EZA vs. JRZE.L
EZA (iShares MSCI South Africa ETF) and JRZE.L (JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while JRZE.L is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 3 years, EZA returned 23.45%/yr vs 17.74%/yr for JRZE.L. A 0.57 correlation means they provide meaningful diversification when combined. EZA charges 0.59%/yr vs 0.25%/yr for JRZE.L.
Performance
EZA vs. JRZE.L - Performance Comparison
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Different Trading Currencies
EZA is traded in USD, while JRZE.L is traded in GBp. To make them comparable, the JRZE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EZA achieves a -2.81% return, which is significantly lower than JRZE.L's 7.37% return.
EZA
- 1D
- 0.89%
- 1M
- -5.51%
- YTD
- -2.81%
- 6M
- 2.77%
- 1Y
- 30.30%
- 3Y*
- 23.45%
- 5Y*
- 9.50%
- 10Y*
- 8.12%
JRZE.L
- 1D
- 0.00%
- 1M
- 2.78%
- YTD
- 7.37%
- 6M
- 8.84%
- 1Y
- 18.24%
- 3Y*
- 17.74%
- 5Y*
- —
- 10Y*
- —
EZA vs. JRZE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -2.81% | 75.20% | 7.16% | 1.51% | -8.19% |
JRZE.L JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) | 7.37% | 39.74% | 1.62% | 24.04% | -13.48% |
Correlation
The correlation between EZA and JRZE.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2022 | 0.57 |
The correlation between EZA and JRZE.L has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
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Return for Risk
EZA vs. JRZE.L — Risk / Return Rank
EZA
JRZE.L
EZA vs. JRZE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) (JRZE.L). 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.
| EZA | JRZE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.47 | -0.16 |
| Martin ratioReturn relative to average drawdown | 3.41 | 5.24 | -1.83 |
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Drawdowns
EZA vs. JRZE.L - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, which is greater than JRZE.L's maximum drawdown of -33.07%. Use the drawdown chart below to compare losses from any high point for EZA and JRZE.L.
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Drawdown Indicators
| EZA | JRZE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -33.07% | -31.57% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -12.45% | -10.86% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -14.52% | -8.79% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | — | — |
Current DrawdownCurrent decline from peak | -18.05% | -1.02% | -17.03% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -6.59% | -10.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.93% | 3.50% | +5.43% |
Volatility
EZA vs. JRZE.L - Volatility Comparison
iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.34% compared to JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) (JRZE.L) at 4.07%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than JRZE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | JRZE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 4.07% | +7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 27.03% | 13.54% | +13.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.92% | 16.61% | +15.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.86% | 20.53% | +8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.43% | 20.53% | +10.90% |
EZA vs. JRZE.L - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is higher than JRZE.L's 0.25% expense ratio.
Dividends
EZA vs. JRZE.L - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 6.34%, while JRZE.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
JRZE.L JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EZA and JRZE.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JRZE.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JRZE.L is cheaper with a 0.25% expense ratio, compared with 0.59% for EZA.
EZA is categorized as Emerging Markets Equities, while JRZE.L is Europe Equities. EZA tracks MSCI South Africa Index, while JRZE.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.59% for EZA and 0.25% for JRZE.L.
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