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EWW vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. EZA

Last updated Jun 13, 2026

EWW (iShares MSCI Mexico ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, EWW returned 7.89%/yr vs 8.12%/yr for EZA. A 0.65 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.59%/yr for EZA.

Performance

EWW vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares MSCI South Africa ETF (EZA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWW achieves a 13.18% return, which is significantly higher than EZA's -2.81% return. Both investments have delivered pretty close results over the past 10 years, with EWW having a 7.89% annualized return and EZA not far ahead at 8.12%.

EWW

1D
1.46%
1M
-0.67%
YTD
13.18%
6M
13.14%
1Y
33.34%
3Y*
10.87%
5Y*
13.02%
10Y*
7.89%

EZA

1D
0.89%
1M
-5.12%
YTD
-2.81%
6M
2.77%
1Y
33.90%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		13.18%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
EZA
iShares MSCI South Africa ETF		-2.81%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%

Correlation

The correlation between EWW and EZA 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

0.57

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

0.55

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

0.57

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

0.61

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2003

0.65

The correlation between EWW and EZA has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.

EWW vs. EZA - Sectors Allocation Comparison

Sectors
EWW
EZA

Consumer Defensive

24.9%
2.4%

Basic Materials

23.7%
39.7%

Financial Services

18.1%
32.1%

Industrials

13.1%
1.5%

Communication Services

10.4%
6.7%

Real Estate

7.7%
1.6%

Consumer Cyclical

1.4%
14.7%

Healthcare

0.5%
1.2%

Energy

-

-

Technology

-

-

Utilities

-

-

Consumer Defensive

EWW
24.9%
EZA
2.4%

Basic Materials

EWW
23.7%
EZA
39.7%

Financial Services

EWW
18.1%
EZA
32.1%

Industrials

EWW
13.1%
EZA
1.5%

Communication Services

EWW
10.4%
EZA
6.7%

Real Estate

EWW
7.7%
EZA
1.6%

Consumer Cyclical

EWW
1.4%
EZA
14.7%

Healthcare

EWW
0.5%
EZA
1.2%

Energy

EWW

-

EZA

-

Technology

EWW

-

EZA

-

Utilities

EWW

-

EZA

-

Compare stocks, funds, or ETFs

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iShares MSCI Mexico ETF

iShares MSCI South Africa ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

EWW vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 5050
Overall Rank
EWW Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4949
Sortino Ratio Rank
EWW Omega Ratio Rank: 4848
Omega Ratio Rank
EWW Calmar Ratio Rank: 5353
Calmar Ratio Rank
EWW Martin Ratio Rank: 5454
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
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.

EWW vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares MSCI South Africa ETF (EZA). 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.

EWWEZADifference
Sharpe ratioReturn per unit of total volatility
1.49
0.95

+0.53

Sortino ratioReturn per unit of downside risk
2.12
1.41

+0.72

Omega ratioGain probability vs. loss probability

1.27

1.18

+0.08

Calmar ratioReturn relative to maximum drawdown

2.32

1.31

+1.01

Martin ratioReturn relative to average drawdown

8.25

3.41

+4.84

EWW vs. EZA - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.49, which is higher than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of EWW and EZA, 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

EWW vs. EZA - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, roughly equal to the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for EWW and EZA.

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Drawdown Indicators

EWWEZADifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-64.64%

-0.30%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-23.31%

+9.33%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-23.31%

-7.86%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-34.94%

+3.77%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-62.25%

+8.63%

Current Drawdown

Current decline from peak

-3.40%

-18.05%

+14.65%

Average Drawdown

Average peak-to-trough decline

-18.51%

-16.92%

-1.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.93%

8.93%

-5.00%

Volatility

EWW vs. EZA - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 6.96%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.34%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWWEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

11.34%

-4.38%

Volatility (6M)

Calculated over the trailing 6-month period

18.46%

27.03%

-8.57%

Volatility (1Y)

Calculated over the trailing 1-year period

21.76%

31.92%

-10.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.58%

28.86%

-6.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.39%

31.43%

-6.04%

EWW vs. EZA - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is lower than EZA's 0.59% expense ratio.

Dividends

EWW vs. EZA - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.07%, less than EZA's 6.34% yield.

PositionTTM20252024202320222021202020192018201720162015
EWW
iShares MSCI Mexico ETF		3.07%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%
EZA
iShares MSCI South Africa ETF		6.34%6.16%7.26%2.84%3.90%2.05%5.51%12.27%3.81%1.55%4.10%3.03%

Frequently Asked Questions

EWW and EZA 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.

EZA has higher volatility (11.34%) compared to EWW (6.96%). In terms of maximum drawdown, EWW dropped -64.94% vs EZA's -64.64%.

On 10-year performance, EZA leads with 8.12% vs 7.89% for EWW. On fees, EWW is cheaper at 0.49% per year. On volatility, EWW has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZA has performed better with a 8.12% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.49% expense ratio, compared with 0.59% for EZA.

EZA has the higher dividend yield at 6.34%, compared with 3.07% for EWW.

EWW is categorized as Latin America Equities, while EZA is Emerging Markets Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while EZA tracks MSCI South Africa Index. Their fees differ too: 0.49% for EWW and 0.59% for EZA.

EWW currently has the higher Sharpe Ratio (1.49 vs 0.95), 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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