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EZA vs. EEMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZA vs. EEMO

Last updated Jun 26, 2026

EZA (iShares MSCI South Africa ETF) and EEMO (Invesco S&P Emerging Markets Momentum ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while EEMO is a Momentum fund tracking the S&P Momentum Emerging Plus LargeMidCap Index. Both are passively managed. Over the past 10 years, EZA returned 8.07%/yr vs 9.15%/yr for EEMO. A 0.54 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 0.31%/yr for EEMO.

Performance

EZA vs. EEMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and Invesco S&P Emerging Markets Momentum ETF (EEMO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EZA achieves a -6.17% return, which is significantly lower than EEMO's 41.14% return. Over the past 10 years, EZA has underperformed EEMO with an annualized return of 8.07%, while EEMO has yielded a comparatively higher 9.15% annualized return.

EZA

1D
1.59%
1M
-7.53%
YTD
-6.17%
6M
-7.67%
1Y
28.73%
3Y*
24.11%
5Y*
9.89%
10Y*
8.07%

EEMO

1D
3.82%
1M
3.90%
YTD
41.14%
6M
40.15%
1Y
49.68%
3Y*
24.60%
5Y*
6.84%
10Y*
9.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZA vs. EEMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZA
iShares MSCI South Africa ETF		-6.17%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%
EEMO
Invesco S&P Emerging Markets Momentum ETF		41.14%10.99%9.88%13.90%-18.73%-5.57%9.66%21.17%-17.24%49.65%

Correlation

The correlation between EZA and EEMO is 0.62, 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

0.62

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

0.59

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

0.62

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

0.60

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2012

0.54

The correlation between EZA and EEMO has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

EZA vs. EEMO - Sectors Allocation Comparison

Sectors
EZA
EEMO

Basic Materials

39.0%
9.9%

Financial Services

33.5%
15.4%

Consumer Cyclical

14.3%
2.8%

Communication Services

6.5%
1.2%

Consumer Defensive

2.5%
0.6%

Real Estate

1.6%
0.3%

Industrials

1.5%
7.5%

Healthcare

1.1%
2.3%

Energy

-

0.8%

Technology

-

53.0%

Utilities

-

1.0%

Basic Materials

EZA
39.0%
EEMO
9.9%

Financial Services

EZA
33.5%
EEMO
15.4%

Consumer Cyclical

EZA
14.3%
EEMO
2.8%

Communication Services

EZA
6.5%
EEMO
1.2%

Consumer Defensive

EZA
2.5%
EEMO
0.6%

Real Estate

EZA
1.6%
EEMO
0.3%

Industrials

EZA
1.5%
EEMO
7.5%

Healthcare

EZA
1.1%
EEMO
2.3%

Energy

EZA

-

EEMO
0.8%

Technology

EZA

-

EEMO
53.0%

Utilities

EZA

-

EEMO
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI South Africa ETF

Invesco S&P Emerging Markets Momentum ETF

Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. VTIEZA vs. PAF.LEZA vs. INDAEZA vs. SCHD
Often compared with EEMO:
EEMO vs. IDMOEEMO vs. EEMEEMO vs. PIEEEMO vs. VWOEEMO vs. EEMSEEMO vs. SPMOEEMO vs. AVEM

Return for Risk

EZA vs. EEMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZA
EZA Risk / Return Rank: 2727
Overall Rank
EZA Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2626
Sortino Ratio Rank
EZA Omega Ratio Rank: 2727
Omega Ratio Rank
EZA Calmar Ratio Rank: 2727
Calmar Ratio Rank
EZA Martin Ratio Rank: 2525
Martin Ratio Rank
EEMO
EEMO Risk / Return Rank: 6666
Overall Rank
EEMO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
EEMO Sortino Ratio Rank: 5353
Sortino Ratio Rank
EEMO Omega Ratio Rank: 7070
Omega Ratio Rank
EEMO Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEMO Martin Ratio Rank: 7575
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.

EZA vs. EEMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Invesco S&P Emerging Markets Momentum ETF (EEMO). 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.

EZAEEMODifference
Sharpe ratioReturn per unit of total volatility
0.90
1.64

-0.74

Sortino ratioReturn per unit of downside risk
1.35
2.24

-0.90

Omega ratioGain probability vs. loss probability

1.17

1.36

-0.18

Calmar ratioReturn relative to maximum drawdown

1.24

3.38

-2.15

Martin ratioReturn relative to average drawdown

3.04

12.20

-9.17

EZA vs. EEMO - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.90, which is lower than the EEMO Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EZA and EEMO, 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

EZA vs. EEMO - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than EEMO's maximum drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for EZA and EEMO.

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Drawdown Indicators

EZAEEMODifference

Max Drawdown

Largest peak-to-trough decline

-64.64%

-48.47%

-16.17%

Max Drawdown (1Y)

Largest decline over 1 year

-23.31%

-14.75%

-8.56%

Max Drawdown (3Y)

Largest decline over 3 years

-23.31%

-26.06%

+2.75%

Max Drawdown (5Y)

Largest decline over 5 years

-34.94%

-34.03%

-0.91%

Max Drawdown (10Y)

Largest decline over 10 years

-62.25%

-46.57%

-15.68%

Current Drawdown

Current decline from peak

-20.89%

-4.50%

-16.39%

Average Drawdown

Average peak-to-trough decline

-16.92%

-20.11%

+3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.48%

4.08%

+5.40%

Volatility

EZA vs. EEMO - Volatility Comparison

The current volatility for iShares MSCI South Africa ETF (EZA) is 10.79%, while Invesco S&P Emerging Markets Momentum ETF (EEMO) has a volatility of 19.67%. This indicates that EZA experiences smaller price fluctuations and is considered to be less risky than EEMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZAEEMODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.79%

19.67%

-8.88%

Volatility (6M)

Calculated over the trailing 6-month period

27.45%

28.97%

-1.52%

Volatility (1Y)

Calculated over the trailing 1-year period

32.15%

30.38%

+1.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.93%

20.99%

+7.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.28%

22.36%

+8.92%

EZA vs. EEMO - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is higher than EEMO's 0.31% expense ratio.

Dividends

EZA vs. EEMO - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 7.99%, more than EEMO's 1.61% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMO
Invesco S&P Emerging Markets Momentum ETF		1.61%2.31%2.57%3.65%3.82%1.51%1.53%2.13%13.10%5.13%1.55%2.92%
EZA
iShares MSCI South Africa ETF		7.99%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 EEMO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMO has higher volatility (19.67%) compared to EZA (10.79%). In terms of maximum drawdown, EZA dropped -64.64% vs EEMO's -48.47%.

On 10-year performance, EEMO leads with 9.15% vs 8.07% for EZA. On fees, EEMO is cheaper at 0.31% per year. On volatility, EZA has been the lower-risk option at 10.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EEMO has performed better with a 9.15% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEMO is cheaper with a 0.31% expense ratio, compared with 0.59% for EZA.

EZA has the higher dividend yield at 7.99%, compared with 1.61% for EEMO.

EZA is categorized as Emerging Markets Equities, while EEMO is Momentum. EZA tracks MSCI South Africa Index, while EEMO tracks S&P Momentum Emerging Plus LargeMidCap Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for EZA and 0.31% for EEMO.

EEMO currently has the higher Sharpe Ratio (1.64 vs 0.90), 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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