EZA vs. EWX

Last updated Jun 4, 2026

EZA (iShares MSCI South Africa ETF) and EWX (SPDR S&P Emerging Markets Small Cap ETF) are both Emerging Markets Equities funds - EZA tracks the MSCI South Africa Index while EWX tracks the S&P Emerging Markets Under USD2 Billion Index. Both are passively managed. Over the past 10 years, EZA returned 7.31%/yr vs 9.72%/yr for EWX. A 0.74 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 0.65%/yr for EWX.

Performance

EZA vs. EWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and SPDR S&P Emerging Markets Small Cap ETF (EWX). 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 EWX's 13.80% return. Over the past 10 years, EZA has underperformed EWX with an annualized return of 7.31%, while EWX has yielded a comparatively higher 9.72% 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%

EWX

• 1D: -1.28%
• 1M: 2.47%
• YTD: 13.80%
• 6M: 15.79%
• 1Y: 28.55%
• 3Y*: 16.03%
• 5Y*: 7.10%
• 10Y*: 9.72%

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

EZA vs. EWX - 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%
EWX SPDR S&P Emerging Markets Small Cap ETF	13.80%	15.46%	6.81%	18.13%	-15.00%	18.15%	14.84%	15.59%	-18.75%	34.12%

Correlation

The correlation between EZA and EWX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 19, 2008	0.74

The correlation between EZA and EWX shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

EZA vs. EWX - Sectors Allocation Comparison

Sectors	EZA	EWX
Basic Materials	39.7%	6.0%
Financial Services	32.1%	4.7%
Consumer Cyclical	14.7%	5.5%
Communication Services	6.7%	0.9%
Consumer Defensive	2.4%	2.4%
Real Estate	1.6%	2.3%
Industrials	1.5%	9.8%
Healthcare	1.2%	3.6%
Energy	-	2.0%
Technology	-	16.0%
Utilities	-	1.2%

Return for Risk

EZA vs. EWX — 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

EWX

EWX Risk / Return Rank: 60
EWX Sharpe Ratio Rank: 56
EWX Sortino Ratio Rank: 55
EWX Omega Ratio Rank: 57
EWX Calmar Ratio Rank: 72
EWX 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. EWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and SPDR S&P Emerging Markets Small Cap ETF (EWX). 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	EWX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.93	-0.81
Sortino ratio: Return per unit of downside risk	1.59	2.65	-1.06
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.49	3.59	-2.10
Martin ratio: Return relative to average drawdown	4.19	11.37	-7.18
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. EWX - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 1.12, which is lower than the EWX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EZA and EWX, 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	EWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.93	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.47	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.57	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.22	+0.07

Drawdowns

EZA vs. EWX - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, roughly equal to the maximum EWX drawdown of -63.90%. Use the drawdown chart below to compare losses from any high point for EZA and EWX.

Drawdown Indicators

	EZA	EWX	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-63.90%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-7.98%	-15.33%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-21.37%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-24.67%	-10.27%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-43.00%	-19.25%
Current Drawdown Current decline from peak	-17.84%	-1.49%	-16.35%
Average Drawdown Average peak-to-trough decline	-16.92%	-13.17%	-3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.30%	2.52%	+5.78%

Volatility

EZA vs. EWX - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 10.55% compared to SPDR S&P Emerging Markets Small Cap ETF (EWX) at 5.28%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	EWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.55%	5.28%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	26.15%	12.23%	+13.92%
Volatility (1Y) Calculated over the trailing 1-year period	31.03%	14.85%	+16.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.69%	15.20%	+13.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	17.15%	+14.22%

EZA vs. EWX - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is lower than EWX's 0.65% expense ratio.

Dividends

EZA vs. EWX - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.32%, more than EWX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWX SPDR S&P Emerging Markets Small Cap ETF	2.55%	2.91%	2.90%	2.32%	3.00%	2.77%	2.24%	2.73%	3.26%	2.30%	2.46%	3.04%
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 EWX in my portfolio?

EZA and EWX have a correlation of 0.63, 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 EWX?

EZA has higher volatility (10.55%) compared to EWX (5.28%). In terms of maximum drawdown, EZA dropped -64.64% vs EWX's -63.90%.

Which ETF is better, EZA or EWX?

On 10-year performance, EWX leads with 9.72% vs 7.31% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, EWX has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or EWX?

Over the 10-year period, EWX has performed better with a 9.72% 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 EWX?

EZA is cheaper with a 0.59% expense ratio, compared with 0.65% for EWX.

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

EZA has the higher dividend yield at 6.32%, compared with 2.55% for EWX.

What is the main difference between EZA and EWX?

EZA tracks MSCI South Africa Index, while EWX tracks S&P Emerging Markets Under USD2 Billion Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EZA and 0.65% for EWX.

Which has better risk-adjusted returns?

EWX currently has the higher Sharpe Ratio (1.93 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.