EZA vs. KSA

Last updated Jun 3, 2026

EZA (iShares MSCI South Africa ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both Emerging Markets Equities funds from iShares - EZA tracks the MSCI South Africa Index while KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 10 years, EZA returned 7.55%/yr vs 7.60%/yr for KSA. At a 0.37 correlation, their price movements are largely independent. EZA charges 0.59%/yr vs 0.74%/yr for KSA.

Performance

EZA vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) 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, EZA achieves a -0.36% return, which is significantly lower than KSA's 6.32% return. Both investments have delivered pretty close results over the past 10 years, with EZA having a 7.55% annualized return and KSA not far ahead at 7.60%.

EZA

• 1D: 1.38%
• 1M: 0.51%
• YTD: -0.36%
• 6M: 8.72%
• 1Y: 37.34%
• 3Y*: 27.55%
• 5Y*: 9.58%
• 10Y*: 7.55%

KSA

• 1D: 1.71%
• 1M: -1.53%
• YTD: 6.32%
• 6M: 5.94%
• 1Y: 4.45%
• 3Y*: 0.95%
• 5Y*: 2.27%
• 10Y*: 7.60%

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

EZA vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZA iShares MSCI South Africa ETF	-0.36%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%
KSA iShares MSCI Saudi Arabia ETF	6.32%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%

Correlation

The correlation between EZA and KSA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.37

EZA vs. KSA - Sectors Allocation Comparison

Sectors	EZA	KSA
Basic Materials	39.7%	13.3%
Financial Services	32.1%	39.7%
Consumer Cyclical	14.7%	2.3%
Communication Services	6.7%	8.2%
Consumer Defensive	2.4%	3.8%
Real Estate	1.6%	3.5%
Industrials	1.5%	4.4%
Healthcare	1.2%	4.3%
Energy	-	13.0%
Technology	-	2.2%
Utilities	-	4.6%

Return for Risk

EZA vs. KSA — Risk / Return Rank

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

EZA

EZA Risk / Return Rank: 33
EZA Sharpe Ratio Rank: 34
EZA Sortino Ratio Rank: 31
EZA Omega Ratio Rank: 33
EZA Calmar Ratio Rank: 34
EZA Martin Ratio Rank: 32

KSA

KSA Risk / Return Rank: 13
KSA Sharpe Ratio Rank: 13
KSA Sortino Ratio Rank: 13
KSA Omega Ratio Rank: 13
KSA Calmar Ratio Rank: 13
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.

EZA vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) 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.

	EZA	KSA	Difference
Sharpe ratio Return per unit of total volatility	1.21	0.27	+0.94
Sortino ratio Return per unit of downside risk	1.69	0.56	+1.13
Omega ratio Gain probability vs. loss probability	1.22	1.06	+0.16
Calmar ratio Return relative to maximum drawdown	1.72	0.34	+1.38
Martin ratio Return relative to average drawdown	4.88	0.77	+4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZA vs. KSA - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 1.21, which is higher than the KSA Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of EZA 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

	EZA	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	0.27	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.14	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.38	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.31	-0.03

Drawdowns

EZA vs. KSA - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for EZA and KSA.

Drawdown Indicators

	EZA	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-64.64%	-40.56%	-24.08%
Max Drawdown (1Y) Largest decline over 1 year	-23.31%	-11.62%	-11.69%
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	-15.56%	-7.75%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	-28.08%	-6.86%
Max Drawdown (10Y) Largest decline over 10 years	-62.25%	-40.56%	-21.69%
Current Drawdown Current decline from peak	-15.99%	-15.62%	-0.37%
Average Drawdown Average peak-to-trough decline	-16.92%	-11.43%	-5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	5.17%	+3.05%

Volatility

EZA vs. KSA - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 10.43% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.78%. This indicates that EZA'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

	EZA	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	3.78%	+6.65%
Volatility (6M) Calculated over the trailing 6-month period	26.07%	12.18%	+13.89%
Volatility (1Y) Calculated over the trailing 1-year period	30.99%	16.63%	+14.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.70%	15.87%	+12.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	20.04%	+11.33%

EZA vs. KSA - Expense Ratio Comparison

EZA has a 0.59% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

EZA vs. KSA - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.18%, more than KSA's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	6.18%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%
KSA iShares MSCI Saudi Arabia ETF	2.77%	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 EZA and KSA in my portfolio?

EZA and KSA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZA or KSA?

EZA has higher volatility (10.43%) compared to KSA (3.78%). In terms of maximum drawdown, EZA dropped -64.64% vs KSA's -40.56%.

Which ETF is better, EZA or KSA?

On 10-year performance, KSA leads with 7.60% vs 7.55% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, KSA has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZA or KSA?

Over the 10-year period, KSA has performed better with a 7.60% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZA or KSA?

EZA is cheaper with a 0.59% expense ratio, compared with 0.74% for KSA.

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

EZA has the higher dividend yield at 6.18%, compared with 2.77% for KSA.

What is the main difference between EZA and KSA?

EZA tracks MSCI South Africa Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Their fees differ too: 0.59% for EZA and 0.74% for KSA.

Which has better risk-adjusted returns?

EZA currently has the higher Sharpe Ratio (1.21 vs 0.27), 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.