PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IBZL.L vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IBZL.L vs. EZA

Last updated Jun 13, 2026

IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - IBZL.L is a Latin America Equities fund tracking the MSCI Brazil NR USD, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, IBZL.L returned 8.53%/yr vs 8.68%/yr for EZA. At a 0.42 correlation, their price movements are largely independent. IBZL.L charges 0.74%/yr vs 0.59%/yr for EZA.

Performance

IBZL.L vs. EZA - Performance Comparison

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

Loading charts...

Different Trading Currencies

IBZL.L is traded in GBp, while EZA is traded in USD. To make them comparable, the EZA values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBZL.L achieves a 11.37% return, which is significantly higher than EZA's -2.31% return. Both investments have delivered pretty close results over the past 10 years, with IBZL.L having a 8.53% annualized return and EZA not far ahead at 8.68%.

IBZL.L

1D
4.32%
1M
-6.39%
YTD
11.37%
6M
10.30%
1Y
33.52%
3Y*
6.71%
5Y*
6.72%
10Y*
8.53%

EZA

1D
0.98%
1M
-4.68%
YTD
-2.31%
6M
2.51%
1Y
32.37%
3Y*
20.97%
5Y*
10.64%
10Y*
8.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IBZL.L vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		11.37%35.97%-27.18%23.72%28.39%-20.69%-17.23%14.49%2.68%14.31%
EZA
iShares MSCI South Africa ETF		-2.31%62.72%9.03%-3.57%6.10%8.93%-7.97%5.65%-20.81%24.26%

Correlation

The correlation between IBZL.L and EZA is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (10Y)
Calculated over the trailing 10-year period

0.38

Correlation (All Time)
Calculated using the full available price history since Jul 11, 2007

0.42

The correlation between IBZL.L and EZA shifts across timeframes, from 0.31 (5 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

IBZL.L vs. EZA - Sectors Allocation Comparison

Sectors
IBZL.L
EZA

Financial Services

33.1%
32.1%

Energy

17.9%

-

Basic Materials

15.1%
39.7%

Utilities

12.0%

-

Industrials

10.9%
1.5%

Consumer Defensive

4.6%
2.4%

Healthcare

2.1%
1.2%

Communication Services

1.8%
6.7%

Consumer Cyclical

1.3%
14.7%

Technology

1.2%

-

Real Estate

-

1.6%

Financial Services

IBZL.L
33.1%
EZA
32.1%

Energy

IBZL.L
17.9%
EZA

-

Basic Materials

IBZL.L
15.1%
EZA
39.7%

Utilities

IBZL.L
12.0%
EZA

-

Industrials

IBZL.L
10.9%
EZA
1.5%

Consumer Defensive

IBZL.L
4.6%
EZA
2.4%

Healthcare

IBZL.L
2.1%
EZA
1.2%

Communication Services

IBZL.L
1.8%
EZA
6.7%

Consumer Cyclical

IBZL.L
1.3%
EZA
14.7%

Technology

IBZL.L
1.2%
EZA

-

Real Estate

IBZL.L

-

EZA
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Brazil UCITS ETF (Dist)

iShares MSCI South Africa ETF

Often compared with IBZL.L:
IBZL.L vs. EWZIBZL.L vs. EWOIBZL.L vs. SP2D.DEIBZL.L vs. VOOIBZL.L vs. pbrIBZL.L vs. ACWIIBZL.L vs. IJPH.L
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

IBZL.L vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IBZL.L
IBZL.L Risk / Return Rank: 4646
Overall Rank
IBZL.L Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
IBZL.L Sortino Ratio Rank: 4949
Sortino Ratio Rank
IBZL.L Omega Ratio Rank: 4848
Omega Ratio Rank
IBZL.L Calmar Ratio Rank: 4040
Calmar Ratio Rank
IBZL.L Martin Ratio Rank: 4242
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
Martin Ratio Rank
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.

IBZL.L vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares MSCI South Africa ETF (EZA). 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.

IBZL.LEZADifference
Sharpe ratioReturn per unit of total volatility
1.53
1.12

+0.42

Sortino ratioReturn per unit of downside risk
2.15
1.59

+0.56

Omega ratioGain probability vs. loss probability

1.27

1.21

+0.06

Calmar ratioReturn relative to maximum drawdown

1.76

1.44

+0.31

Martin ratioReturn relative to average drawdown

5.94

3.78

+2.15

IBZL.L vs. EZA - Sharpe Ratio Comparison

The current IBZL.L Sharpe Ratio is 1.53, which is higher than the EZA Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of IBZL.L and EZA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

IBZL.L vs. EZA - Drawdown Comparison

The maximum IBZL.L drawdown since its inception was -71.99%, which is greater than EZA's maximum drawdown of -54.38%. Use the drawdown chart below to compare losses from any high point for IBZL.L and EZA.

Loading charts...

Drawdown Indicators

IBZL.LEZADifference

Max Drawdown

Largest peak-to-trough decline

-71.99%

-54.38%

-17.61%

Max Drawdown (1Y)

Largest decline over 1 year

-18.97%

-22.51%

+3.54%

Max Drawdown (3Y)

Largest decline over 3 years

-28.80%

-22.51%

-6.29%

Max Drawdown (5Y)

Largest decline over 5 years

-28.80%

-28.58%

-0.22%

Max Drawdown (10Y)

Largest decline over 10 years

-52.07%

-53.90%

+1.83%

Current Drawdown

Current decline from peak

-14.98%

-17.58%

+2.60%

Average Drawdown

Average peak-to-trough decline

-27.70%

-14.35%

-13.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.63%

8.59%

-2.96%

Volatility

IBZL.L vs. EZA - Volatility Comparison

The current volatility for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) is 6.95%, while iShares MSCI South Africa ETF (EZA) has a volatility of 10.43%. This indicates that IBZL.L experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IBZL.LEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.95%

10.43%

-3.48%

Volatility (6M)

Calculated over the trailing 6-month period

17.60%

24.70%

-7.10%

Volatility (1Y)

Calculated over the trailing 1-year period

21.76%

29.13%

-7.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.42%

25.57%

+0.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.47%

29.10%

+2.37%

IBZL.L vs. EZA - Expense Ratio Comparison

IBZL.L has a 0.74% expense ratio, which is higher than EZA's 0.59% expense ratio.

Dividends

IBZL.L vs. EZA - Dividend Comparison

IBZL.L's dividend yield for the trailing twelve months is around 3.26%, less than EZA's 6.34% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IBZL.L
iShares MSCI Brazil UCITS ETF (Dist)		3.26%4.32%6.46%5.44%13.60%6.32%1.92%2.53%2.45%1.46%1.64%3.54%

Frequently Asked Questions

IBZL.L and EZA have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EZA is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EZA is cheaper with a 0.59% expense ratio, compared with 0.74% for IBZL.L.

IBZL.L is categorized as Latin America Equities, while EZA is Emerging Markets Equities. IBZL.L tracks MSCI Brazil NR USD, while EZA tracks MSCI South Africa Index. Their fees differ too: 0.74% for IBZL.L and 0.59% for EZA.

Portfolio Optimizer

Find the right allocation for IBZL.L and EZA

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer