EWA vs. ENZL

Last updated Jun 4, 2026

EWA (iShares MSCI-Australia ETF) and ENZL (iShares MSCI New Zealand ETF) are both Asia Pacific Equities funds from iShares - EWA tracks the MSCI Australia Index while ENZL tracks the MSCI New Zealand Investable Market Index. Both are passively managed. Over the past 10 years, EWA returned 8.41%/yr vs 3.34%/yr for ENZL. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EWA vs. ENZL - Performance Comparison

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

Returns By Period

In the year-to-date period, EWA achieves a 11.26% return, which is significantly higher than ENZL's -0.60% return. Over the past 10 years, EWA has outperformed ENZL with an annualized return of 8.41%, while ENZL has yielded a comparatively lower 3.34% annualized return.

EWA

• 1D: -1.12%
• 1M: 0.90%
• YTD: 11.26%
• 6M: 13.42%
• 1Y: 15.43%
• 3Y*: 12.60%
• 5Y*: 5.51%
• 10Y*: 8.41%

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%

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

EWA vs. ENZL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWA iShares MSCI-Australia ETF	11.26%	13.35%	1.60%	13.81%	-5.92%	8.93%	8.29%	22.45%	-12.04%	19.88%
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%

Correlation

The correlation between EWA and ENZL is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 3, 2010	0.65

The correlation between EWA and ENZL has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

EWA vs. ENZL - Sectors Allocation Comparison

Sectors	EWA	ENZL
Financial Services	43.6%	1.4%
Basic Materials	23.0%	3.8%
Consumer Cyclical	6.1%	0.9%
Real Estate	5.0%	12.6%
Healthcare	4.9%	26.1%
Energy	4.5%	2.0%
Industrials	4.5%	19.0%
Consumer Defensive	3.6%	0.8%
Communication Services	2.0%	3.7%
Utilities	1.7%	29.0%
Technology	1.1%	0.6%

Return for Risk

EWA vs. ENZL — Risk / Return Rank

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

EWA

EWA Risk / Return Rank: 27
EWA Sharpe Ratio Rank: 25
EWA Sortino Ratio Rank: 24
EWA Omega Ratio Rank: 24
EWA Calmar Ratio Rank: 31
EWA Martin Ratio Rank: 30

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

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.

EWA vs. ENZL - Risk-Adjusted Trends Comparison

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

	EWA	ENZL	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.20	+0.72
Sortino ratio: Return per unit of downside risk	1.36	0.39	+0.96
Omega ratio: Gain probability vs. loss probability	1.17	1.05	+0.12
Calmar ratio: Return relative to maximum drawdown	1.55	0.25	+1.30
Martin ratio: Return relative to average drawdown	4.43	0.70	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWA vs. ENZL - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.92, which is higher than the ENZL Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of EWA and ENZL, 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

	EWA	ENZL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.20	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	-0.23	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.16	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.37	-0.08

Drawdowns

EWA vs. ENZL - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than ENZL's maximum drawdown of -42.44%. Use the drawdown chart below to compare losses from any high point for EWA and ENZL.

Drawdown Indicators

	EWA	ENZL	Difference
Max Drawdown Largest peak-to-trough decline	-66.98%	-42.44%	-24.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-12.90%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-20.67%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.87%	-36.86%	+11.99%
Max Drawdown (10Y) Largest decline over 10 years	-45.54%	-42.44%	-3.10%
Current Drawdown Current decline from peak	-3.70%	-29.65%	+25.95%
Average Drawdown Average peak-to-trough decline	-11.33%	-12.78%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.54%	-1.05%

Volatility

EWA vs. ENZL - Volatility Comparison

The current volatility for iShares MSCI-Australia ETF (EWA) is 5.46%, while iShares MSCI New Zealand ETF (ENZL) has a volatility of 6.01%. This indicates that EWA experiences smaller price fluctuations and is considered to be less risky than ENZL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWA	ENZL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	6.01%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	13.02%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	15.97%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	18.59%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	20.44%	+2.17%

EWA vs. ENZL - Expense Ratio Comparison

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

Dividends

EWA vs. ENZL - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.89%, more than ENZL's 2.25% 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%
EWA iShares MSCI-Australia ETF	2.89%	3.21%	3.71%	3.72%	5.28%	5.08%	2.02%	3.97%	6.11%	4.44%	4.03%	5.48%

Frequently Asked Questions

Can I hold both EWA and ENZL in my portfolio?

EWA and ENZL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWA or ENZL?

ENZL has higher volatility (6.01%) compared to EWA (5.46%). In terms of maximum drawdown, EWA dropped -66.98% vs ENZL's -42.44%.

Which ETF is better, EWA or ENZL?

On 10-year performance, EWA leads with 8.41% vs 3.34% for ENZL. Both ETFs have the same 0.50% expense ratio. On volatility, EWA has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWA or ENZL?

Over the 10-year period, EWA has performed better with a 8.41% return vs 3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWA or ENZL?

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

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

EWA has the higher dividend yield at 2.89%, compared with 2.25% for ENZL.

What is the main difference between EWA and ENZL?

EWA tracks MSCI Australia Index, while ENZL tracks MSCI New Zealand Investable Market Index.

Which has better risk-adjusted returns?

EWA currently has the higher Sharpe Ratio (0.92 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.