iShares MSCI South Africa ETF (EZA) Performance
EZA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.2% since Dec 31, 2025
- 1 year
- +4.8% total return
- 5 years
- +10.3% a year
- 10 years
- +6.6% a year
- Since first price
- +9.0% a year since 2003
EZA trailing returns vs SPY, QQQ, AGG
| Period | EZA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.0% | −5.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +4.5% | +4.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −6.8% | −8.8% | +7.8% | +8.4% | −1.5% |
| YTD | −6.2% | −8.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +4.8% | −2.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +99.2%+25.8%/yr | +68.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +63.1%+10.3%/yr | +29.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +89.1%+6.6%/yr | +16.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +97.0%+4.6%/yr | +3.8% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +196.2%+5.6%/yr | +30.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionFeb 7, 2003 | +667.4%+9.0%/yr | +223.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EZA vs SPY
From Feb 7, 2003: EZA grew to $76,744, SPY to $140,191.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EZA returns by calendar year
15 of 22 full years positive. Best 2025 (+75.2%), worst 2008 (−37.6%). 2026 is year to date.
EZA annual returns table
| Year | EZA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.2% | −24.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +75.2% | −16.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.2% | −14.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +1.5% | −22.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −5.2% | −34.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.9% | −22.7% | +28.7% | +27.4% | −1.8% |
| 2020 | −5.2% | −50.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +9.8% | −19.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −25.2% | −37.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +36.0% | −10.6% | +21.7% | +32.7% | +3.6% |
| 2016 | +16.8% | −19.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −26.0% | −40.7% | +1.2% | +9.4% | +0.5% |
| 2014 | +2.8% | −17.7% | +13.5% | +19.2% | +6.0% |
| 2013 | −7.5% | −25.2% | +32.3% | +36.6% | −2.0% |
| 2012 | +21.0% | −14.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −15.7% | −26.0% | +1.9% | +3.4% | +7.7% |
| 2010 | +37.0% | −17.7% | +15.1% | +19.9% | +6.4% |
| 2009 | +51.6% | −28.9% | +26.4% | +54.7% | +3.0% |
| 2008 | −37.6% | −61.2% | −36.8% | −41.7% | +7.9% |
| 2007 | +15.5% | −20.3% | +5.1% | +19.0% | +6.6% |
| 2006 | +19.7% | −29.6% | +15.8% | +7.1% | +3.9% |
| 2005 | +25.9% | −18.0% | +4.8% | +1.6% | +2.3% |
| 2004 | +43.6% | −19.2% | +10.7% | +10.5% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EZA largest drawdowns
Now 20.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 31, 2007 | −64.6% | Oct 27, 2008 | Oct 1, 2010 | 12 months | 2.9 years |
| Jan 26, 2018 | −62.3% | Mar 23, 2020 | May 23, 2025 | 2.2 years | 7.3 years |
| Apr 28, 2015 | −45.0% | Jan 20, 2016 | Dec 21, 2017 | 9 months | 2.7 years |
| May 9, 2006 | −29.6% | Jun 27, 2006 | Feb 22, 2007 | 49 days | 9 months |
| Apr 29, 2011 | −26.0% | Oct 3, 2011 | May 14, 2014 | 5 months | 3.0 years |
| Feb 27, 2026 | −24.3% | Jul 23, 2026 | not yet | 5 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EZA risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2003 |
|---|---|---|---|---|
| Annualized return | +26.1% | +11.3% | +6.4% | +9.2% |
| Volatility (annualized) | 22.0% | 25.3% | 25.3% | 26.1% |
| Sharpe ratio | 0.98 | 0.41 | 0.28 | — |
| Sortino ratio | 1.52 | 0.59 | 0.40 | — |
| Best month | +11.5% | +17.0% | +17.0% | +21.4% |
| Worst month | −16.9% | −16.9% | −29.5% | −29.6% |
| Best 12 months | +96.1% | +96.1% | +96.1% | +96.1% |
| Worst 12 months | +7.2% | −21.1% | −38.7% | −52.8% |
| Positive months | 69% | 62% | 57% | 58% |
| Beta vs S&P 500 | 0.44 | 0.76 | 0.92 | — |
| Correlation with S&P 500 | 0.25 | 0.47 | 0.56 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EZA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 273 | −52.8% | +7.9% | +96.1% | 63% |
| 3-year (a year) | 249 | −15.0% | +3.7% | +49.5% | 69% |
| 5-year (a year) | 225 | −11.6% | +4.3% | +29.0% | 72% |
| 10-year (a year) | 165 | −3.7% | +2.6% | +16.6% | 82% |
Every holding period starting at a month-end since 2003. Returns for 3 years and longer are annualized.
EZA performance overview
iShares MSCI South Africa ETF (EZA) returned +4.8% over the past year and +6.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2003 it has returned +9.0% a year, turning $10,000 into about $76,744. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −64.6%, from Oct 31, 2007 to Oct 27, 2008, and it took 1.9 years to get back to the old high. EZA finished 15 of its 22 full calendar years with a gain; the best year was 2025 (+75.2%) and the worst 2008 (−37.6%). Volatility has been 26.1% a year.
Related: EZA chart, EZA holdings, EZA dividends. See the EZA overview for the latest quote and fund facts.
EZA performance FAQ
What is the EZA return over the past year?
EZA returned +4.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.8%.
What is the average annual return of EZA?
EZA has returned +10.3% a year over 5 years, +6.6% a year over 10 years, +9.0% a year since February 7, 2003 (total return, distributions reinvested).
How much would $10,000 invested in EZA be worth?
$10,000 invested in EZA at its first recorded close on February 7, 2003 would be worth about $76,744 on October 23, 2026 with distributions reinvested.
What was the worst year for EZA?
The worst calendar year was 2008, with a total return of −37.6%. The best was 2025 at +75.2%.
What is the biggest drawdown of EZA?
The largest peak-to-trough decline was −64.6% between October 31, 2007 and October 27, 2008. It recovered to the old high on October 1, 2010, 1.9 years after the bottom.
How volatile is EZA?
Over the past 3 years EZA had an annualized volatility of 22.0% and a Sharpe ratio of 0.98 (excess return over 1–3 month T-bills per unit of risk).