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VWO vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWO vs. EZA

Last updated Jun 25, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and EZA (iShares MSCI South Africa ETF) are both Emerging Markets Equities funds - VWO tracks the FTSE Emerging Index while EZA tracks the MSCI South Africa Index. Both are passively managed. Over the past 10 years, VWO returned 8.90%/yr vs 7.44%/yr for EZA. Their correlation of 0.80 suggests significant overlap in exposure. VWO charges 0.08%/yr vs 0.59%/yr for EZA.

Performance

VWO vs. EZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) 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, VWO achieves a 9.82% return, which is significantly higher than EZA's -7.64% return. Over the past 10 years, VWO has outperformed EZA with an annualized return of 8.90%, while EZA has yielded a comparatively lower 7.44% annualized return.

VWO

1D
-0.66%
1M
0.10%
YTD
9.82%
6M
9.99%
1Y
23.52%
3Y*
17.16%
5Y*
4.78%
10Y*
8.90%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWO vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWO
Vanguard FTSE Emerging Markets ETF		9.82%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%
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 VWO and EZA is 0.71, 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

0.71

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

0.73

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

0.74

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

0.78

Correlation (All Time)
Calculated using the full available price history since Mar 10, 2005

0.80

The correlation between VWO and EZA has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

VWO vs. EZA - Sectors Allocation Comparison

Sectors
VWO
EZA

Technology

31.6%

-

Financial Services

16.8%
33.5%

Consumer Cyclical

8.7%
14.3%

Basic Materials

7.0%
39.0%

Industrials

6.8%
1.5%

Communication Services

5.8%
6.5%

Energy

3.6%

-

Healthcare

3.4%
1.1%

Consumer Defensive

3.1%
2.5%

Utilities

2.4%

-

Real Estate

1.8%
1.6%

Technology

VWO
31.6%
EZA

-

Financial Services

VWO
16.8%
EZA
33.5%

Consumer Cyclical

VWO
8.7%
EZA
14.3%

Basic Materials

VWO
7.0%
EZA
39.0%

Industrials

VWO
6.8%
EZA
1.5%

Communication Services

VWO
5.8%
EZA
6.5%

Energy

VWO
3.6%
EZA

-

Healthcare

VWO
3.4%
EZA
1.1%

Consumer Defensive

VWO
3.1%
EZA
2.5%

Utilities

VWO
2.4%
EZA

-

Real Estate

VWO
1.8%
EZA
1.6%

Compare stocks, funds, or ETFs

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

Vanguard FTSE Emerging Markets ETF

iShares MSCI South Africa ETF

Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. INDAEZA vs. SCHD

Return for Risk

VWO vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWO
VWO Risk / Return Rank: 4545
Overall Rank
VWO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4242
Sortino Ratio Rank
VWO Omega Ratio Rank: 4545
Omega Ratio Rank
VWO Calmar Ratio Rank: 4747
Calmar Ratio Rank
VWO Martin Ratio Rank: 4848
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2424
Overall Rank
EZA Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EZA Omega Ratio Rank: 2424
Omega Ratio Rank
EZA Calmar Ratio Rank: 2525
Calmar Ratio Rank
EZA Martin Ratio Rank: 2323
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.

VWO vs. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

VWOEZADifference
Sharpe ratioReturn per unit of total volatility
1.41
0.79

+0.61

Sortino ratioReturn per unit of downside risk
1.97
1.23

+0.74

Omega ratioGain probability vs. loss probability

1.27

1.16

+0.11

Calmar ratioReturn relative to maximum drawdown

2.12

1.09

+1.02

Martin ratioReturn relative to average drawdown

7.43

2.71

+4.72

VWO vs. EZA - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.41, which is higher than the EZA Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of VWO 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

VWO vs. EZA - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, roughly equal to the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for VWO and EZA.

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Drawdown Indicators

VWOEZADifference

Max Drawdown

Largest peak-to-trough decline

-67.68%

-64.64%

-3.04%

Max Drawdown (1Y)

Largest decline over 1 year

-11.17%

-23.31%

+12.14%

Max Drawdown (3Y)

Largest decline over 3 years

-17.37%

-23.31%

+5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-34.94%

+2.34%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-62.25%

+25.86%

Current Drawdown

Current decline from peak

-3.71%

-22.13%

+18.42%

Average Drawdown

Average peak-to-trough decline

-15.79%

-16.92%

+1.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.17%

9.39%

-6.22%

Volatility

VWO vs. EZA - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets ETF (VWO) is 7.39%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.36%. This indicates that VWO 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

VWOEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

7.39%

11.36%

-3.97%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

27.46%

-12.85%

Volatility (1Y)

Calculated over the trailing 1-year period

16.94%

32.18%

-15.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.58%

28.92%

-11.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.17%

31.28%

-12.11%

VWO vs. EZA - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than EZA's 0.59% expense ratio.

Dividends

VWO vs. EZA - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.35%, less than EZA's 8.11% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWO
Vanguard FTSE Emerging Markets ETF		2.35%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

VWO and EZA have a correlation of 0.71, 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 VWO (7.39%). In terms of maximum drawdown, VWO dropped -67.68% vs EZA's -64.64%.

On 10-year performance, VWO leads with 8.90% vs 7.44% for EZA. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 7.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VWO has performed better with a 8.90% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.59% for EZA.

EZA has the higher dividend yield at 8.11%, compared with 2.35% for VWO.

VWO tracks FTSE Emerging Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VWO and 0.59% for EZA.

VWO currently has the higher Sharpe Ratio (1.41 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.

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