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EZA vs. EIDO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZA vs. EIDO

Last updated Jun 13, 2026

EZA (iShares MSCI South Africa ETF) and EIDO (iShares MSCI Indonesia ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while EIDO is a Asia Pacific Equities fund tracking the MSCI Indonesia Investable Market Index. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs -3.71%/yr for EIDO. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EZA vs. EIDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares MSCI Indonesia ETF (EIDO). 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 -2.81% return, which is significantly higher than EIDO's -34.01% return. Over the past 10 years, EZA has outperformed EIDO with an annualized return of 8.12%, while EIDO has yielded a comparatively lower -3.71% 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%

EIDO

1D
1.82%
1M
-13.77%
YTD
-34.01%
6M
-33.58%
1Y
-31.30%
3Y*
-16.75%
5Y*
-8.51%
10Y*
-3.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZA vs. EIDO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EIDO
iShares MSCI Indonesia ETF		-34.01%4.90%-13.02%2.56%-0.16%-0.60%-7.13%5.30%-10.88%19.40%

Correlation

The correlation between EZA and EIDO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

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

0.40

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

0.42

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

0.52

Correlation (All Time)
Calculated using the full available price history since May 7, 2010

0.56

The correlation between EZA and EIDO shifts across timeframes, from 0.38 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

EZA vs. EIDO - Sectors Allocation Comparison

Sectors
EZA
EIDO

Basic Materials

39.7%
18.5%

Financial Services

32.1%
37.8%

Consumer Cyclical

14.7%
1.6%

Communication Services

6.7%
8.7%

Consumer Defensive

2.4%
7.5%

Real Estate

1.6%
1.8%

Industrials

1.5%
6.1%

Healthcare

1.2%
2.4%

Energy

-

10.6%

Technology

-

2.7%

Utilities

-

2.4%

Basic Materials

EZA
39.7%
EIDO
18.5%

Financial Services

EZA
32.1%
EIDO
37.8%

Consumer Cyclical

EZA
14.7%
EIDO
1.6%

Communication Services

EZA
6.7%
EIDO
8.7%

Consumer Defensive

EZA
2.4%
EIDO
7.5%

Real Estate

EZA
1.6%
EIDO
1.8%

Industrials

EZA
1.5%
EIDO
6.1%

Healthcare

EZA
1.2%
EIDO
2.4%

Energy

EZA

-

EIDO
10.6%

Technology

EZA

-

EIDO
2.7%

Utilities

EZA

-

EIDO
2.4%

Compare stocks, funds, or ETFs

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iShares MSCI South Africa ETF

iShares MSCI Indonesia ETF

Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA
Often compared with EIDO:
EIDO vs. IDXEIDO vs. EWYEIDO vs. INDAEIDO vs. ASEAEIDO vs. EWMEIDO vs. EWSEIDO vs. EWW

Return for Risk

EZA vs. EIDO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
Martin Ratio Rank
EIDO
EIDO Risk / Return Rank: 11
Overall Rank
EIDO Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EIDO Sortino Ratio Rank: 11
Sortino Ratio Rank
EIDO Omega Ratio Rank: 00
Omega Ratio Rank
EIDO Calmar Ratio Rank: 33
Calmar Ratio Rank
EIDO Martin Ratio Rank: 00
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. EIDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares MSCI Indonesia ETF (EIDO). 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.

EZAEIDODifference
Sharpe ratioReturn per unit of total volatility
0.95
-1.29

+2.24

Sortino ratioReturn per unit of downside risk
1.41
-1.84

+3.24

Omega ratioGain probability vs. loss probability

1.18

0.76

+0.42

Calmar ratioReturn relative to maximum drawdown

1.31

-0.74

+2.05

Martin ratioReturn relative to average drawdown

3.41

-2.38

+5.79

EZA vs. EIDO - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.95, which is higher than the EIDO Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of EZA and EIDO, 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. EIDO - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, roughly equal to the maximum EIDO drawdown of -63.21%. Use the drawdown chart below to compare losses from any high point for EZA and EIDO.

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Drawdown Indicators

EZAEIDODifference

Max Drawdown

Largest peak-to-trough decline

-64.64%

-63.21%

-1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-23.31%

-43.81%

+20.50%

Max Drawdown (3Y)

Largest decline over 3 years

-23.31%

-51.77%

+28.46%

Max Drawdown (5Y)

Largest decline over 5 years

-34.94%

-51.77%

+16.83%

Max Drawdown (10Y)

Largest decline over 10 years

-62.25%

-59.41%

-2.84%

Current Drawdown

Current decline from peak

-18.05%

-54.96%

+36.91%

Average Drawdown

Average peak-to-trough decline

-16.92%

-24.68%

+7.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.93%

13.63%

-4.70%

Volatility

EZA vs. EIDO - Volatility Comparison

The current volatility for iShares MSCI South Africa ETF (EZA) is 11.34%, while iShares MSCI Indonesia ETF (EIDO) has a volatility of 13.82%. This indicates that EZA experiences smaller price fluctuations and is considered to be less risky than EIDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZAEIDODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.34%

13.82%

-2.48%

Volatility (6M)

Calculated over the trailing 6-month period

27.03%

21.56%

+5.47%

Volatility (1Y)

Calculated over the trailing 1-year period

31.92%

25.14%

+6.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.86%

20.41%

+8.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.43%

25.00%

+6.43%

EZA vs. EIDO - Expense Ratio Comparison

Both EZA and EIDO have an expense ratio of 0.59%.

Dividends

EZA vs. EIDO - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.34%, more than EIDO's 5.39% yield.

PositionTTM20252024202320222021202020192018201720162015
EIDO
iShares MSCI Indonesia ETF		5.39%3.56%5.20%2.94%2.53%1.33%1.51%1.78%1.99%1.26%1.16%1.67%
EZA
iShares MSCI South Africa ETF		6.34%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 EIDO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EIDO has higher volatility (13.82%) compared to EZA (11.34%). In terms of maximum drawdown, EZA dropped -64.64% vs EIDO's -63.21%.

On 10-year performance, EZA leads with 8.12% vs -3.71% for EIDO. Both ETFs have the same 0.59% expense ratio. On volatility, EZA has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZA has performed better with a 8.12% return vs -3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZA and EIDO have the same expense ratio: 0.59% per year.

EZA has the higher dividend yield at 6.34%, compared with 5.39% for EIDO.

EZA is categorized as Emerging Markets Equities, while EIDO is Asia Pacific Equities. EZA tracks MSCI South Africa Index, while EIDO tracks MSCI Indonesia Investable Market Index.

EZA currently has the higher Sharpe Ratio (0.95 vs -1.29), 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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