SPGP.L vs. EZA

Last updated Jun 13, 2026

SPGP.L (iShares Gold Producers UCITS ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, SPGP.L returned 13.80%/yr vs 8.68%/yr for EZA. At a 0.26 correlation, their price movements are largely independent. SPGP.L charges 0.55%/yr vs 0.59%/yr for EZA.

Performance

SPGP.L vs. EZA - Performance Comparison

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

Different Trading Currencies

SPGP.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, SPGP.L achieves a -5.80% return, which is significantly lower than EZA's -2.31% return. Over the past 10 years, SPGP.L has outperformed EZA with an annualized return of 13.80%, while EZA has yielded a comparatively lower 8.68% annualized return.

SPGP.L

• 1D: 5.49%
• 1M: -16.05%
• YTD: -5.80%
• 6M: -4.88%
• 1Y: 52.23%
• 3Y*: 36.39%
• 5Y*: 18.46%
• 10Y*: 13.80%

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)

SPGP.L vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP.L iShares Gold Producers UCITS ETF	-5.80%	137.41%	12.81%	3.72%	-0.45%	-9.15%	19.43%	41.00%	-4.37%	-2.80%
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 SPGP.L and EZA is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011	0.26

Over the past year, SPGP.L and EZA have become more correlated (0.64) than their long-term average of 0.26, meaning their price movements have been converging.

SPGP.L vs. EZA - Sectors Allocation Comparison

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

Return for Risk

SPGP.L vs. EZA — Risk / Return Rank

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

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

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.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.

	SPGP.L	EZA	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.12	+0.14
Sortino ratio: Return per unit of downside risk	1.73	1.59	+0.14
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	1.54	1.44	+0.10
Martin ratio: Return relative to average drawdown	4.40	3.78	+0.62

SPGP.L vs. EZA - Sharpe Ratio Comparison

The current SPGP.L Sharpe Ratio is 1.26, which is comparable to the EZA Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SPGP.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.

Drawdowns

SPGP.L vs. EZA - Drawdown Comparison

The maximum SPGP.L drawdown since its inception was -86.56%, which is greater than EZA's maximum drawdown of -54.38%. Use the drawdown chart below to compare losses from any high point for SPGP.L and EZA.

Drawdown Indicators

	SPGP.L	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-86.56%	-54.38%	-32.18%
Max Drawdown (1Y) Largest decline over 1 year	-33.69%	-22.51%	-11.18%
Max Drawdown (3Y) Largest decline over 3 years	-33.69%	-22.51%	-11.18%
Max Drawdown (5Y) Largest decline over 5 years	-34.81%	-28.58%	-6.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.71%	-53.90%	+10.19%
Current Drawdown Current decline from peak	-29.46%	-17.58%	-11.88%
Average Drawdown Average peak-to-trough decline	-60.25%	-14.35%	-45.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.81%	8.59%	+3.22%

Volatility

SPGP.L vs. EZA - Volatility Comparison

iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.22% compared to iShares MSCI South Africa ETF (EZA) at 10.43%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP.L	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	10.43%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	33.40%	24.70%	+8.70%
Volatility (1Y) Calculated over the trailing 1-year period	41.37%	29.13%	+12.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.91%	25.57%	+9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.95%	29.10%	+4.85%

SPGP.L vs. EZA - Expense Ratio Comparison

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

Dividends

SPGP.L vs. EZA - Dividend Comparison

SPGP.L has not paid dividends to shareholders, while EZA's dividend yield for the trailing twelve months is around 6.34%.

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 SPGP.L and EZA in my portfolio?

SPGP.L and EZA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPGP.L or EZA?

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, SPGP.L or EZA?

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

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

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