VTIP vs. EZA
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, VTIP returned 3.03%/yr vs 7.44%/yr for EZA. At a 0.17 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.59%/yr for EZA.
Performance
VTIP vs. EZA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTIP achieves a 1.38% return, which is significantly higher than EZA's -7.64% return. Over the past 10 years, VTIP has underperformed EZA with an annualized return of 3.03%, while EZA has yielded a comparatively higher 7.44% annualized return.
VTIP
- 1D
- 0.02%
- 1M
- -0.20%
- YTD
- 1.38%
- 6M
- 1.47%
- 1Y
- 3.60%
- 3Y*
- 5.01%
- 5Y*
- 3.27%
- 10Y*
- 3.03%
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%
VTIP vs. EZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.38% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
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 VTIP and EZA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2012 | 0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTIP vs. EZA — Risk / Return Rank
VTIP
EZA
VTIP vs. EZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.
| VTIP | EZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.16 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 5.06 | 1.09 | +3.97 |
| Martin ratioReturn relative to average drawdown | 17.61 | 2.71 | +14.90 |
Loading charts...
Drawdowns
VTIP vs. EZA - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for VTIP and EZA.
Loading charts...
Drawdown Indicators
| VTIP | EZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -64.64% | +58.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.71% | -23.31% | +22.60% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -23.31% | +22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | -34.94% | +29.44% |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | -62.25% | +55.98% |
Current DrawdownCurrent decline from peak | -0.67% | -22.13% | +21.46% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -16.92% | +15.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 9.39% | -9.19% |
Volatility
VTIP vs. EZA - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.64%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.36%. This indicates that VTIP 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.
Loading charts...
Volatility by Period
| VTIP | EZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 11.36% | -10.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.17% | 27.46% | -26.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 32.18% | -30.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.77% | 28.92% | -26.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 31.28% | -28.54% |
VTIP vs. EZA - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than EZA's 0.59% expense ratio.
Dividends
VTIP vs. EZA - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.61%, 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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.61% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% | 0.00% |
Frequently Asked Questions
VTIP and EZA have a correlation of 0.15, 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 VTIP (0.64%). In terms of maximum drawdown, VTIP dropped -6.27% vs EZA's -64.64%.
On 10-year performance, EZA leads with 7.44% vs 3.03% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.64%. 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 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.59% for EZA.
EZA has the higher dividend yield at 8.11%, compared with 3.61% for VTIP.
VTIP is categorized as Inflation-Protected Bonds, while EZA is Emerging Markets Equities. VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VTIP and 0.59% for EZA.
VTIP currently has the higher Sharpe Ratio (2.30 vs 0.79), 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.
Find the right allocation for VTIP and EZA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer