ENZL vs. THD

Last updated Jun 4, 2026

ENZL (iShares MSCI New Zealand ETF) and THD (iShares MSCI Thailand ETF) are both Asia Pacific Equities funds from iShares - ENZL tracks the MSCI New Zealand Investable Market Index while THD tracks the MSCI Thailand Investable Market Index. Both are passively managed. Over the past 10 years, ENZL returned 3.34%/yr vs 3.47%/yr for THD. At a 0.44 correlation, their price movements are largely independent. ENZL charges 0.50%/yr vs 0.59%/yr for THD.

Performance

ENZL vs. THD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI New Zealand ETF (ENZL) and iShares MSCI Thailand ETF (THD). 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 THD's 24.17% return. Both investments have delivered pretty close results over the past 10 years, with ENZL having a 3.34% annualized return and THD not far ahead at 3.47%.

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%

THD

• 1D: -0.75%
• 1M: 5.54%
• YTD: 24.17%
• 6M: 25.06%
• 1Y: 42.49%
• 3Y*: 5.77%
• 5Y*: 0.86%
• 10Y*: 3.47%

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

ENZL vs. THD - 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%
THD iShares MSCI Thailand ETF	24.17%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%

Correlation

The correlation between ENZL and THD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 3, 2010	0.44

ENZL vs. THD - Sectors Allocation Comparison

Sectors	ENZL	THD
Utilities	29.0%	6.7%
Healthcare	26.1%	6.4%
Industrials	19.0%	29.3%
Real Estate	12.6%	5.1%
Basic Materials	3.8%	3.5%
Communication Services	3.7%	10.3%
Energy	2.0%	14.3%
Financial Services	1.4%	11.2%
Consumer Cyclical	0.9%	4.6%
Consumer Defensive	0.8%	7.8%
Technology	0.6%	0.9%

Return for Risk

ENZL vs. THD — 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

THD

THD Risk / Return Rank: 55
THD Sharpe Ratio Rank: 55
THD Sortino Ratio Rank: 53
THD Omega Ratio Rank: 50
THD Calmar Ratio Rank: 65
THD Martin Ratio Rank: 54

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. THD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) and iShares MSCI Thailand ETF (THD). 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	THD	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.88	-1.68
Sortino ratio: Return per unit of downside risk	0.39	2.60	-2.20
Omega ratio: Gain probability vs. loss probability	1.05	1.32	-0.27
Calmar ratio: Return relative to maximum drawdown	0.25	3.25	-3.01
Martin ratio: Return relative to average drawdown	0.70	9.35	-8.66
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. THD - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.20, which is lower than the THD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ENZL and THD, 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	THD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.88	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.04	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.16	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.18	+0.19

Drawdowns

ENZL vs. THD - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, smaller than the maximum THD drawdown of -64.22%. Use the drawdown chart below to compare losses from any high point for ENZL and THD.

Drawdown Indicators

	ENZL	THD	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-64.22%	+21.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-13.12%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-34.11%	+13.44%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-40.24%	+3.38%
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	-49.32%	+6.88%
Current Drawdown Current decline from peak	-29.65%	-8.82%	-20.83%
Average Drawdown Average peak-to-trough decline	-12.78%	-18.28%	+5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	4.58%	-0.04%

Volatility

ENZL vs. THD - Volatility Comparison

The current volatility for iShares MSCI New Zealand ETF (ENZL) is 6.01%, while iShares MSCI Thailand ETF (THD) has a volatility of 6.41%. This indicates that ENZL experiences smaller price fluctuations and is considered to be less risky than THD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENZL	THD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	6.41%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	18.28%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	22.67%	-6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	19.79%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	21.58%	-1.14%

ENZL vs. THD - Expense Ratio Comparison

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

Dividends

ENZL vs. THD - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.25%, less than THD's 2.71% 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%
THD iShares MSCI Thailand ETF	2.71%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both ENZL and THD in my portfolio?

ENZL and THD have a correlation of 0.41, 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 THD?

THD has higher volatility (6.41%) compared to ENZL (6.01%). In terms of maximum drawdown, ENZL dropped -42.44% vs THD's -64.22%.

Which ETF is better, ENZL or THD?

On 10-year performance, THD leads with 3.47% vs 3.34% for ENZL. On fees, ENZL is cheaper at 0.50% 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 THD?

Over the 10-year period, THD has performed better with a 3.47% 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 THD?

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

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

THD has the higher dividend yield at 2.71%, compared with 2.25% for ENZL.

What is the main difference between ENZL and THD?

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

Which has better risk-adjusted returns?

THD currently has the higher Sharpe Ratio (1.88 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.