FLSA vs. KSA

Last updated Jun 3, 2026

FLSA (Franklin FTSE Saudi Arabia ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both Emerging Markets Equities funds - FLSA tracks the FTSE Saudi Arabia RIC Capped Index while KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 5 years, FLSA returned 3.01%/yr vs 2.27%/yr for KSA. Their correlation of 0.92 suggests significant overlap in exposure. FLSA charges 0.39%/yr vs 0.74%/yr for KSA.

Performance

FLSA vs. KSA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FLSA having a 6.39% return and KSA slightly lower at 6.32%.

FLSA

• 1D: 1.59%
• 1M: -1.54%
• YTD: 6.39%
• 6M: 6.42%
• 1Y: 5.21%
• 3Y*: 1.21%
• 5Y*: 3.01%
• 10Y*: —

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)

FLSA vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLSA Franklin FTSE Saudi Arabia ETF	6.39%	-7.15%	-0.29%	12.99%	-3.58%	35.72%	3.73%	9.46%	2.95%
KSA iShares MSCI Saudi Arabia ETF	6.32%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	3.64%

Correlation

The correlation between FLSA and KSA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 12, 2018	0.92

The correlation between FLSA and KSA has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

FLSA vs. KSA - Sectors Allocation Comparison

Sectors	FLSA	KSA
Financial Services	40.5%	39.7%
Basic Materials	15.7%	13.3%
Energy	13.9%	13.0%
Communication Services	9.4%	8.2%
Utilities	4.7%	4.6%
Industrials	3.7%	4.4%
Healthcare	3.5%	4.3%
Real Estate	3.0%	3.5%
Consumer Defensive	2.4%	3.8%
Consumer Cyclical	1.7%	2.3%
Technology	1.3%	2.2%

Return for Risk

FLSA vs. KSA — Risk / Return Rank

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

FLSA

FLSA Risk / Return Rank: 13
FLSA Sharpe Ratio Rank: 13
FLSA Sortino Ratio Rank: 14
FLSA Omega Ratio Rank: 14
FLSA Calmar Ratio Rank: 13
FLSA Martin Ratio Rank: 13

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.

FLSA vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Saudi Arabia ETF (FLSA) 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.

	FLSA	KSA	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.27	+0.05
Sortino ratio Return per unit of downside risk	0.64	0.56	+0.08
Omega ratio Gain probability vs. loss probability	1.07	1.06	+0.01
Calmar ratio Return relative to maximum drawdown	0.40	0.34	+0.06
Martin ratio Return relative to average drawdown	0.91	0.77	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLSA vs. KSA - Sharpe Ratio Comparison

The current FLSA Sharpe Ratio is 0.32, which is comparable to the KSA Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of FLSA 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

	FLSA	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.27	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.14	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.31	+0.06

Drawdowns

FLSA vs. KSA - Drawdown Comparison

The maximum FLSA drawdown since its inception was -38.31%, smaller than the maximum KSA drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for FLSA and KSA.

Drawdown Indicators

	FLSA	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-38.31%	-40.56%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-11.62%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-15.56%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-27.25%	-28.08%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-14.77%	-15.62%	+0.85%
Average Drawdown Average peak-to-trough decline	-12.20%	-11.43%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.02%	5.17%	-0.15%

Volatility

FLSA vs. KSA - Volatility Comparison

Franklin FTSE Saudi Arabia ETF (FLSA) and iShares MSCI Saudi Arabia ETF (KSA) have volatilities of 3.70% and 3.78%, 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

	FLSA	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.78%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	12.18%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	16.63%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	15.87%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	20.04%	-0.63%

FLSA vs. KSA - Expense Ratio Comparison

FLSA has a 0.39% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

FLSA vs. KSA - Dividend Comparison

FLSA's dividend yield for the trailing twelve months is around 3.77%, more than KSA's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSA Franklin FTSE Saudi Arabia ETF	3.77%	4.01%	3.01%	3.09%	1.90%	1.95%	2.16%	3.18%	0.00%	0.00%	0.00%	0.00%
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 FLSA and KSA in my portfolio?

With a correlation of 0.96, FLSA and KSA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FLSA or KSA?

KSA has higher volatility (3.78%) compared to FLSA (3.70%). In terms of maximum drawdown, FLSA dropped -38.31% vs KSA's -40.56%.

Which ETF is better, FLSA or KSA?

On 5-year performance, FLSA leads with 3.01% vs 2.27% for KSA. On fees, FLSA is cheaper at 0.39% 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, FLSA or KSA?

Over the 5-year period, FLSA has performed better with a 3.01% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSA or KSA?

FLSA is cheaper with a 0.39% expense ratio, compared with 0.74% for KSA.

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

FLSA has the higher dividend yield at 3.77%, compared with 2.77% for KSA.

What is the main difference between FLSA and KSA?

FLSA tracks FTSE Saudi Arabia RIC Capped Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.39% for FLSA and 0.74% for KSA.

Which has better risk-adjusted returns?

FLSA currently has the higher Sharpe Ratio (0.32 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.