EZA vs. SJPA.L

Last updated Jun 13, 2026

EZA (iShares MSCI South Africa ETF) and SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while SJPA.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs 9.69%/yr for SJPA.L. At a 0.43 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.15%/yr for SJPA.L.

Performance

EZA vs. SJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EZA is traded in USD, while SJPA.L is traded in GBp. To make them comparable, the SJPA.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 SJPA.L's 14.94% return. Over the past 10 years, EZA has underperformed SJPA.L with an annualized return of 8.12%, while SJPA.L has yielded a comparatively higher 9.69% 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%

SJPA.L

• 1D: 2.10%
• 1M: -0.43%
• YTD: 14.94%
• 6M: 14.92%
• 1Y: 30.59%
• 3Y*: 16.88%
• 5Y*: 8.71%
• 10Y*: 9.69%

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

EZA vs. SJPA.L - 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%
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	14.94%	27.11%	6.55%	18.71%	-16.24%	0.70%	14.43%	19.28%	-14.29%	25.61%

Correlation

The correlation between EZA and SJPA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 25, 2009	0.43

EZA vs. SJPA.L - Sectors Allocation Comparison

Sectors	EZA	SJPA.L
Basic Materials	39.7%	4.6%
Financial Services	32.1%	15.9%
Consumer Cyclical	14.7%	12.5%
Communication Services	6.7%	7.6%
Consumer Defensive	2.4%	4.1%
Real Estate	1.6%	3.1%
Industrials	1.5%	25.6%
Healthcare	1.2%	5.5%
Energy	-	0.9%
Technology	-	19.1%
Utilities	-	1.2%

Return for Risk

EZA vs. SJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZA

EZA Risk / Return Rank: 29
EZA Sharpe Ratio Rank: 30
EZA Sortino Ratio Rank: 28
EZA Omega Ratio Rank: 30
EZA Calmar Ratio Rank: 31
EZA Martin Ratio Rank: 28

SJPA.L

SJPA.L Risk / Return Rank: 65
SJPA.L Sharpe Ratio Rank: 63
SJPA.L Sortino Ratio Rank: 65
SJPA.L Omega Ratio Rank: 67
SJPA.L Calmar Ratio Rank: 69
SJPA.L 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. SJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.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	SJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.55	-0.59
Sortino ratio: Return per unit of downside risk	1.41	2.31	-0.90
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	1.31	2.43	-1.12
Martin ratio: Return relative to average drawdown	3.41	8.21	-4.80

EZA vs. SJPA.L - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.95, which is lower than the SJPA.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EZA and SJPA.L, 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. SJPA.L - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than SJPA.L's maximum drawdown of -46.71%. Use the drawdown chart below to compare losses from any high point for EZA and SJPA.L.

Drawdown Indicators

	EZA	SJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-46.71%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-12.53%	-10.78%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-18.60%	-4.71%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-32.52%	-2.42%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-32.52%	-29.73%
Current Drawdown Current decline from peak	-18.05%	-0.98%	-17.07%
Average Drawdown Average peak-to-trough decline	-16.92%	-19.02%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.93%	3.72%	+5.21%

Volatility

EZA vs. SJPA.L - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.34% compared to iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) at 4.70%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than SJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	SJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	4.70%	+6.64%
Volatility (6M) Calculated over the trailing 6-month period	27.03%	16.09%	+10.94%
Volatility (1Y) Calculated over the trailing 1-year period	31.92%	19.70%	+12.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.86%	22.28%	+6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.43%	19.36%	+12.07%

EZA vs. SJPA.L - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is higher than SJPA.L's 0.15% expense ratio.

Dividends

EZA vs. SJPA.L - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.34%, while SJPA.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%
SJPA.L iShares Core MSCI Japan IMI 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

Can I hold both EZA and SJPA.L in my portfolio?

EZA and SJPA.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EZA or SJPA.L?

On fees, SJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZA or SJPA.L?

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.59% for EZA.

What is the main difference between EZA and SJPA.L?

EZA is categorized as Emerging Markets Equities, while SJPA.L is Japan Equities. EZA tracks MSCI South Africa Index, while SJPA.L tracks TOPIX TR JPY. Their fees differ too: 0.59% for EZA and 0.15% for SJPA.L.