EZA vs. EMF
EZA (iShares MSCI South Africa ETF) and EMF (Templeton Emerging Markets Fund) are both Emerging Markets Equities funds. EZA is passively managed, while EMF is actively managed. Over the past 10 years, EZA returned 7.41%/yr vs 14.87%/yr for EMF. A 0.64 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 1.43%/yr for EMF.
Performance
EZA vs. EMF - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -5.39% return, which is significantly lower than EMF's 32.81% return. Over the past 10 years, EZA has underperformed EMF with an annualized return of 7.41%, while EMF has yielded a comparatively higher 14.87% annualized return.
EZA
- 1D
- 0.40%
- 1M
- -9.22%
- YTD
- -5.39%
- 6M
- 2.60%
- 1Y
- 27.60%
- 3Y*
- 22.84%
- 5Y*
- 8.46%
- 10Y*
- 7.41%
EMF
- 1D
- -0.67%
- 1M
- -1.02%
- YTD
- 32.81%
- 6M
- 36.23%
- 1Y
- 77.86%
- 3Y*
- 32.88%
- 5Y*
- 10.56%
- 10Y*
- 14.87%
EZA vs. EMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -5.39% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
EMF Templeton Emerging Markets Fund | 32.81% | 58.20% | 6.56% | 8.84% | -21.53% | -8.23% | 24.48% | 27.20% | -14.78% | 53.55% |
Correlation
The correlation between EZA and EMF is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2003 | 0.64 |
The correlation between EZA and EMF shifts across timeframes, from 0.51 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EZA vs. EMF — Risk / Return Rank
EZA
EMF
EZA vs. EMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Templeton Emerging Markets Fund (EMF). 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 | EMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.60 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 4.02 | -2.83 |
| Martin ratioReturn relative to average drawdown | 3.19 | 15.90 | -12.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EZA | EMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 3.36 | -2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.52 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.72 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.22 | +0.05 |
Drawdowns
EZA vs. EMF - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum EMF drawdown of -76.97%. Use the drawdown chart below to compare losses from any high point for EZA and EMF.
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Drawdown Indicators
| EZA | EMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -76.97% | +12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -19.48% | -3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -19.48% | -3.83% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -45.08% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -47.65% | -14.60% |
Current DrawdownCurrent decline from peak | -20.23% | -7.72% | -12.51% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -28.99% | +12.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 4.91% | +3.75% |
Volatility
EZA vs. EMF - Volatility Comparison
iShares MSCI South Africa ETF (EZA) and Templeton Emerging Markets Fund (EMF) have volatilities of 9.66% and 9.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | EMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.66% | 9.80% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 26.59% | 20.78% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.43% | 23.34% | +8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.77% | 20.60% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.40% | 20.63% | +10.77% |
EZA vs. EMF - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is lower than EMF's 1.43% expense ratio.
Dividends
EZA vs. EMF - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 6.51%, less than EMF's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMF Templeton Emerging Markets Fund | 7.41% | 9.73% | 4.28% | 6.22% | 9.89% | 6.92% | 3.51% | 7.36% | 5.92% | 12.11% | 1.62% | 12.81% |
EZA iShares MSCI South Africa ETF | 6.51% | 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 EMF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMF has higher volatility (9.80%) compared to EZA (9.66%). In terms of maximum drawdown, EZA dropped -64.64% vs EMF's -76.97%.
EMF currently has the higher Sharpe Ratio (3.36 vs 0.88), 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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