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VNM vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNM vs. EZA

Last updated Jun 13, 2026

VNM (VanEck Vectors Vietnam ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, VNM returned 3.29%/yr vs 8.12%/yr for EZA. At a 0.39 correlation, their price movements are largely independent. VNM charges 0.68%/yr vs 0.59%/yr for EZA.

Performance

VNM vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) and iShares MSCI South Africa ETF (EZA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VNM achieves a -6.66% return, which is significantly lower than EZA's -2.81% return. Over the past 10 years, VNM has underperformed EZA with an annualized return of 3.29%, while EZA has yielded a comparatively higher 8.12% annualized return.

VNM

1D
-1.27%
1M
-8.62%
YTD
-6.66%
6M
2.04%
1Y
37.07%
3Y*
12.11%
5Y*
-0.94%
10Y*
3.29%

EZA

1D
0.89%
1M
-5.12%
YTD
-2.81%
6M
2.77%
1Y
33.90%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VNM vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VNM
VanEck Vectors Vietnam ETF		-6.66%66.55%-11.15%15.01%-43.74%22.05%9.84%9.24%-16.83%38.80%
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%

Correlation

The correlation between VNM and EZA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.20

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

0.24

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

0.34

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2009

0.39

The correlation between VNM and EZA shifts across timeframes, from 0.20 (3 years) to 0.39 (all time), reflecting how their relationship changes across market environments.

VNM vs. EZA - Sectors Allocation Comparison

Sectors
VNM
EZA

Real Estate

31.4%
1.6%

Financial Services

27.5%
32.1%

Industrials

14.9%
1.5%

Consumer Defensive

14.4%
2.4%

Basic Materials

7.9%
39.7%

Technology

1.7%

-

Energy

1.2%

-

Utilities

1.0%

-

Communication Services

-

6.7%

Consumer Cyclical

-

14.7%

Healthcare

-

1.2%

Real Estate

VNM
31.4%
EZA
1.6%

Financial Services

VNM
27.5%
EZA
32.1%

Industrials

VNM
14.9%
EZA
1.5%

Consumer Defensive

VNM
14.4%
EZA
2.4%

Basic Materials

VNM
7.9%
EZA
39.7%

Technology

VNM
1.7%
EZA

-

Energy

VNM
1.2%
EZA

-

Utilities

VNM
1.0%
EZA

-

Communication Services

VNM

-

EZA
6.7%

Consumer Cyclical

VNM

-

EZA
14.7%

Healthcare

VNM

-

EZA
1.2%

Compare stocks, funds, or ETFs

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

VanEck Vectors Vietnam ETF

iShares MSCI South Africa ETF

Often compared with VNM:
VNM vs. VOOVNM vs. INDAVNM vs. IDXVNM vs. SPYVNM vs. VNAMVNM vs. VXUSVNM vs. EMXC
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

VNM vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VNM
VNM Risk / Return Rank: 4040
Overall Rank
VNM Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
VNM Sortino Ratio Rank: 4040
Sortino Ratio Rank
VNM Omega Ratio Rank: 3737
Omega Ratio Rank
VNM Calmar Ratio Rank: 4545
Calmar Ratio Rank
VNM Martin Ratio Rank: 3636
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.

VNM vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.

VNMEZADifference
Sharpe ratioReturn per unit of total volatility
1.26
0.95

+0.31

Sortino ratioReturn per unit of downside risk
1.85
1.41

+0.45

Omega ratioGain probability vs. loss probability

1.22

1.18

+0.04

Calmar ratioReturn relative to maximum drawdown

1.98

1.31

+0.67

Martin ratioReturn relative to average drawdown

4.93

3.41

+1.52

VNM vs. EZA - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 1.26, which is higher than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of VNM 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.

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Drawdowns

VNM vs. EZA - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, roughly equal to the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for VNM and EZA.

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Drawdown Indicators

VNMEZADifference

Max Drawdown

Largest peak-to-trough decline

-63.19%

-64.64%

+1.45%

Max Drawdown (1Y)

Largest decline over 1 year

-17.07%

-23.31%

+6.24%

Max Drawdown (3Y)

Largest decline over 3 years

-31.60%

-23.31%

-8.29%

Max Drawdown (5Y)

Largest decline over 5 years

-49.95%

-34.94%

-15.01%

Max Drawdown (10Y)

Largest decline over 10 years

-51.67%

-62.25%

+10.58%

Current Drawdown

Current decline from peak

-27.30%

-18.05%

-9.25%

Average Drawdown

Average peak-to-trough decline

-37.81%

-16.92%

-20.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.83%

8.93%

-2.10%

Volatility

VNM vs. EZA - Volatility Comparison

The current volatility for VanEck Vectors Vietnam ETF (VNM) is 4.95%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.34%. This indicates that VNM 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.

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Volatility by Period

VNMEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.95%

11.34%

-6.39%

Volatility (6M)

Calculated over the trailing 6-month period

18.57%

27.03%

-8.46%

Volatility (1Y)

Calculated over the trailing 1-year period

26.72%

31.92%

-5.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.27%

28.86%

-4.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.46%

31.43%

-7.97%

VNM vs. EZA - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than EZA's 0.59% expense ratio.

Dividends

VNM vs. EZA - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.21%, 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%
VNM
VanEck Vectors Vietnam ETF		0.21%0.20%0.00%5.21%0.96%0.49%0.40%0.76%0.83%1.14%2.44%3.69%

Frequently Asked Questions

VNM and EZA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (11.34%) compared to VNM (4.95%). In terms of maximum drawdown, VNM dropped -63.19% vs EZA's -64.64%.

On 10-year performance, EZA leads with 8.12% vs 3.29% for VNM. On fees, EZA is cheaper at 0.59% per year. On volatility, VNM has been the lower-risk option at 4.95%. 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 8.12% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZA is cheaper with a 0.59% expense ratio, compared with 0.68% for VNM.

EZA has the higher dividend yield at 6.34%, compared with 0.21% for VNM.

VNM is categorized as Asia Pacific Equities, while EZA is Emerging Markets Equities. VNM tracks MVIS Vietnam Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.68% for VNM and 0.59% for EZA.

VNM currently has the higher Sharpe Ratio (1.26 vs 0.95), 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.

Portfolio Optimizer

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