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VOO vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOO vs. EZA

Last updated Jun 13, 2026

VOO (Vanguard S&P 500 ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, VOO returned 15.50%/yr vs 8.12%/yr for EZA. A 0.58 correlation means they provide meaningful diversification when combined. VOO charges 0.03%/yr vs 0.59%/yr for EZA.

Performance

VOO vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 9.08% return, which is significantly higher than EZA's -2.81% return. Over the past 10 years, VOO has outperformed EZA with an annualized return of 15.50%, while EZA has yielded a comparatively lower 8.12% annualized return.

VOO

1D
0.55%
1M
-0.84%
YTD
9.08%
6M
9.44%
1Y
25.76%
3Y*
20.95%
5Y*
13.43%
10Y*
15.50%

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)

VOO vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOO
Vanguard S&P 500 ETF		9.08%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%
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 VOO and EZA is 0.58, 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

0.58

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

0.50

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

0.50

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

0.53

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.58

The correlation between VOO and EZA has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

VOO vs. EZA - Sectors Allocation Comparison

Sectors
VOO
EZA

Technology

35.7%

-

Financial Services

11.6%
32.1%

Communication Services

11.3%
6.7%

Consumer Cyclical

10.2%
14.7%

Healthcare

8.5%
1.2%

Industrials

8.3%
1.5%

Consumer Defensive

4.9%
2.4%

Energy

3.5%

-

Utilities

2.4%

-

Real Estate

1.9%
1.6%

Basic Materials

1.8%
39.7%

Technology

VOO
35.7%
EZA

-

Financial Services

VOO
11.6%
EZA
32.1%

Communication Services

VOO
11.3%
EZA
6.7%

Consumer Cyclical

VOO
10.2%
EZA
14.7%

Healthcare

VOO
8.5%
EZA
1.2%

Industrials

VOO
8.3%
EZA
1.5%

Consumer Defensive

VOO
4.9%
EZA
2.4%

Energy

VOO
3.5%
EZA

-

Utilities

VOO
2.4%
EZA

-

Real Estate

VOO
1.9%
EZA
1.6%

Basic Materials

VOO
1.8%
EZA
39.7%

Compare stocks, funds, or ETFs

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

Vanguard S&P 500 ETF

iShares MSCI South Africa ETF

Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA

Return for Risk

VOO vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6969
Sortino Ratio Rank
VOO Omega Ratio Rank: 7171
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
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.

VOO vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

VOOEZADifference
Sharpe ratioReturn per unit of total volatility
1.99
0.95

+1.04

Sortino ratioReturn per unit of downside risk
2.70
1.41

+1.29

Omega ratioGain probability vs. loss probability

1.36

1.18

+0.18

Calmar ratioReturn relative to maximum drawdown

2.75

1.31

+1.44

Martin ratioReturn relative to average drawdown

12.42

3.41

+9.01

VOO vs. EZA - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.99, which is higher than the EZA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of VOO 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

VOO vs. EZA - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for VOO and EZA.

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Drawdown Indicators

VOOEZADifference

Max Drawdown

Largest peak-to-trough decline

-33.99%

-64.64%

+30.65%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-23.31%

+14.41%

Max Drawdown (3Y)

Largest decline over 3 years

-18.69%

-23.31%

+4.62%

Max Drawdown (5Y)

Largest decline over 5 years

-24.52%

-34.94%

+10.42%

Max Drawdown (10Y)

Largest decline over 10 years

-33.99%

-62.25%

+28.26%

Current Drawdown

Current decline from peak

-2.34%

-18.05%

+15.71%

Average Drawdown

Average peak-to-trough decline

-3.68%

-16.92%

+13.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

8.93%

-6.96%

Volatility

VOO vs. EZA - Volatility Comparison

The current volatility for Vanguard S&P 500 ETF (VOO) is 4.34%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.34%. This indicates that VOO 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

VOOEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.34%

11.34%

-7.00%

Volatility (6M)

Calculated over the trailing 6-month period

9.58%

27.03%

-17.45%

Volatility (1Y)

Calculated over the trailing 1-year period

12.27%

31.92%

-19.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

28.86%

-11.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

31.43%

-13.40%

VOO vs. EZA - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than EZA's 0.59% expense ratio.

Dividends

VOO vs. EZA - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, 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%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

VOO and EZA have a correlation of 0.58, 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 VOO (4.34%). In terms of maximum drawdown, VOO dropped -33.99% vs EZA's -64.64%.

On 10-year performance, VOO leads with 15.50% vs 8.12% for EZA. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.50% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.59% for EZA.

EZA has the higher dividend yield at 6.34%, compared with 1.05% for VOO.

VOO is categorized as S&P 500, while EZA is Emerging Markets Equities. VOO tracks S&P 500 Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VOO and 0.59% for EZA.

VOO currently has the higher Sharpe Ratio (1.99 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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