EWQ vs. KSA

Last updated Jun 4, 2026

EWQ (iShares MSCI France ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France Index, while KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 10 years, EWQ returned 9.13%/yr vs 7.46%/yr for KSA. At a 0.36 correlation, their price movements are largely independent. EWQ charges 0.50%/yr vs 0.74%/yr for KSA.

Performance

EWQ vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) and iShares MSCI Saudi Arabia ETF (KSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWQ achieves a 1.20% return, which is significantly lower than KSA's 4.97% return. Over the past 10 years, EWQ has outperformed KSA with an annualized return of 9.13%, while KSA has yielded a comparatively lower 7.46% annualized return.

EWQ

• 1D: -1.19%
• 1M: 2.85%
• YTD: 1.20%
• 6M: 2.17%
• 1Y: 9.25%
• 3Y*: 9.50%
• 5Y*: 6.30%
• 10Y*: 9.13%

KSA

• 1D: -1.27%
• 1M: -1.32%
• YTD: 4.97%
• 6M: 4.43%
• 1Y: 3.56%
• 3Y*: 0.52%
• 5Y*: 1.95%
• 10Y*: 7.46%

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

EWQ vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWQ iShares MSCI France ETF	1.20%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%
KSA iShares MSCI Saudi Arabia ETF	4.97%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%

Correlation

The correlation between EWQ and KSA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.36

EWQ vs. KSA - Sectors Allocation Comparison

Sectors	EWQ	KSA
Industrials	31.7%	4.4%
Financial Services	12.8%	39.7%
Consumer Cyclical	12.0%	2.3%
Healthcare	8.4%	4.3%
Consumer Defensive	8.3%	3.8%
Energy	8.0%	13.0%
Basic Materials	7.0%	13.3%
Technology	4.1%	2.2%
Communication Services	3.0%	8.2%
Utilities	2.6%	4.6%
Real Estate	1.4%	3.5%

Return for Risk

EWQ vs. KSA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWQ

EWQ Risk / Return Rank: 17
EWQ Sharpe Ratio Rank: 17
EWQ Sortino Ratio Rank: 17
EWQ Omega Ratio Rank: 17
EWQ Calmar Ratio Rank: 17
EWQ Martin Ratio Rank: 19

KSA

KSA Risk / Return Rank: 12
KSA Sharpe Ratio Rank: 11
KSA Sortino Ratio Rank: 12
KSA Omega Ratio Rank: 11
KSA Calmar Ratio Rank: 12
KSA Martin Ratio Rank: 12

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.

EWQ vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI France ETF (EWQ) and iShares MSCI Saudi Arabia ETF (KSA). 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.

	EWQ	KSA	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.21	+0.33
Sortino ratio: Return per unit of downside risk	0.88	0.47	+0.40
Omega ratio: Gain probability vs. loss probability	1.11	1.05	+0.05
Calmar ratio: Return relative to maximum drawdown	0.67	0.31	+0.37
Martin ratio: Return relative to average drawdown	2.08	0.69	+1.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWQ vs. KSA - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.54, which is higher than the KSA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EWQ and KSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWQ	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.21	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.12	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.37	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.30	-0.03

Drawdowns

EWQ vs. KSA - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for EWQ and KSA.

Drawdown Indicators

	EWQ	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-40.56%	-20.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.80%	-11.62%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-15.56%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-28.08%	-3.38%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-40.56%	+1.33%
Current Drawdown Current decline from peak	-5.83%	-16.69%	+10.86%
Average Drawdown Average peak-to-trough decline	-16.08%	-11.43%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	5.18%	-0.72%

Volatility

EWQ vs. KSA - Volatility Comparison

iShares MSCI France ETF (EWQ) has a higher volatility of 6.56% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.70%. This indicates that EWQ's price experiences larger fluctuations and is considered to be riskier than KSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWQ	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	3.70%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	12.20%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	16.68%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	15.88%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	20.04%	+0.77%

EWQ vs. KSA - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

EWQ vs. KSA - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.60%, less than KSA's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWQ iShares MSCI France ETF	2.60%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%
KSA iShares MSCI Saudi Arabia ETF	2.81%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%

Frequently Asked Questions

Can I hold both EWQ and KSA in my portfolio?

EWQ and KSA have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWQ or KSA?

EWQ has higher volatility (6.56%) compared to KSA (3.70%). In terms of maximum drawdown, EWQ dropped -61.41% vs KSA's -40.56%.

Which ETF is better, EWQ or KSA?

On 10-year performance, EWQ leads with 9.13% vs 7.46% for KSA. On fees, EWQ is cheaper at 0.50% per year. On volatility, KSA has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWQ or KSA?

Over the 10-year period, EWQ has performed better with a 9.13% return vs 7.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWQ or KSA?

EWQ is cheaper with a 0.50% expense ratio, compared with 0.74% for KSA.

Which ETF pays a higher dividend yield, EWQ or KSA?

KSA has the higher dividend yield at 2.81%, compared with 2.60% for EWQ.

What is the main difference between EWQ and KSA?

EWQ is categorized as Europe Equities, while KSA is Emerging Markets Equities. EWQ tracks MSCI France Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Their fees differ too: 0.50% for EWQ and 0.74% for KSA.

Which has better risk-adjusted returns?

EWQ currently has the higher Sharpe Ratio (0.54 vs 0.21), 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.