EWW vs. KSA

Last updated Jun 4, 2026

EWW (iShares MSCI Mexico ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 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, EWW returned 7.35%/yr vs 7.46%/yr for KSA. At a 0.35 correlation, their price movements are largely independent. EWW charges 0.49%/yr vs 0.74%/yr for KSA.

Performance

EWW vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) 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, EWW achieves a 12.62% return, which is significantly higher than KSA's 4.97% return. Both investments have delivered pretty close results over the past 10 years, with EWW having a 7.35% annualized return and KSA not far ahead at 7.46%.

EWW

• 1D: -1.26%
• 1M: 3.21%
• YTD: 12.62%
• 6M: 16.29%
• 1Y: 34.15%
• 3Y*: 12.42%
• 5Y*: 13.49%
• 10Y*: 7.35%

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)

EWW vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWW iShares MSCI Mexico ETF	12.62%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.58%	14.47%
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 EWW and KSA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.35
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

EWW vs. KSA - Sectors Allocation Comparison

Sectors	EWW	KSA
Consumer Defensive	24.9%	3.8%
Basic Materials	23.7%	13.3%
Financial Services	18.1%	39.7%
Industrials	13.1%	4.4%
Communication Services	10.4%	8.2%
Real Estate	7.7%	3.5%
Consumer Cyclical	1.4%	2.3%
Healthcare	0.5%	4.3%
Energy	-	13.0%
Technology	-	2.2%
Utilities	-	4.6%

Return for Risk

EWW vs. KSA — Risk / Return Rank

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

EWW

EWW Risk / Return Rank: 47
EWW Sharpe Ratio Rank: 46
EWW Sortino Ratio Rank: 45
EWW Omega Ratio Rank: 44
EWW Calmar Ratio Rank: 49
EWW Martin Ratio Rank: 52

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.

EWW vs. KSA - Risk-Adjusted Trends Comparison

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

	EWW	KSA	Difference
Sharpe ratio Return per unit of total volatility	1.62	0.21	+1.41
Sortino ratio Return per unit of downside risk	2.27	0.47	+1.80
Omega ratio Gain probability vs. loss probability	1.29	1.05	+0.23
Calmar ratio Return relative to maximum drawdown	2.45	0.31	+2.15
Martin ratio Return relative to average drawdown	9.08	0.69	+8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWW vs. KSA - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.62, which is higher than the KSA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EWW 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

	EWW	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	0.21	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.12	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.37	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.30	0.00

Drawdowns

EWW vs. KSA - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for EWW and KSA.

Drawdown Indicators

	EWW	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-40.56%	-24.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-11.62%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-15.56%	-15.61%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-28.08%	-3.09%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-40.56%	-13.06%
Current Drawdown Current decline from peak	-3.88%	-16.69%	+12.81%
Average Drawdown Average peak-to-trough decline	-18.52%	-11.43%	-7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	5.18%	-1.41%

Volatility

EWW vs. KSA - Volatility Comparison

iShares MSCI Mexico ETF (EWW) has a higher volatility of 5.79% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.70%. This indicates that EWW'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

	EWW	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	3.70%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	17.75%	12.20%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	16.68%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	15.88%	+6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	20.04%	+5.35%

EWW vs. KSA - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

EWW vs. KSA - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.09%, more than KSA's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.09%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
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 EWW and KSA in my portfolio?

EWW and KSA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWW or KSA?

EWW has higher volatility (5.79%) compared to KSA (3.70%). In terms of maximum drawdown, EWW dropped -64.94% vs KSA's -40.56%.

Which ETF is better, EWW or KSA?

On 10-year performance, KSA leads with 7.46% vs 7.35% for EWW. On fees, EWW is cheaper at 0.49% 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, EWW or KSA?

Over the 10-year period, KSA has performed better with a 7.46% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or KSA?

EWW is cheaper with a 0.49% expense ratio, compared with 0.74% for KSA.

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

EWW has the higher dividend yield at 3.09%, compared with 2.81% for KSA.

What is the main difference between EWW and KSA?

EWW is categorized as Latin America Equities, while KSA is Emerging Markets Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Their fees differ too: 0.49% for EWW and 0.74% for KSA.

Which has better risk-adjusted returns?

EWW currently has the higher Sharpe Ratio (1.62 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.