EZA vs. EMDV

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI South Africa ETF (EZA) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV).

EZA and EMDV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EZA is a passively managed fund by iShares that tracks the performance of the MSCI South Africa Index. It was launched on Feb 7, 2003. EMDV is a passively managed fund by ProShares that tracks the performance of the MSCI Emerging Markets Dividend Masters Index. It was launched on Jan 25, 2016. Both EZA and EMDV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EZA vs. EMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). The values are adjusted to include any dividend payments, if applicable.

EZA vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZA iShares MSCI South Africa ETF	0.03%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	-1.51%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%

Returns By Period

In the year-to-date period, EZA achieves a 0.03% return, which is significantly higher than EMDV's -1.51% return. Over the past 10 years, EZA has outperformed EMDV with an annualized return of 7.86%, while EMDV has yielded a comparatively lower 2.24% annualized return.

EZA

• 1D: 1.50%
• 1M: -13.87%
• YTD: 0.03%
• 6M: 12.10%
• 1Y: 52.70%
• 3Y*: 24.18%
• 5Y*: 11.19%
• 10Y*: 7.86%

EMDV

• 1D: 0.42%
• 1M: -1.99%
• YTD: -1.51%
• 6M: 2.47%
• 1Y: 8.67%
• 3Y*: 1.57%
• 5Y*: -2.81%
• 10Y*: 2.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EZA vs. EMDV - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is lower than EMDV's 0.60% expense ratio.

EMDV

ProShares MSCI Emerging Markets Dividend Growers ETF

EZA

iShares MSCI South Africa ETF

Return for Risk

EZA vs. EMDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZA

EZA Risk / Return Rank: 79
EZA Sharpe Ratio Rank: 83
EZA Sortino Ratio Rank: 80
EZA Omega Ratio Rank: 77
EZA Calmar Ratio Rank: 79
EZA Martin Ratio Rank: 77

EMDV

EMDV Risk / Return Rank: 37
EMDV Sharpe Ratio Rank: 36
EMDV Sortino Ratio Rank: 35
EMDV Omega Ratio Rank: 34
EMDV Calmar Ratio Rank: 42
EMDV Martin Ratio Rank: 39

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. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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.

	EZA	EMDV	Difference
Sharpe ratio Return per unit of total volatility	1.69	0.73	+0.96
Sortino ratio Return per unit of downside risk	2.14	1.07	+1.07
Omega ratio Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio Return relative to maximum drawdown	2.26	1.19	+1.06
Martin ratio Return relative to average drawdown	8.76	3.94	+4.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZA vs. EMDV - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 1.69, which is higher than the EMDV Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of EZA and EMDV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EZA	EMDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.73	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	-0.18	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.12	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.20	+0.08

Correlation

The correlation between EZA and EMDV is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EZA vs. EMDV - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.16%, more than EMDV's 2.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	6.16%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.47%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%	0.00%

Drawdowns

EZA vs. EMDV - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than EMDV's maximum drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for EZA and EMDV.

Drawdown Indicators

	EZA	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-39.20%	-25.44%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-7.48%	-15.83%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-34.97%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-39.20%	-23.05%
Current Drawdown Current decline from peak	-15.66%	-17.05%	+1.39%
Average Drawdown Average peak-to-trough decline	-16.94%	-13.53%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	2.26%	+3.75%

Volatility

EZA vs. EMDV - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 13.33% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 4.86%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.33%	4.86%	+8.47%
Volatility (6M) Calculated over the trailing 6-month period	25.11%	8.30%	+16.81%
Volatility (1Y) Calculated over the trailing 1-year period	31.40%	11.95%	+19.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.33%	15.40%	+12.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.31%	18.28%	+13.03%