EWS vs. KSA

Last updated Jun 4, 2026

EWS (iShares MSCI Singapore ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore 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, EWS returned 7.91%/yr vs 7.46%/yr for KSA. At a 0.35 correlation, their price movements are largely independent. EWS charges 0.50%/yr vs 0.74%/yr for KSA.

Performance

EWS vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 8.22% return, which is significantly higher than KSA's 4.97% return. Over the past 10 years, EWS has outperformed KSA with an annualized return of 7.91%, while KSA has yielded a comparatively lower 7.46% annualized return.

EWS

• 1D: -0.70%
• 1M: 4.60%
• YTD: 8.22%
• 6M: 8.37%
• 1Y: 19.41%
• 3Y*: 21.86%
• 5Y*: 9.39%
• 10Y*: 7.91%

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)

EWS vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWS iShares MSCI Singapore ETF	8.22%	31.35%	22.10%	6.15%	-9.80%	5.47%	-8.47%	14.54%	-11.34%	34.78%
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 EWS and KSA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.35

EWS vs. KSA - Sectors Allocation Comparison

Sectors	EWS	KSA
Financial Services	52.2%	39.7%
Industrials	18.1%	4.4%
Real Estate	8.6%	3.5%
Utilities	4.7%	4.6%
Consumer Defensive	4.6%	3.8%
Communication Services	4.2%	8.2%
Technology	4.0%	2.2%
Consumer Cyclical	3.5%	2.3%
Basic Materials	-	13.3%
Energy	-	13.0%
Healthcare	-	4.3%

Return for Risk

EWS vs. KSA — Risk / Return Rank

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

EWS

EWS Risk / Return Rank: 39
EWS Sharpe Ratio Rank: 36
EWS Sortino Ratio Rank: 37
EWS Omega Ratio Rank: 35
EWS Calmar Ratio Rank: 50
EWS Martin Ratio Rank: 38

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.

EWS vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) 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.

	EWS	KSA	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.21	+1.11
Sortino ratio: Return per unit of downside risk	1.96	0.47	+1.48
Omega ratio: Gain probability vs. loss probability	1.24	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	2.49	0.31	+2.19
Martin ratio: Return relative to average drawdown	6.08	0.69	+5.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWS vs. KSA - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.32, which is higher than the KSA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EWS 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

	EWS	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	0.21	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.12	+0.42
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	0.15	0.30	-0.16

Drawdowns

EWS vs. KSA - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.00%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for EWS and KSA.

Drawdown Indicators

	EWS	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-75.00%	-40.56%	-34.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-11.62%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-15.56%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-29.06%	-28.08%	-0.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-40.56%	-0.28%
Current Drawdown Current decline from peak	-0.70%	-16.69%	+15.99%
Average Drawdown Average peak-to-trough decline	-21.88%	-11.43%	-10.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	5.18%	-1.98%

Volatility

EWS vs. KSA - Volatility Comparison

iShares MSCI Singapore ETF (EWS) and iShares MSCI Saudi Arabia ETF (KSA) have volatilities of 3.68% and 3.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWS	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	3.70%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	12.20%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.73%	16.68%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	15.88%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	20.04%	-2.01%

EWS vs. KSA - Expense Ratio Comparison

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

Dividends

EWS vs. KSA - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.79%, more than KSA's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWS iShares MSCI Singapore ETF	3.79%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%
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 EWS and KSA in my portfolio?

EWS and KSA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWS or KSA?

KSA has higher volatility (3.70%) compared to EWS (3.68%). In terms of maximum drawdown, EWS dropped -75.00% vs KSA's -40.56%.

Which ETF is better, EWS or KSA?

On 10-year performance, EWS leads with 7.91% vs 7.46% for KSA. On fees, EWS is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWS or KSA?

Over the 10-year period, EWS has performed better with a 7.91% return vs 7.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWS or KSA?

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

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

EWS has the higher dividend yield at 3.79%, compared with 2.81% for KSA.

What is the main difference between EWS and KSA?

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

Which has better risk-adjusted returns?

EWS currently has the higher Sharpe Ratio (1.32 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.