EZA vs. CSHP
EZA (iShares MSCI South Africa ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. EZA is passively managed, while CSHP is actively managed. Over the past year, EZA returned 31.63% vs 3.94% for CSHP. At a 0.00 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.20%/yr for CSHP.
Performance
EZA vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -5.04% return, which is significantly lower than CSHP's 1.83% return.
EZA
- 1D
- -1.86%
- 1M
- -2.94%
- YTD
- -5.04%
- 6M
- -6.05%
- 1Y
- 31.63%
- 3Y*
- 24.47%
- 5Y*
- 10.32%
- 10Y*
- 7.74%
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EZA vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EZA iShares MSCI South Africa ETF | -5.04% | 75.20% | 0.33% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 4.10% | 2.24% |
Correlation
The correlation between EZA and CSHP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.00 |
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Return for Risk
EZA vs. CSHP — Risk / Return Rank
EZA
CSHP
EZA vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.10 | ||
| Sortino ratioReturn per unit of downside risk | -26.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 6.46 | -5.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 65.45 | -64.09 |
| Martin ratioReturn relative to average drawdown | 3.41 | 381.67 | -378.26 |
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Drawdowns
EZA vs. CSHP - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for EZA and CSHP.
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Drawdown Indicators
| EZA | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -0.08% | -64.56% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -0.06% | -23.25% |
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 DrawdownCurrent decline from peak | -19.94% | -0.04% | -19.90% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -0.00% | -16.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.29% | 0.01% | +9.28% |
Volatility
EZA vs. CSHP - Volatility Comparison
iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.13% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.13% | 0.16% | +10.97% |
Volatility (6M)Calculated over the trailing 6-month period | 27.33% | 0.27% | +27.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.07% | 0.36% | +31.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.90% | 0.41% | +28.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 0.41% | +30.86% |
EZA vs. CSHP - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
EZA vs. CSHP - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 7.89%, more than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EZA iShares MSCI South Africa ETF | 7.89% | 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 CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZA has higher volatility (11.13%) compared to CSHP (0.16%). In terms of maximum drawdown, EZA dropped -64.64% vs CSHP's -0.08%.
On 1-year performance, EZA leads with 31.63% vs 3.94% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EZA has performed better with a 31.63% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.59% for EZA.
EZA has the higher dividend yield at 7.89%, compared with 3.91% for CSHP.
EZA is categorized as Emerging Markets Equities, while CSHP is Ultrashort Bond. Their fees differ too: 0.59% for EZA and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs 0.99), 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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