EZA vs. A1G.AX

Last updated Jun 10, 2026

EZA (iShares MSCI South Africa ETF) is Emerging Markets Equities fund tracking the MSCI South Africa Index, while A1G.AX (African Gold Limited) is a stock. At a 0.11 correlation, their price movements are largely independent.

Performance

EZA vs. A1G.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and African Gold Limited (A1G.AX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EZA is traded in USD, while A1G.AX is traded in AUD. To make them comparable, the A1G.AX values have been converted to USD using the latest available exchange rates.

Returns By Period

EZA

• 1D: 0.40%
• 1M: -9.22%
• YTD: -5.39%
• 6M: 2.60%
• 1Y: 27.60%
• 3Y*: 22.84%
• 5Y*: 8.46%
• 10Y*: 7.41%

A1G.AX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZA vs. A1G.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EZA iShares MSCI South Africa ETF	-5.39%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	5.32%
A1G.AX African Gold Limited	70.04%	1,193.76%	117.22%	-71.25%	-29.99%	-6.06%	44.29%	-38.43%

Correlation

The correlation between EZA and A1G.AX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 14, 2019	0.11

Return for Risk

EZA vs. A1G.AX — Risk / Return Rank

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

EZA

EZA Risk / Return Rank: 27
EZA Sharpe Ratio Rank: 27
EZA Sortino Ratio Rank: 27
EZA Omega Ratio Rank: 28
EZA Calmar Ratio Rank: 27
EZA Martin Ratio Rank: 26

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.

EZA vs. A1G.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and African Gold Limited (A1G.AX). 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.

	EZA	A1G.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	—	—
Sortino ratio: Return per unit of downside risk	1.32	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.19	—	—
Martin ratio: Return relative to average drawdown	3.19	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EZA	A1G.AX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	—	—

Drawdowns

Drawdown Indicators

	EZA	A1G.AX	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	—	—
Current Drawdown Current decline from peak	-20.23%	—	—
Average Drawdown Average peak-to-trough decline	-16.92%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	8.66%	—	—

Volatility

Volatility by Period

	EZA	A1G.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	31.43%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.77%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.40%	—	—

Dividends

EZA vs. A1G.AX - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.51%, while A1G.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
A1G.AX African Gold Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EZA iShares MSCI South Africa ETF	6.51%	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

Can I hold both EZA and A1G.AX in my portfolio?

EZA and A1G.AX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.