EZA vs SPY
iShares MSCI South Africa ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EZA or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. EZA led over 3Y, SPY over 1Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 65.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EZA | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $571M | $804.7B |
| Dividend Yield | 7.15% | 0.98% |
| Holdings | 34 | 505 |
| YTD Return | -2.96% | +12.89%Best |
| 1Y Return | +14.62% | +17.01%Best |
| 3Y Return (annualized) | +26.56%Best | +22.46% |
| 5Y Return (annualized) | +12.30% | +13.01%Best |
| Volatility (annualized) | 25.9% | 14.5%Best |
| Max Drawdown | -68.2% | -56.5%Best |
| $10,000 over 5 years | $17,861 | $18,433Best |
| Top 10 Weight | 65.4% | 37.8%Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Feb 3, 2003 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 7, 2003 to Sep 24, 2026 (23.6 years).
EZA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 23.6 years both funds cover.
EZA vs SPY Performance
iShares MSCI South Africa ETF (EZA) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EZA returned +14.62% while SPY returned +17.01%. Year to date, EZA is down 2.96% versus a gain of 12.89% for SPY.
Over three years, EZA compounded at +26.56% per year against +22.46% for SPY; over five years the annualized figures are +12.30% and +13.01% respectively. Across the full 24-year window we track, SPY has the edge at +10.19% annualized vs +6.35%.
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 14.5% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
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 7.15% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 28 holdings in EZA and 504 in SPY, totalling 99.7% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 28 positions we hold weights for in EZA and 504 in SPY, against full books of 34 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for EZA (99.3% of the fund), and 2 for EZA that do not appear in SPY (6.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EZA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $50 a year on a $10,000 investment.
Which performed better, EZA or SPY?
Over the past year EZA returned +14.62% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), EZA annualized +6.35% vs +10.19% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EZA or SPY?
EZA has been the more volatile fund at 25.9% annualized versus 14.5% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EZA or SPY?
EZA yields 7.15% while SPY yields 0.98%, so EZA currently pays the higher dividend yield.
Is SPY better than EZA?
SPY has a lower expense ratio. EZA led over 3Y, SPY over 1Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 65.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.