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EZA vs. INDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZA vs. INDA

Last updated Aug 2, 2026
Documentation

EZA (iShares MSCI South Africa ETF) and INDA (iShares MSCI India ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while INDA is a India Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, EZA returned 6.23%/yr vs 6.56%/yr for INDA. Their 0.54 correlation means they have sometimes moved together and sometimes differently. EZA charges 0.59%/yr vs 0.69%/yr for INDA.

Performance

EZA vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares MSCI India ETF (INDA). 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 -5.50% return, which is significantly higher than INDA's -7.86% return. Over the past 10 years, EZA has underperformed INDA with an annualized return of 6.23%, while INDA has yielded a comparatively higher 6.56% annualized return.

EZA

1D
-0.76%
1M
-0.59%
6M
-11.18%
YTD
-5.50%
1Y
28.34%
3Y*
20.28%
5Y*
10.58%
10Y*
6.23%
ALL TIME*
9.13%

INDA

1D
0.20%
1M
0.48%
6M
-3.75%
YTD
-7.86%
1Y
-5.54%
3Y*
4.09%
5Y*
3.65%
10Y*
6.56%
ALL TIME*
5.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EZA

iShares MSCI South Africa ETF
$13.83M$11.34M$14.61M

INDA

iShares MSCI India ETF
$354.20M$298.51M$312.64M

EZA vs. INDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZA
iShares MSCI South Africa ETF		-5.50%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%
INDA
iShares MSCI India ETF		-7.86%2.68%8.63%17.16%-8.94%21.36%14.83%6.49%-6.67%36.08%

Correlation

The correlation between EZA and INDA is 0.44, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.44

Correlation (3Y)
Balances recent behavior with more history.

0.43

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.45

Correlation (10Y)
Provides a long-term view across more market conditions.

0.52

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2012

0.54

The correlation between EZA and INDA shifts across timeframes, from 0.43 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

EZA vs. INDA - Sectors Allocation Comparison

Sectors
EZA
INDA

Financial Services

36.0%
30.3%

Basic Materials

34.7%
8.5%

Consumer Cyclical

14.6%
12.3%

Communication Services

7.3%
5.0%

Consumer Defensive

2.9%
5.6%

Real Estate

1.8%
1.4%

Industrials

1.6%
10.5%

Healthcare

1.1%
6.4%

Energy

-

8.8%

Technology

-

7.1%

Utilities

-

4.2%

Financial Services

EZA
36.0%
INDA
30.3%

Basic Materials

EZA
34.7%
INDA
8.5%

Consumer Cyclical

EZA
14.6%
INDA
12.3%

Communication Services

EZA
7.3%
INDA
5.0%

Consumer Defensive

EZA
2.9%
INDA
5.6%

Real Estate

EZA
1.8%
INDA
1.4%

Industrials

EZA
1.6%
INDA
10.5%

Healthcare

EZA
1.1%
INDA
6.4%

Energy

EZA

-

INDA
8.8%

Technology

EZA

-

INDA
7.1%

Utilities

EZA

-

INDA
4.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI South Africa ETF

iShares MSCI India ETF

Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. VTIEZA vs. SCHDEZA vs. PAF.LEZA vs. EWZ
Often compared with INDA:
INDA vs. FLININDA vs. INDYINDA vs. EPIINDA vs. SMININDA vs. VOOINDA vs. MCHIINDA vs. VNM

Return for Risk

EZA vs. INDA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EZA
EZA Risk / Return Rank: 3535
Overall Rank
EZA Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 3636
Sortino Ratio Rank
EZA Omega Ratio Rank: 3636
Omega Ratio Rank
EZA Calmar Ratio Rank: 3535
Calmar Ratio Rank
EZA Martin Ratio Rank: 2929
Martin Ratio Rank
INDA
INDA Risk / Return Rank: 66
Overall Rank
INDA Sharpe Ratio Rank: 66
Sharpe Ratio Rank
INDA Sortino Ratio Rank: 66
Sortino Ratio Rank
INDA Omega Ratio Rank: 66
Omega Ratio Rank
INDA Calmar Ratio Rank: 77
Calmar Ratio Rank
INDA Martin Ratio Rank: 66
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EZA vs. INDA - Risk-Adjusted Trends Comparison

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

EZAINDADifference
Sharpe ratioReturn per unit of total volatility
0.91
-0.36

+1.26

Sortino ratioReturn per unit of downside risk
1.35
-0.42

+1.77

Omega ratioGain probability vs. loss probability

1.17

0.95

+0.22

Calmar ratioReturn relative to maximum drawdown

1.21

-0.30

+1.51

Martin ratioReturn relative to average drawdown

2.53

-0.66

+3.19

EZA vs. INDA - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.91, which is higher than the INDA Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of EZA and INDA, 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. INDA - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for EZA and INDA.

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Drawdown Indicators

EZAINDADifference

Max Drawdown

Largest peak-to-trough decline

-64.64%

-45.07%

-19.57%

Max Drawdown (1Y)

Largest decline over 1 year

-24.32%

-17.85%

-6.47%

Max Drawdown (3Y)

Largest decline over 3 years

-24.32%

-22.72%

-1.60%

Max Drawdown (5Y)

Largest decline over 5 years

-34.94%

-22.72%

-12.22%

Max Drawdown (10Y)

Largest decline over 10 years

-62.25%

-45.07%

-17.18%

Current Drawdown

Current decline from peak

-20.33%

-15.27%

-5.06%

Average Drawdown

Average peak-to-trough decline

-16.94%

-9.65%

-7.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.59%

8.16%

+3.43%

Volatility

EZA vs. INDA - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 7.44% compared to iShares MSCI India ETF (INDA) at 4.11%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZAINDADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.44%

4.11%

+3.33%

Volatility (6M)

Calculated over the trailing 6-month period

27.29%

13.19%

+14.10%

Volatility (1Y)

Calculated over the trailing 1-year period

32.51%

15.11%

+17.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.87%

15.50%

+13.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.18%

21.07%

+10.11%

EZA vs. INDA - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is lower than INDA's 0.69% expense ratio.

Dividends

EZA vs. INDA - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 7.93%, while INDA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EZA
iShares MSCI South Africa ETF		7.93%6.16%7.26%2.84%3.90%2.05%5.51%12.27%3.81%1.55%4.10%3.03%
INDA
iShares MSCI India ETF		0.00%0.00%0.76%0.16%0.00%6.44%0.27%0.99%0.94%1.09%0.90%1.19%

Frequently Asked Questions

EZA and INDA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (7.44%) compared to INDA (4.11%). In terms of maximum drawdown, EZA dropped -64.64% vs INDA's -45.07%.

On 10-year performance, INDA leads with 6.56% vs 6.23% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, INDA has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDA has performed better with a 6.56% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZA is cheaper with a 0.59% expense ratio, compared with 0.69% for INDA.

EZA has the higher dividend yield at 7.93%, compared with 0.00% for INDA.

EZA is categorized as Emerging Markets Equities, while INDA is India Equities. EZA tracks MSCI South Africa Index, while INDA tracks MSCI India Index. Their fees differ too: 0.59% for EZA and 0.69% for INDA.

EZA currently has the higher Sharpe Ratio (0.91 vs -0.36), 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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