EZA vs. BITW
EZA (iShares MSCI South Africa ETF) and BITW (Bitwise 10 Crypto Index ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past 5 years, EZA returned 9.54%/yr vs 1.71%/yr for BITW. At a 0.22 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.75%/yr for BITW.
Performance
EZA vs. BITW - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -7.64% return, which is significantly higher than BITW's -35.16% return.
EZA
- 1D
- -2.74%
- 1M
- -5.60%
- YTD
- -7.64%
- 6M
- -9.12%
- 1Y
- 25.36%
- 3Y*
- 23.33%
- 5Y*
- 9.54%
- 10Y*
- 7.44%
BITW
- 1D
- -4.15%
- 1M
- -21.33%
- YTD
- -35.16%
- 6M
- -35.19%
- 1Y
- -40.47%
- 3Y*
- 49.95%
- 5Y*
- 1.71%
- 10Y*
- —
EZA vs. BITW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -7.64% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | 20.22% |
BITW Bitwise 10 Crypto Index ETF | -35.16% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
Correlation
The correlation between EZA and BITW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.22 |
The correlation between EZA and BITW shifts across timeframes, from 0.22 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EZA vs. BITW — Risk / Return Rank
EZA
BITW
EZA vs. BITW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Bitwise 10 Crypto Index ETF (BITW). 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.
| EZA | BITW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.88 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.73 | +1.82 |
| Martin ratioReturn relative to average drawdown | 2.71 | -1.24 | +3.94 |
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Drawdowns
EZA vs. BITW - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for EZA and BITW.
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Drawdown Indicators
| EZA | BITW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -96.46% | +31.82% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -55.84% | +32.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -55.84% | +32.53% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -91.93% | +56.99% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | — | — |
Current DrawdownCurrent decline from peak | -22.13% | -72.59% | +50.46% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -69.56% | +52.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.39% | 32.75% | -23.36% |
Volatility
EZA vs. BITW - Volatility Comparison
The current volatility for iShares MSCI South Africa ETF (EZA) is 11.36%, while Bitwise 10 Crypto Index ETF (BITW) has a volatility of 14.37%. This indicates that EZA experiences smaller price fluctuations and is considered to be less risky than BITW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | BITW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.36% | 14.37% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 27.46% | 37.20% | -9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.18% | 50.03% | -17.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.92% | 65.58% | -36.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.28% | 108.32% | -77.04% |
EZA vs. BITW - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is lower than BITW's 0.75% expense ratio.
Dividends
EZA vs. BITW - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 8.11%, while BITW has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 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 | 8.11% | 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
EZA and BITW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITW has higher volatility (14.37%) compared to EZA (11.36%). In terms of maximum drawdown, EZA dropped -64.64% vs BITW's -96.46%.
On 5-year performance, EZA leads with 9.54% vs 1.71% for BITW. On fees, EZA is cheaper at 0.59% per year. On volatility, EZA has been the lower-risk option at 11.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EZA has performed better with a 9.54% return vs 1.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EZA is cheaper with a 0.59% expense ratio, compared with 0.75% for BITW.
EZA has the higher dividend yield at 8.11%, compared with 0.00% for BITW.
EZA is categorized as Emerging Markets Equities, while BITW is Cryptocurrency. EZA tracks MSCI South Africa Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. They also come from different issuers: iShares and Bitwise. Their fees differ too: 0.59% for EZA and 0.75% for BITW.
EZA currently has the higher Sharpe Ratio (0.79 vs -0.81), 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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