EZA vs. SPGP.L

Last updated Jun 13, 2026

EZA (iShares MSCI South Africa ETF) and SPGP.L (iShares Gold Producers UCITS ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs 13.21%/yr for SPGP.L. At a 0.33 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.55%/yr for SPGP.L.

Performance

EZA vs. SPGP.L - Performance Comparison

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

Different Trading Currencies

EZA is traded in USD, while SPGP.L is traded in GBp. To make them comparable, the SPGP.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 higher than SPGP.L's -6.22% return. Over the past 10 years, EZA has underperformed SPGP.L with an annualized return of 8.12%, while SPGP.L has yielded a comparatively higher 13.21% 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%

SPGP.L

• 1D: 5.32%
• 1M: -16.84%
• YTD: -6.22%
• 6M: -4.67%
• 1Y: 49.79%
• 3Y*: 39.15%
• 5Y*: 17.23%
• 10Y*: 13.21%

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

EZA vs. SPGP.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%
SPGP.L iShares Gold Producers UCITS ETF	-6.22%	155.33%	10.93%	9.19%	-11.09%	-9.98%	23.09%	46.66%	-9.78%	6.45%

Correlation

The correlation between EZA and SPGP.L is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011	0.33

Over the past year, EZA and SPGP.L have become more correlated (0.68) than their long-term average of 0.33, meaning their price movements have been converging.

EZA vs. SPGP.L - Sectors Allocation Comparison

Sectors	EZA	SPGP.L
Basic Materials	39.7%	99.8%
Financial Services	32.1%	-
Consumer Cyclical	14.7%	-
Communication Services	6.7%	-
Consumer Defensive	2.4%	-
Real Estate	1.6%	-
Industrials	1.5%	0.2%
Healthcare	1.2%	-
Energy	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EZA vs. SPGP.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

SPGP.L

SPGP.L Risk / Return Rank: 37
SPGP.L Sharpe Ratio Rank: 41
SPGP.L Sortino Ratio Rank: 37
SPGP.L Omega Ratio Rank: 38
SPGP.L Calmar Ratio Rank: 35
SPGP.L Martin Ratio Rank: 33

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. SPGP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares Gold Producers UCITS ETF (SPGP.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	SPGP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.15	-0.20
Sortino ratio: Return per unit of downside risk	1.41	1.64	-0.23
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	1.31	1.45	-0.14
Martin ratio: Return relative to average drawdown	3.41	4.06	-0.66

EZA vs. SPGP.L - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.95, which is comparable to the SPGP.L Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of EZA and SPGP.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. SPGP.L - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, smaller than the maximum SPGP.L drawdown of -86.87%. Use the drawdown chart below to compare losses from any high point for EZA and SPGP.L.

Drawdown Indicators

	EZA	SPGP.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-86.87%	+22.23%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-34.25%	+10.94%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-34.25%	+10.94%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-45.86%	+10.92%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-51.86%	-10.39%
Current Drawdown Current decline from peak	-18.05%	-29.91%	+11.86%
Average Drawdown Average peak-to-trough decline	-16.92%	-65.06%	+48.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.93%	12.20%	-3.27%

Volatility

EZA vs. SPGP.L - Volatility Comparison

The current volatility for iShares MSCI South Africa ETF (EZA) is 11.34%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 14.07%. This indicates that EZA experiences smaller price fluctuations and is considered to be less risky than SPGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZA	SPGP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	14.07%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	27.03%	34.90%	-7.87%
Volatility (1Y) Calculated over the trailing 1-year period	31.92%	43.12%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.86%	37.56%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.43%	35.62%	-4.19%

EZA vs. SPGP.L - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is higher than SPGP.L's 0.55% expense ratio.

Dividends

EZA vs. SPGP.L - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.34%, while SPGP.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%
SPGP.L iShares Gold Producers 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 SPGP.L in my portfolio?

EZA and SPGP.L have a correlation of 0.68, 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 SPGP.L?

On fees, SPGP.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZA or SPGP.L?

SPGP.L is cheaper with a 0.55% expense ratio, compared with 0.59% for EZA.

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

EZA is categorized as Emerging Markets Equities, while SPGP.L is Precious Metals. EZA tracks MSCI South Africa Index, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. Their fees differ too: 0.59% for EZA and 0.55% for SPGP.L.