EZA vs. EMIF

Last updated Jun 4, 2026

EZA (iShares MSCI South Africa ETF) and EMIF (iShares Emerging Markets Infrastructure ETF) are both Emerging Markets Equities funds from iShares - EZA tracks the MSCI South Africa Index while EMIF tracks the S&P Emerging Markets Infrastructure Index. Both are passively managed. Over the past 10 years, EZA returned 7.31%/yr vs 2.36%/yr for EMIF. A 0.65 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 0.75%/yr for EMIF.

Performance

EZA vs. EMIF - Performance Comparison

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

Returns By Period

In the year-to-date period, EZA achieves a -2.56% return, which is significantly lower than EMIF's 1.74% return. Over the past 10 years, EZA has outperformed EMIF with an annualized return of 7.31%, while EMIF has yielded a comparatively lower 2.36% annualized return.

EZA

• 1D: -2.20%
• 1M: -0.12%
• YTD: -2.56%
• 6M: 5.66%
• 1Y: 34.67%
• 3Y*: 26.60%
• 5Y*: 8.78%
• 10Y*: 7.31%

EMIF

• 1D: -1.54%
• 1M: -6.56%
• YTD: 1.74%
• 6M: 0.79%
• 1Y: 21.17%
• 3Y*: 11.48%
• 5Y*: 4.93%
• 10Y*: 2.36%

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

EZA vs. EMIF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZA iShares MSCI South Africa ETF	-2.56%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%
EMIF iShares Emerging Markets Infrastructure ETF	1.74%	33.90%	1.21%	5.67%	-12.59%	3.76%	-19.98%	16.36%	-13.70%	20.70%

Correlation

The correlation between EZA and EMIF 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	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009	0.65

The correlation between EZA and EMIF shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

EZA vs. EMIF - Sectors Allocation Comparison

Sectors	EZA	EMIF
Basic Materials	39.7%	-
Financial Services	32.1%	-
Consumer Cyclical	14.7%	-
Communication Services	6.7%	-
Consumer Defensive	2.4%	-
Real Estate	1.6%	-
Industrials	1.5%	41.1%
Healthcare	1.2%	-
Energy	-	18.8%
Technology	-	-
Utilities	-	40.1%

Return for Risk

EZA vs. EMIF — Risk / Return Rank

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

EZA

EZA Risk / Return Rank: 30
EZA Sharpe Ratio Rank: 30
EZA Sortino Ratio Rank: 29
EZA Omega Ratio Rank: 30
EZA Calmar Ratio Rank: 30
EZA Martin Ratio Rank: 29

EMIF

EMIF Risk / Return Rank: 37
EMIF Sharpe Ratio Rank: 38
EMIF Sortino Ratio Rank: 38
EMIF Omega Ratio Rank: 39
EMIF Calmar Ratio Rank: 35
EMIF Martin Ratio Rank: 33

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. EMIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares Emerging Markets Infrastructure ETF (EMIF). 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	EMIF	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.38	-0.26
Sortino ratio: Return per unit of downside risk	1.59	2.00	-0.40
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	1.49	1.71	-0.21
Martin ratio: Return relative to average drawdown	4.19	4.92	-0.73
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. EMIF - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 1.12, which is comparable to the EMIF Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of EZA and EMIF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZA	EMIF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.38	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.25	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.12	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.17	+0.11

Drawdowns

EZA vs. EMIF - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than EMIF's maximum drawdown of -48.02%. Use the drawdown chart below to compare losses from any high point for EZA and EMIF.

Drawdown Indicators

	EZA	EMIF	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-48.02%	-16.62%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-12.45%	-10.86%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-16.70%	-6.61%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-23.68%	-11.26%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-48.02%	-14.23%
Current Drawdown Current decline from peak	-17.84%	-12.45%	-5.39%
Average Drawdown Average peak-to-trough decline	-16.92%	-15.91%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.30%	4.31%	+3.99%

Volatility

EZA vs. EMIF - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 10.55% compared to iShares Emerging Markets Infrastructure ETF (EMIF) at 4.38%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EMIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	EMIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.55%	4.38%	+6.17%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	12.97%	+13.18%
Volatility (1Y) Calculated over the trailing 1-year period	31.03%	15.41%	+15.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.69%	19.67%	+9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	20.61%	+10.76%

EZA vs. EMIF - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is lower than EMIF's 0.75% expense ratio.

Dividends

EZA vs. EMIF - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.32%, more than EMIF's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMIF iShares Emerging Markets Infrastructure ETF	4.87%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%
EZA iShares MSCI South Africa ETF	6.32%	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

Can I hold both EZA and EMIF in my portfolio?

EZA and EMIF 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.

Which is riskier, EZA or EMIF?

EZA has higher volatility (10.55%) compared to EMIF (4.38%). In terms of maximum drawdown, EZA dropped -64.64% vs EMIF's -48.02%.

Which ETF is better, EZA or EMIF?

On 10-year performance, EZA leads with 7.31% vs 2.36% for EMIF. On fees, EZA is cheaper at 0.59% per year. On volatility, EMIF has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or EMIF?

Over the 10-year period, EZA has performed better with a 7.31% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZA or EMIF?

EZA is cheaper with a 0.59% expense ratio, compared with 0.75% for EMIF.

Which ETF pays a higher dividend yield, EZA or EMIF?

EZA has the higher dividend yield at 6.32%, compared with 4.87% for EMIF.

What is the main difference between EZA and EMIF?

EZA tracks MSCI South Africa Index, while EMIF tracks S&P Emerging Markets Infrastructure Index. Their fees differ too: 0.59% for EZA and 0.75% for EMIF.

Which has better risk-adjusted returns?

EMIF currently has the higher Sharpe Ratio (1.38 vs 1.12), 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.