ENZL vs. GSEE

Last updated Jun 4, 2026

ENZL (iShares MSCI New Zealand ETF) and GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) are both Asia Pacific Equities funds - ENZL tracks the MSCI New Zealand Investable Market Index while GSEE tracks the Solactive GBS Emerging Markets Large & Mid Cap Index. Both are passively managed. Over the past 5 years, ENZL returned -4.24%/yr vs 7.49%/yr for GSEE. A 0.54 correlation means they provide meaningful diversification when combined. ENZL charges 0.50%/yr vs 0.36%/yr for GSEE.

Performance

ENZL vs. GSEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI New Zealand ETF (ENZL) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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 GSEE's 27.44% 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%

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

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

ENZL vs. GSEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ENZL iShares MSCI New Zealand ETF	-0.60%	2.47%	-4.86%	2.95%	-16.18%	-11.39%	41.25%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%

Correlation

The correlation between ENZL and GSEE is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.54

The correlation between ENZL and GSEE has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

ENZL vs. GSEE - Sectors Allocation Comparison

Sectors	ENZL	GSEE
Utilities	29.0%	2.3%
Healthcare	26.1%	3.1%
Industrials	19.0%	9.0%
Real Estate	12.6%	1.2%
Basic Materials	3.8%	6.3%
Communication Services	3.7%	6.6%
Energy	2.0%	4.0%
Financial Services	1.4%	18.8%
Consumer Cyclical	0.9%	9.7%
Consumer Defensive	0.8%	3.0%
Technology	0.6%	36.0%

Return for Risk

ENZL vs. GSEE — 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

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

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. GSEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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	GSEE	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.80	-2.60
Sortino ratio: Return per unit of downside risk	0.39	3.63	-3.24
Omega ratio: Gain probability vs. loss probability	1.05	1.50	-0.46
Calmar ratio: Return relative to maximum drawdown	0.25	4.18	-3.94
Martin ratio: Return relative to average drawdown	0.70	16.02	-15.33
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. GSEE - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.20, which is lower than the GSEE Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of ENZL and GSEE, 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	GSEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.80	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.41	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.77	-0.41

Drawdowns

ENZL vs. GSEE - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, which is greater than GSEE's maximum drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for ENZL and GSEE.

Drawdown Indicators

	ENZL	GSEE	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-37.51%	-4.93%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-13.05%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-17.39%	-3.28%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-34.97%	-1.89%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	—	—
Current Drawdown Current decline from peak	-29.65%	-1.36%	-28.29%
Average Drawdown Average peak-to-trough decline	-12.78%	-14.73%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	3.40%	+1.14%

Volatility

ENZL vs. GSEE - Volatility Comparison

The current volatility for iShares MSCI New Zealand ETF (ENZL) is 6.01%, while Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a volatility of 8.68%. This indicates that ENZL experiences smaller price fluctuations and is considered to be less risky than GSEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENZL	GSEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	8.68%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	16.80%	-3.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	19.52%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	18.24%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	18.39%	+2.05%

ENZL vs. GSEE - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is higher than GSEE's 0.36% expense ratio.

Dividends

ENZL vs. GSEE - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.25%, more than GSEE's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENZL and GSEE in my portfolio?

ENZL and GSEE have a correlation of 0.56, 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 GSEE?

GSEE has higher volatility (8.68%) compared to ENZL (6.01%). In terms of maximum drawdown, ENZL dropped -42.44% vs GSEE's -37.51%.

Which ETF is better, ENZL or GSEE?

On 5-year performance, GSEE leads with 7.49% vs -4.24% for ENZL. On fees, GSEE is cheaper at 0.36% per year. On volatility, ENZL has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENZL or GSEE?

Over the 5-year period, GSEE has performed better with a 7.49% return vs -4.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENZL or GSEE?

GSEE is cheaper with a 0.36% expense ratio, compared with 0.50% for ENZL.

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

ENZL has the higher dividend yield at 2.25%, compared with 1.98% for GSEE.

What is the main difference between ENZL and GSEE?

ENZL tracks MSCI New Zealand Investable Market Index, while GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.50% for ENZL and 0.36% for GSEE.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 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.