EZA vs. EPU

Last updated Jun 4, 2026

EZA (iShares MSCI South Africa ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, EZA returned 7.31%/yr vs 14.20%/yr for EPU. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EZA vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares MSCI Peru ETF (EPU). 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 EPU's 16.05% return. Over the past 10 years, EZA has underperformed EPU with an annualized return of 7.31%, while EPU has yielded a comparatively higher 14.20% 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%

EPU

• 1D: -2.58%
• 1M: 7.83%
• YTD: 16.05%
• 6M: 27.68%
• 1Y: 79.15%
• 3Y*: 45.81%
• 5Y*: 24.36%
• 10Y*: 14.20%

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

EZA vs. EPU - 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%
EPU iShares MSCI Peru ETF	16.05%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between EZA and EPU is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.59

The correlation between EZA and EPU shifts across timeframes, from 0.59 (10 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.

EZA vs. EPU - Sectors Allocation Comparison

Sectors	EZA	EPU
Basic Materials	39.7%	52.7%
Financial Services	32.1%	28.8%
Consumer Cyclical	14.7%	4.1%
Communication Services	6.7%	1.6%
Consumer Defensive	2.4%	3.0%
Real Estate	1.6%	3.2%
Industrials	1.5%	2.8%
Healthcare	1.2%	1.2%
Energy	-	-
Technology	-	-
Utilities	-	2.8%

Return for Risk

EZA vs. EPU — 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

EPU

EPU Risk / Return Rank: 71
EPU Sharpe Ratio Rank: 82
EPU Sortino Ratio Rank: 67
EPU Omega Ratio Rank: 70
EPU Calmar Ratio Rank: 75
EPU Martin Ratio Rank: 63

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. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares MSCI Peru ETF (EPU). 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	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.71	-1.59
Sortino ratio: Return per unit of downside risk	1.59	3.13	-1.54
Omega ratio: Gain probability vs. loss probability	1.21	1.43	-0.22
Calmar ratio: Return relative to maximum drawdown	1.49	3.82	-2.32
Martin ratio: Return relative to average drawdown	4.19	11.49	-7.30
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. EPU - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 1.12, which is lower than the EPU Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of EZA and EPU, 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	EPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.71	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.98	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.61	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.45	-0.17

Drawdowns

EZA vs. EPU - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for EZA and EPU.

Drawdown Indicators

	EZA	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-60.62%	-4.02%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-20.85%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-20.85%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-35.59%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-50.97%	-11.28%
Current Drawdown Current decline from peak	-17.84%	-10.53%	-7.31%
Average Drawdown Average peak-to-trough decline	-16.92%	-18.83%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.30%	6.91%	+1.39%

Volatility

EZA vs. EPU - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 10.55% compared to iShares MSCI Peru ETF (EPU) at 9.48%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.55%	9.48%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	25.04%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	31.03%	29.32%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.69%	25.12%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	23.43%	+7.94%

EZA vs. EPU - Expense Ratio Comparison

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

Dividends

EZA vs. EPU - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.32%, more than EPU's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.41%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
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 EPU in my portfolio?

EZA and EPU have a correlation of 0.70, 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 EPU?

EZA has higher volatility (10.55%) compared to EPU (9.48%). In terms of maximum drawdown, EZA dropped -64.64% vs EPU's -60.62%.

Which ETF is better, EZA or EPU?

On 10-year performance, EPU leads with 14.20% vs 7.31% for EZA. Both ETFs have the same 0.59% expense ratio. On volatility, EPU has been the lower-risk option at 9.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or EPU?

Over the 10-year period, EPU has performed better with a 14.20% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZA or EPU?

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

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

EZA has the higher dividend yield at 6.32%, compared with 1.41% for EPU.

What is the main difference between EZA and EPU?

EZA is categorized as Emerging Markets Equities, while EPU is Mid Cap Blend Equities. EZA tracks MSCI South Africa Index, while EPU tracks MSCI All Peru Capped Index.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.71 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.