iShares MSCI South Africa ETF (EZA) — Stock Correlations & Overview
Over the past year, EZA has moved most closely with AFK, MXI, RING. Explore the stocks most correlated and inversely correlated with EZA below, along with its price, financials, and company profile.
Stocks correlated with EZA
Correlation of daily returns. Higher positive values move with EZA; negative values move opposite it. Informational only, not investment advice.
Most correlated with EZA
| Symbol | Company | Correlation |
|---|---|---|
| AFK | VanEck Africa Index ETF | 0.87 |
| MXI | iShares Global Materials ETF | 0.85 |
| RING | iShares MSCI Global Gold Miners ETF | 0.84 |
| NUGT | Direxion Daily Gold Miners Index Bull 2X ETF | 0.83 |
| ICOP | iShares Copper and Metals Mining ETF | 0.83 |
Most inversely correlated with EZA
| Symbol | Company | Correlation |
|---|---|---|
| DUST | Direxion Daily Gold Miners Index Bear 2X ETF | -0.83 |
| GDXD | MicroSectors Gold Miners -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.82 |
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X ETF | -0.81 |
| EFU | ProShares Trust UltraShort MSCI EAFE | -0.76 |
| EPV | ProShares UltraShort FTSE Europe | -0.75 |
Frequently asked questions about EZA correlations
- Which stocks are most correlated with EZA?
- Based on one year of daily returns, the stocks most correlated with iShares MSCI South Africa ETF (EZA) are AFK (0.87), MXI (0.85) and RING (0.84). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with EZA?
- Over the past year, the stocks most inversely correlated with iShares MSCI South Africa ETF (EZA) are DUST (-0.83), GDXD (-0.82) and JDST (-0.81). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these EZA correlations calculated?
- We compute the correlation of daily returns between EZA and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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