IZRL vs. EIS

Last updated Jun 4, 2026

IZRL (ARK Israel Innovative Technology ETF) and EIS (iShares MSCI Israel ETF) are both exchange-traded funds - IZRL is a Technology Equities fund tracking the ARK Israeli Innovation Index, while EIS is a Foreign Large Cap Equities fund tracking the MSCI Israel Capped Investable Market Index (Net). Both are passively managed. Over the past 5 years, IZRL returned 0.63%/yr vs 15.32%/yr for EIS. A 0.76 correlation means they provide meaningful diversification when combined. IZRL charges 0.49%/yr vs 0.59%/yr for EIS.

Performance

IZRL vs. EIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Israel Innovative Technology ETF (IZRL) and iShares MSCI Israel ETF (EIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IZRL achieves a 4.08% return, which is significantly lower than EIS's 18.19% return.

IZRL

• 1D: -2.54%
• 1M: 1.92%
• YTD: 4.08%
• 6M: 7.41%
• 1Y: 29.75%
• 3Y*: 20.69%
• 5Y*: 0.63%
• 10Y*: —

EIS

• 1D: -1.92%
• 1M: -2.12%
• YTD: 18.19%
• 6M: 22.47%
• 1Y: 54.91%
• 3Y*: 37.61%
• 5Y*: 15.32%
• 10Y*: 11.97%

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

IZRL vs. EIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IZRL ARK Israel Innovative Technology ETF	4.08%	36.94%	15.28%	11.39%	-38.61%	-3.55%	34.12%	21.75%	-6.17%	1.69%
EIS iShares MSCI Israel ETF	18.19%	45.11%	34.50%	5.48%	-27.05%	22.83%	12.01%	20.93%	-4.84%	4.34%

Correlation

The correlation between IZRL and EIS is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 6, 2017	0.76

The correlation between IZRL and EIS has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

IZRL vs. EIS - Sectors Allocation Comparison

Sectors	IZRL	EIS
Technology	49.8%	17.8%
Healthcare	18.8%	9.8%
Communication Services	13.9%	2.7%
Industrials	7.7%	10.9%
Consumer Cyclical	6.8%	2.5%
Consumer Defensive	1.5%	2.3%
Financial Services	1.5%	34.6%
Basic Materials	-	1.8%
Energy	-	2.0%
Real Estate	-	9.1%
Utilities	-	6.6%

Return for Risk

IZRL vs. EIS — Risk / Return Rank

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

IZRL

IZRL Risk / Return Rank: 36
IZRL Sharpe Ratio Rank: 38
IZRL Sortino Ratio Rank: 39
IZRL Omega Ratio Rank: 35
IZRL Calmar Ratio Rank: 33
IZRL Martin Ratio Rank: 32

EIS

EIS Risk / Return Rank: 76
EIS Sharpe Ratio Rank: 74
EIS Sortino Ratio Rank: 73
EIS Omega Ratio Rank: 68
EIS Calmar Ratio Rank: 83
EIS Martin Ratio Rank: 82

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.

IZRL vs. EIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Israel Innovative Technology ETF (IZRL) and iShares MSCI Israel ETF (EIS). 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.

	IZRL	EIS	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.45	-1.06
Sortino ratio Return per unit of downside risk	2.04	3.36	-1.32
Omega ratio Gain probability vs. loss probability	1.24	1.42	-0.18
Calmar ratio Return relative to maximum drawdown	1.64	4.45	-2.82
Martin ratio Return relative to average drawdown	4.81	16.54	-11.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IZRL vs. EIS - Sharpe Ratio Comparison

The current IZRL Sharpe Ratio is 1.39, which is lower than the EIS Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of IZRL and EIS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IZRL	EIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.45	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.71	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.33	-0.07

Drawdowns

IZRL vs. EIS - Drawdown Comparison

The maximum IZRL drawdown since its inception was -59.98%, which is greater than EIS's maximum drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for IZRL and EIS.

Drawdown Indicators

	IZRL	EIS	Difference
Max Drawdown Largest peak-to-trough decline	-59.98%	-51.94%	-8.04%
Max Drawdown (1Y) Largest decline over 1 year	-18.27%	-12.40%	-5.87%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-24.10%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-53.21%	-41.88%	-11.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.88%	—
Current Drawdown Current decline from peak	-15.42%	-5.56%	-9.86%
Average Drawdown Average peak-to-trough decline	-25.77%	-13.90%	-11.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.20%	3.33%	+2.87%

Volatility

IZRL vs. EIS - Volatility Comparison

The current volatility for ARK Israel Innovative Technology ETF (IZRL) is 6.12%, while iShares MSCI Israel ETF (EIS) has a volatility of 6.64%. This indicates that IZRL experiences smaller price fluctuations and is considered to be less risky than EIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IZRL	EIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	6.64%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	16.05%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	22.56%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	21.81%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.84%	21.08%	+3.76%

IZRL vs. EIS - Expense Ratio Comparison

IZRL has a 0.49% expense ratio, which is lower than EIS's 0.59% expense ratio.

Dividends

IZRL vs. EIS - Dividend Comparison

IZRL's dividend yield for the trailing twelve months is around 2.49%, more than EIS's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIS iShares MSCI Israel ETF	1.22%	1.44%	1.38%	1.39%	1.66%	1.04%	0.16%	2.06%	0.87%	2.02%	1.78%	2.55%
IZRL ARK Israel Innovative Technology ETF	2.49%	2.59%	0.45%	0.00%	0.00%	0.34%	0.00%	2.15%	3.08%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IZRL and EIS in my portfolio?

IZRL and EIS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IZRL or EIS?

EIS has higher volatility (6.64%) compared to IZRL (6.12%). In terms of maximum drawdown, IZRL dropped -59.98% vs EIS's -51.94%.

Which ETF is better, IZRL or EIS?

On 5-year performance, EIS leads with 15.32% vs 0.63% for IZRL. On fees, IZRL is cheaper at 0.49% per year. On volatility, IZRL has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IZRL or EIS?

Over the 5-year period, EIS has performed better with a 15.32% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IZRL or EIS?

IZRL is cheaper with a 0.49% expense ratio, compared with 0.59% for EIS.

Which ETF pays a higher dividend yield, IZRL or EIS?

IZRL has the higher dividend yield at 2.49%, compared with 1.22% for EIS.

What is the main difference between IZRL and EIS?

IZRL is categorized as Technology Equities, while EIS is Foreign Large Cap Equities. IZRL tracks ARK Israeli Innovation Index, while EIS tracks MSCI Israel Capped Investable Market Index (Net). They also come from different issuers: ARK and iShares. Their fees differ too: 0.49% for IZRL and 0.59% for EIS.

Which has better risk-adjusted returns?

EIS currently has the higher Sharpe Ratio (2.45 vs 1.39), 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.