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EZA vs. EWA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZA vs. EWA

Last updated Jun 13, 2026

EZA (iShares MSCI South Africa ETF) and EWA (iShares MSCI-Australia ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs 8.75%/yr for EWA. A 0.66 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 0.50%/yr for EWA.

Performance

EZA vs. EWA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares MSCI-Australia ETF (EWA). 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 lower than EWA's 11.57% return. Over the past 10 years, EZA has underperformed EWA with an annualized return of 8.12%, while EWA has yielded a comparatively higher 8.75% 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%

EWA

1D
0.90%
1M
-0.20%
YTD
11.57%
6M
12.06%
1Y
14.64%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZA vs. EWA - 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%
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%

Correlation

The correlation between EZA and EWA is 0.65, 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

0.65

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

0.65

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

0.65

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

0.66

The correlation between EZA and EWA has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

EZA vs. EWA - Sectors Allocation Comparison

Sectors
EZA
EWA

Basic Materials

39.7%
23.0%

Financial Services

32.1%
43.6%

Consumer Cyclical

14.7%
6.1%

Communication Services

6.7%
2.0%

Consumer Defensive

2.4%
3.6%

Real Estate

1.6%
5.0%

Industrials

1.5%
4.5%

Healthcare

1.2%
4.9%

Energy

-

4.5%

Technology

-

1.1%

Utilities

-

1.7%

Basic Materials

EZA
39.7%
EWA
23.0%

Financial Services

EZA
32.1%
EWA
43.6%

Consumer Cyclical

EZA
14.7%
EWA
6.1%

Communication Services

EZA
6.7%
EWA
2.0%

Consumer Defensive

EZA
2.4%
EWA
3.6%

Real Estate

EZA
1.6%
EWA
5.0%

Industrials

EZA
1.5%
EWA
4.5%

Healthcare

EZA
1.2%
EWA
4.9%

Energy

EZA

-

EWA
4.5%

Technology

EZA

-

EWA
1.1%

Utilities

EZA

-

EWA
1.7%

Compare stocks, funds, or ETFs

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iShares MSCI South Africa ETF

iShares MSCI-Australia ETF

Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA
Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY

Return for Risk

EZA vs. EWA — 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
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
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. EWA - Risk-Adjusted Trends Comparison

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

EZAEWADifference
Sharpe ratioReturn per unit of total volatility
0.95
0.77

+0.19

Sortino ratioReturn per unit of downside risk
1.41
1.15

+0.25

Omega ratioGain probability vs. loss probability

1.18

1.14

+0.04

Calmar ratioReturn relative to maximum drawdown

1.31

1.33

-0.02

Martin ratioReturn relative to average drawdown

3.41

3.68

-0.27

EZA vs. EWA - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.95, which is comparable to the EWA Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of EZA and EWA, 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. EWA - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, roughly equal to the maximum EWA drawdown of -66.98%. Use the drawdown chart below to compare losses from any high point for EZA and EWA.

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Drawdown Indicators

EZAEWADifference

Max Drawdown

Largest peak-to-trough decline

-64.64%

-66.98%

+2.34%

Max Drawdown (1Y)

Largest decline over 1 year

-23.31%

-10.01%

-13.30%

Max Drawdown (3Y)

Largest decline over 3 years

-23.31%

-21.91%

-1.40%

Max Drawdown (5Y)

Largest decline over 5 years

-34.94%

-24.87%

-10.07%

Max Drawdown (10Y)

Largest decline over 10 years

-62.25%

-45.54%

-16.71%

Current Drawdown

Current decline from peak

-18.05%

-3.44%

-14.61%

Average Drawdown

Average peak-to-trough decline

-16.92%

-11.32%

-5.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.93%

3.62%

+5.31%

Volatility

EZA vs. EWA - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.34% compared to iShares MSCI-Australia ETF (EWA) at 5.80%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZAEWADifference

Volatility (1M)

Calculated over the trailing 1-month period

11.34%

5.80%

+5.54%

Volatility (6M)

Calculated over the trailing 6-month period

27.03%

14.62%

+12.41%

Volatility (1Y)

Calculated over the trailing 1-year period

31.92%

17.40%

+14.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.86%

19.80%

+9.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.43%

22.62%

+8.81%

EZA vs. EWA - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is higher than EWA's 0.50% expense ratio.

Dividends

EZA vs. EWA - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.34%, more than EWA's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
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 EWA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (11.34%) compared to EWA (5.80%). In terms of maximum drawdown, EZA dropped -64.64% vs EWA's -66.98%.

On 10-year performance, EWA leads with 8.75% vs 8.12% for EZA. On fees, EWA is cheaper at 0.50% per year. On volatility, EWA has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWA has performed better with a 8.75% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWA is cheaper with a 0.50% expense ratio, compared with 0.59% for EZA.

EZA has the higher dividend yield at 6.34%, compared with 2.88% for EWA.

EZA is categorized as Emerging Markets Equities, while EWA is Asia Pacific Equities. EZA tracks MSCI South Africa Index, while EWA tracks MSCI Australia Index. Their fees differ too: 0.59% for EZA and 0.50% for EWA.

EZA currently has the higher Sharpe Ratio (0.95 vs 0.77), 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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