VNQ vs. EZA
VNQ (Vanguard Real Estate ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, VNQ returned 5.35%/yr vs 7.44%/yr for EZA. At a 0.46 correlation, their price movements are largely independent. VNQ charges 0.13%/yr vs 0.59%/yr for EZA.
Performance
VNQ vs. EZA - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 10.80% return, which is significantly higher than EZA's -7.64% return. Over the past 10 years, VNQ has underperformed EZA with an annualized return of 5.35%, while EZA has yielded a comparatively higher 7.44% annualized return.
VNQ
- 1D
- -0.87%
- 1M
- 0.25%
- YTD
- 10.80%
- 6M
- 10.46%
- 1Y
- 10.33%
- 3Y*
- 10.98%
- 5Y*
- 2.52%
- 10Y*
- 5.35%
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%
VNQ vs. EZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 10.80% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
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% |
Correlation
The correlation between VNQ and EZA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004 | 0.46 |
The correlation between VNQ and EZA shifts across timeframes, from 0.31 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VNQ vs. EZA — Risk / Return Rank
VNQ
EZA
VNQ vs. EZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.
| VNQ | EZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.09 | +0.15 |
| Martin ratioReturn relative to average drawdown | 3.92 | 2.71 | +1.21 |
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Drawdowns
VNQ vs. EZA - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, which is greater than EZA's maximum drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for VNQ and EZA.
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Drawdown Indicators
| VNQ | EZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -64.64% | -8.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -23.31% | +14.97% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -23.31% | +5.85% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -34.94% | +0.46% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -62.25% | +19.85% |
Current DrawdownCurrent decline from peak | -1.52% | -22.13% | +20.61% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -16.92% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 9.39% | -6.73% |
Volatility
VNQ vs. EZA - Volatility Comparison
The current volatility for Vanguard Real Estate ETF (VNQ) is 5.27%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.36%. This indicates that VNQ 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
| VNQ | EZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 11.36% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 27.46% | -17.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 32.18% | -18.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 28.92% | -10.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.75% | 31.28% | -10.53% |
VNQ vs. EZA - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than EZA's 0.59% expense ratio.
Dividends
VNQ vs. EZA - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.59%, less than EZA's 8.11% 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% |
VNQ Vanguard Real Estate ETF | 3.59% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VNQ and EZA have a correlation of 0.31, 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 VNQ (5.27%). In terms of maximum drawdown, VNQ dropped -73.07% vs EZA's -64.64%.
On 10-year performance, EZA leads with 7.44% vs 5.35% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 5.27%. 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 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.59% for EZA.
EZA has the higher dividend yield at 8.11%, compared with 3.59% for VNQ.
VNQ is categorized as REIT, while EZA is Emerging Markets Equities. VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.13% for VNQ and 0.59% for EZA.
EZA currently has the higher Sharpe Ratio (0.79 vs 0.75), 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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