EZA vs. BTC-USD
EZA (iShares MSCI South Africa ETF) is Emerging Markets Equities fund tracking the MSCI South Africa Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, EZA returned 8.12%/yr vs 57.23%/yr for BTC-USD. At a 0.08 correlation, their price movements are largely independent.
Performance
EZA vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -2.81% return, which is significantly higher than BTC-USD's -26.27% return. Over the past 10 years, EZA has underperformed BTC-USD with an annualized return of 8.12%, while BTC-USD has yielded a comparatively higher 57.23% annualized return.
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%
BTC-USD
- 1D
- 1.71%
- 1M
- -20.43%
- YTD
- -26.27%
- 6M
- -28.52%
- 1Y
- -39.20%
- 3Y*
- 36.94%
- 5Y*
- 9.74%
- 10Y*
- 57.23%
EZA vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BTC-USD Bitcoin | -26.27% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between EZA and BTC-USD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2012 | 0.08 |
Over the past year, EZA and BTC-USD have become more correlated (0.30) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
EZA vs. BTC-USD — Risk / Return Rank
EZA
BTC-USD
EZA vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.87 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | -0.77 | +2.07 |
| Martin ratioReturn relative to average drawdown | 3.41 | -1.33 | +4.74 |
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Drawdowns
EZA vs. BTC-USD - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for EZA and BTC-USD.
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Drawdown Indicators
| EZA | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -85.30% | +20.66% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -51.21% | +27.90% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -51.21% | +27.90% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -76.67% | +41.73% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -83.80% | +21.55% |
Current DrawdownCurrent decline from peak | -18.05% | -48.27% | +30.22% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -42.36% | +25.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.93% | 35.16% | -26.23% |
Volatility
EZA vs. BTC-USD - Volatility Comparison
The current volatility for iShares MSCI South Africa ETF (EZA) is 11.34%, while Bitcoin (BTC-USD) has a volatility of 11.97%. This indicates that EZA experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 11.97% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 27.03% | 34.64% | -7.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.92% | 35.59% | -3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.86% | 44.57% | -15.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.43% | 56.61% | -25.18% |
Frequently Asked Questions
EZA and BTC-USD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (11.97%) compared to EZA (11.34%). In terms of maximum drawdown, EZA dropped -64.64% vs BTC-USD's -85.30%.
EZA currently has the higher Sharpe Ratio (0.95 vs -0.92), 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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