EZA vs. VTIP
EZA (iShares MSCI South Africa ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, EZA returned 7.44%/yr vs 3.03%/yr for VTIP. At a 0.17 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.03%/yr for VTIP.
Performance
EZA vs. VTIP - Performance Comparison
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Returns By Period
In the year-to-date period, EZA achieves a -7.64% return, which is significantly lower than VTIP's 1.38% return. Over the past 10 years, EZA has outperformed VTIP with an annualized return of 7.44%, while VTIP has yielded a comparatively lower 3.03% annualized return.
EZA
- 1D
- -2.74%
- 1M
- -5.60%
- YTD
- -7.64%
- 6M
- -9.12%
- 1Y
- 25.36%
- 3Y*
- 23.33%
- 5Y*
- 9.54%
- 10Y*
- 7.44%
VTIP
- 1D
- 0.02%
- 1M
- -0.20%
- YTD
- 1.38%
- 6M
- 1.47%
- 1Y
- 3.60%
- 3Y*
- 5.01%
- 5Y*
- 3.27%
- 10Y*
- 3.03%
EZA vs. VTIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | -7.64% | 75.20% | 7.16% | 1.51% | -5.18% | 7.91% | -5.19% | 9.83% | -25.24% | 36.03% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.38% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
Correlation
The correlation between EZA and VTIP is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2012 | 0.17 |
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Return for Risk
EZA vs. VTIP — Risk / Return Rank
EZA
VTIP
EZA vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.47 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 5.06 | -3.97 |
| Martin ratioReturn relative to average drawdown | 2.71 | 17.61 | -14.90 |
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Drawdowns
EZA vs. VTIP - Drawdown Comparison
The maximum EZA drawdown since its inception was -64.64%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for EZA and VTIP.
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Drawdown Indicators
| EZA | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.64% | -6.27% | -58.37% |
Max Drawdown (1Y)Largest decline over 1 year | -23.31% | -0.71% | -22.60% |
Max Drawdown (3Y)Largest decline over 3 years | -23.31% | -0.98% | -22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -34.94% | -5.50% | -29.44% |
Max Drawdown (10Y)Largest decline over 10 years | -62.25% | -6.27% | -55.98% |
Current DrawdownCurrent decline from peak | -22.13% | -0.67% | -21.46% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -1.04% | -15.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.39% | 0.20% | +9.19% |
Volatility
EZA vs. VTIP - Volatility Comparison
iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.36% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.64%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EZA | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.36% | 0.64% | +10.72% |
Volatility (6M)Calculated over the trailing 6-month period | 27.46% | 1.17% | +26.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.18% | 1.57% | +30.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.92% | 2.77% | +26.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.28% | 2.74% | +28.54% |
EZA vs. VTIP - Expense Ratio Comparison
EZA has a 0.59% expense ratio, which is higher than VTIP's 0.03% expense ratio.
Dividends
EZA vs. VTIP - Dividend Comparison
EZA's dividend yield for the trailing twelve months is around 8.11%, more than VTIP's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EZA iShares MSCI South Africa ETF | 8.11% | 6.16% | 7.26% | 2.84% | 3.90% | 2.05% | 5.51% | 12.27% | 3.81% | 1.55% | 4.10% | 3.03% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.61% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% | 0.00% |
Frequently Asked Questions
EZA and VTIP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EZA has higher volatility (11.36%) compared to VTIP (0.64%). In terms of maximum drawdown, EZA dropped -64.64% vs VTIP's -6.27%.
On 10-year performance, EZA leads with 7.44% vs 3.03% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EZA has performed better with a 7.44% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.59% for EZA.
EZA has the higher dividend yield at 8.11%, compared with 3.61% for VTIP.
EZA is categorized as Emerging Markets Equities, while VTIP is Inflation-Protected Bonds. EZA tracks MSCI South Africa Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for EZA and 0.03% for VTIP.
VTIP currently has the higher Sharpe Ratio (2.30 vs 0.79), 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.
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