92

-2.86

Martin ratioReturn relative to average drawdown

0.15

7.04

-6.90

ENZL vs. EWS - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.04, which is lower than the EWS Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of ENZL and EWS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ENZL vs. EWS - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for ENZL and EWS.

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Drawdown Indicators

ENZLEWSDifference

Max Drawdown

Largest peak-to-trough decline

-42.44%

-75.13%

+32.69%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

-7.82%

-5.08%

Max Drawdown (3Y)

Largest decline over 3 years

-20.67%

-16.34%

-4.33%

Max Drawdown (5Y)

Largest decline over 5 years

-36.86%

-29.06%

-7.80%

Max Drawdown (10Y)

Largest decline over 10 years

-42.44%

-40.84%

-1.60%

Current Drawdown

Current decline from peak

-30.28%

-0.54%

-29.74%

Average Drawdown

Average peak-to-trough decline

-12.83%

-21.96%

+9.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.70%

3.23%

+1.47%

Volatility

ENZL vs. EWS - Volatility Comparison

iShares MSCI New Zealand ETF (ENZL) has a higher volatility of 5.59% compared to iShares MSCI Singapore ETF (EWS) at 5.13%. This indicates that ENZL's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ENZLEWSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.59%

5.13%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

13.45%

12.17%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

15.84%

15.28%

+0.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.63%

17.32%

+1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.42%

17.98%

+2.44%

ENZL vs. EWS - Expense Ratio Comparison

Both ENZL and EWS have an expense ratio of 0.50%.

Dividends

ENZL vs. EWS - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.29%, less than EWS's 4.00% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWS
iShares MSCI Singapore ETF		4.00%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%

Frequently Asked Questions

ENZL and EWS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ENZL has higher volatility (5.59%) compared to EWS (5.13%). In terms of maximum drawdown, ENZL dropped -42.44% vs EWS's -75.13%.

On 10-year performance, EWS leads with 8.34% vs 3.47% for ENZL. Both ETFs have the same 0.50% expense ratio. On volatility, EWS has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWS has performed better with a 8.34% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ENZL and EWS have the same expense ratio: 0.50% per year.

EWS has the higher dividend yield at 4.00%, compared with 2.29% for ENZL.

ENZL tracks MSCI New Zealand Investable Market Index, while EWS tracks MSCI Singapore Index.

EWS currently has the higher Sharpe Ratio (1.49 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.

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