EZA vs. LEER.DE
EZA (iShares MSCI South Africa ETF) and LEER.DE (Amundi MSCI Eastern Europe Ex Russia UCITS ETF) are both Emerging Markets Equities funds - EZA tracks the MSCI South Africa Index while LEER.DE tracks the MSCI Emerging Markets Eastern Europe ex Russia Index. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs 12.04%/yr for LEER.DE. At a 0.46 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.50%/yr for LEER.DE.
Performance
EZA vs. LEER.DE - Performance Comparison
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Different Trading Currencies
EZA is traded in USD, while LEER.DE is traded in EUR. To make them comparable, the LEER.DE 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 LEER.DE's 18.09% return. Over the past 10 years, EZA has underperformed LEER.DE with an annualized return of 8.12%, while LEER.DE has yielded a comparatively higher 12.04% annualized 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%
LEER.DE
- 1D
- 3.06%
- 1M
- 3.72%
- YTD
- 18.09%
- 6M
- 22.55%
- 1Y
- 46.01%
- 3Y*
- 34.68%
- 5Y*
- 16.12%
- 10Y*
- 12.04%
EZA vs. LEER.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
LEER.DE Amundi MSCI Eastern Europe Ex Russia UCITS ETF | 18.09% | 73.79% | -1.82% | 46.19% | -25.52% | 10.91% | -10.44% | -0.84% | -12.68% | 49.06% |
Correlation
The correlation between EZA and LEER.DE is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008 | 0.46 |
The correlation between EZA and LEER.DE shifts across timeframes, from 0.46 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EZA vs. LEER.DE — Risk / Return Rank
EZA
LEER.DE
EZA vs. LEER.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Amundi MSCI Eastern Europe Ex Russia UCITS ETF (LEER.DE). 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 | LEER.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.34 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 3.85 | -2.54 |
| Martin ratioReturn relative to average drawdown | 3.41 | 10.97 | -7.56 |
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Drawdowns
EZA vs. LEER.DE - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum LEER.DE drawdown of -74.69%. Use the drawdown chart below to compare losses from any high point for EZA and LEER.DE.
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Drawdown Indicators
| EZA | LEER.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -74.69% | +10.05% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -11.89% | -11.42% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -17.69% | -5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -52.31% | +17.37% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -59.03% | -3.22% |
Current DrawdownCurrent decline from peak | -18.05% | -0.91% | -17.14% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -42.79% | +25.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.93% | 4.18% | +4.75% |
Volatility
EZA vs. LEER.DE - Volatility Comparison
iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.34% compared to Amundi MSCI Eastern Europe Ex Russia UCITS ETF (LEER.DE) at 7.49%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than LEER.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | LEER.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 7.49% | +3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 27.03% | 19.12% | +7.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.92% | 23.07% | +8.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.86% | 26.24% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.43% | 24.36% | +7.07% |
EZA vs. LEER.DE - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is higher than LEER.DE's 0.50% expense ratio.
Dividends
EZA vs. LEER.DE - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 6.34%, while LEER.DE 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% |
LEER.DE Amundi MSCI Eastern Europe Ex Russia UCITS ETF | 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 LEER.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LEER.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LEER.DE is cheaper with a 0.50% expense ratio, compared with 0.59% for EZA.
EZA tracks MSCI South Africa Index, while LEER.DE tracks MSCI Emerging Markets Eastern Europe ex Russia Index. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.59% for EZA and 0.50% for LEER.DE.
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