EZA vs. SCHD

Last updated Aug 4, 2026

EZA (iShares MSCI South Africa ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa 25/50 Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, EZA returned 6.10%/yr vs 12.70%/yr for SCHD. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EZA charges 0.59%/yr vs 0.06%/yr for SCHD.

Performance

EZA vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZA achieves a -4.45% return, which is significantly lower than SCHD's 24.36% return. Over the past 10 years, EZA has underperformed SCHD with an annualized return of 6.10%, while SCHD has yielded a comparatively higher 12.70% annualized return.

EZA

• 1D: 1.12%
• 1M: 0.52%
• 6M: -10.25%
• YTD: -4.45%
• 1Y: 29.77%
• 3Y*: 22.32%
• 5Y*: 10.53%
• 10Y*: 6.10%
• ALL TIME*: 9.18%

SCHD

• 1D: 0.27%
• 1M: 3.61%
• 6M: 13.71%
• YTD: 24.36%
• 1Y: 31.89%
• 3Y*: 14.88%
• 5Y*: 9.66%
• 10Y*: 12.70%
• ALL TIME*: 13.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZA iShares MSCI South Africa ETF	$14.25M	$11.53M	$14.26M
SCHD Schwab U.S. Dividend Equity ETF	$806.58M	$724.91M	$690.35M

EZA vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZA iShares MSCI South Africa ETF	-4.45%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%
SCHD Schwab U.S. Dividend Equity ETF	24.36%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between EZA and SCHD is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.51

Over the past year, the correlation between EZA and SCHD has dropped to 0.25 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

EZA vs. SCHD - Sectors Allocation Comparison

Sectors	EZA	SCHD
Financial Services	36.0%	9.9%
Basic Materials	34.7%	1.2%
Consumer Cyclical	14.6%	7.7%
Communication Services	7.3%	6.2%
Consumer Defensive	2.9%	20.6%
Real Estate	1.8%	-
Industrials	1.6%	7.8%
Healthcare	1.1%	20.8%
Energy	-	14.1%
Technology	-	12.7%
Utilities	-	0.1%

Return for Risk

EZA vs. SCHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZA

EZA Risk / Return Rank: 35
EZA Sharpe Ratio Rank: 37
EZA Sortino Ratio Rank: 36
EZA Omega Ratio Rank: 36
EZA Calmar Ratio Rank: 35
EZA Martin Ratio Rank: 29

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 97
SCHD Martin Ratio Rank: 93

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.90	-1.98
Sortino ratio: Return per unit of downside risk	1.37	4.49	-3.12
Omega ratio: Gain probability vs. loss probability	1.18	1.52	-0.35
Calmar ratio: Return relative to maximum drawdown	1.23	6.94	-5.71
Martin ratio: Return relative to average drawdown	2.56	17.53	-14.96

EZA vs. SCHD - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.92, which is lower than the SCHD Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of EZA and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EZA vs. SCHD - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for EZA and SCHD.

Drawdown Indicators

	EZA	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-33.37%	-31.27%
Max Drawdown (1Y) Largest decline over 1 year	-24.32%	-4.61%	-19.71%
Max Drawdown (3Y) Largest decline over 3 years	-24.32%	-16.13%	-8.19%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-16.85%	-18.09%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-33.37%	-28.88%
Current Drawdown Current decline from peak	-19.44%	-0.97%	-18.47%
Average Drawdown Average peak-to-trough decline	-16.94%	-3.29%	-13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.65%	1.82%	+9.83%

Volatility

EZA vs. SCHD - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 7.25% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.82%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	3.82%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	26.03%	7.99%	+18.04%
Volatility (1Y) Calculated over the trailing 1-year period	32.53%	11.06%	+21.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.87%	14.39%	+14.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.18%	16.73%	+14.45%

EZA vs. SCHD - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

EZA vs. SCHD - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 7.84%, more than SCHD's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	7.84%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%
SCHD Schwab U.S. Dividend Equity ETF	3.12%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both EZA and SCHD in my portfolio?

EZA and SCHD have a correlation of 0.25, 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 SCHD?

EZA has higher volatility (7.25%) compared to SCHD (3.82%). In terms of maximum drawdown, EZA dropped -64.64% vs SCHD's -33.37%.

Which ETF is better, EZA or SCHD?

On 10-year performance, SCHD leads with 12.70% vs 6.10% for EZA. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or SCHD?

Over the 10-year period, SCHD has performed better with a 12.70% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZA or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.59% for EZA.

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

EZA has the higher dividend yield at 7.84%, compared with 3.12% for SCHD.

What is the main difference between EZA and SCHD?

EZA is categorized as Emerging Markets Equities, while SCHD is Dividend. EZA tracks MSCI South Africa 25/50 Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.59% for EZA and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.90 vs 0.92), 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.