EZA vs SPY
iShares MSCI South Africa ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EZA delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EZA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.09% | |
| AUM | $559M | $821.1B | |
| Dividend Yield | 7.88% | 1.01% | |
| Holdings | 33 | 505 | |
| YTD Return | +3.50% | +13.17% | |
| 1Y Return | +33.69% | +21.53% | |
| 3Y Return (annualized) | +28.60% | +22.06% | |
| 5Y Return (annualized) | +14.09% | +13.35% | |
| Volatility (annualized) | 25.9% | 15.3% | |
| Max Drawdown | -68.2% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 3, 2003 | Jan 22, 1993 |
EZA vs SPY Performance
iShares MSCI South Africa ETF (EZA) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EZA returned +33.69% while SPY returned +21.53%. Year to date, EZA is up 3.50% versus a gain of 13.17% for SPY.
Over three years, EZA compounded at +28.60% per year against +22.06% for SPY; over five years the annualized figures are +14.09% and +13.35% respectively. Across the full 24-year window we track, SPY has the edge at +8.82% annualized vs +6.67%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EZA has been the more volatile fund, with annualized monthly volatility of 25.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -68.2% for EZA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EZA charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, EZA currently yields 7.88% against 1.01% for SPY.
Holdings Overlap
EZA and SPY share 0 holdings out of 532 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EZA or SPY?
EZA has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, EZA or SPY?
Over the past year EZA returned +33.69% vs +21.53% for SPY, so EZA leads on 1-year performance. Over the longest common window we track (24 years), EZA annualized +6.67% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, EZA or SPY?
EZA has been the more volatile fund at 25.9% annualized versus 15.3% for SPY. Worst drawdown: EZA -68.2% vs SPY -56.5%.
Should I hold both EZA and SPY?
EZA and SPY have a monthly-return correlation of 0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EZA and SPY?
EZA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 532 unique securities.
Which pays a higher dividend, EZA or SPY?
EZA yields 7.88% while SPY yields 1.01%, so EZA currently pays the higher dividend yield.
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