KSA vs. DEM

Last updated Jun 4, 2026

KSA (iShares MSCI Saudi Arabia ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 10 years, KSA returned 7.46%/yr vs 10.45%/yr for DEM. At a 0.43 correlation, their price movements are largely independent. KSA charges 0.74%/yr vs 0.63%/yr for DEM.

Performance

KSA vs. DEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Saudi Arabia ETF (KSA) and WisdomTree Emerging Markets Equity Income Fund (DEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSA achieves a 4.97% return, which is significantly lower than DEM's 19.97% return. Over the past 10 years, KSA has underperformed DEM with an annualized return of 7.46%, while DEM has yielded a comparatively higher 10.45% annualized return.

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%

DEM

• 1D: -1.19%
• 1M: 6.63%
• YTD: 19.97%
• 6M: 20.75%
• 1Y: 32.23%
• 3Y*: 19.32%
• 5Y*: 9.57%
• 10Y*: 10.45%

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

KSA vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DEM WisdomTree Emerging Markets Equity Income Fund	19.97%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%

Correlation

The correlation between KSA and DEM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.43

KSA vs. DEM - Sectors Allocation Comparison

Sectors	KSA	DEM
Financial Services	39.7%	21.9%
Basic Materials	13.3%	3.5%
Energy	13.0%	6.1%
Communication Services	8.2%	3.0%
Utilities	4.6%	3.0%
Industrials	4.4%	9.5%
Healthcare	4.3%	0.6%
Consumer Defensive	3.8%	5.8%
Real Estate	3.5%	3.0%
Consumer Cyclical	2.3%	5.0%
Technology	2.2%	17.4%

Return for Risk

KSA vs. DEM — Risk / Return Rank

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

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

DEM

DEM Risk / Return Rank: 74
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 71
DEM Calmar Ratio Rank: 79
DEM Martin Ratio Rank: 75

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.

KSA vs. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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.

	KSA	DEM	Difference
Sharpe ratio: Return per unit of total volatility	0.21	2.38	-2.17
Sortino ratio: Return per unit of downside risk	0.47	3.28	-2.81
Omega ratio: Gain probability vs. loss probability	1.05	1.43	-0.38
Calmar ratio: Return relative to maximum drawdown	0.31	4.10	-3.79
Martin ratio: Return relative to average drawdown	0.69	14.52	-13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSA vs. DEM - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is 0.21, which is lower than the DEM Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of KSA and DEM, 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

	KSA	DEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	2.38	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.63	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.58	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.22	+0.08

Drawdowns

KSA vs. DEM - Drawdown Comparison

The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for KSA and DEM.

Drawdown Indicators

	KSA	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-51.85%	+11.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-7.89%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-15.64%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-27.18%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	-37.79%	-2.77%
Current Drawdown Current decline from peak	-16.69%	-1.19%	-15.50%
Average Drawdown Average peak-to-trough decline	-11.43%	-12.90%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	2.22%	+2.96%

Volatility

KSA vs. DEM - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 3.70%, while WisdomTree Emerging Markets Equity Income Fund (DEM) has a volatility of 5.64%. This indicates that KSA experiences smaller price fluctuations and is considered to be less risky than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSA	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	5.64%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	11.33%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	13.59%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	15.33%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	17.96%	+2.08%

KSA vs. DEM - Expense Ratio Comparison

KSA has a 0.74% expense ratio, which is higher than DEM's 0.63% expense ratio.

Dividends

KSA vs. DEM - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.81%, less than DEM's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.76%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
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 KSA and DEM in my portfolio?

KSA and DEM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSA or DEM?

DEM has higher volatility (5.64%) compared to KSA (3.70%). In terms of maximum drawdown, KSA dropped -40.56% vs DEM's -51.85%.

Which ETF is better, KSA or DEM?

On 10-year performance, DEM leads with 10.45% vs 7.46% for KSA. On fees, DEM is cheaper at 0.63% 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, KSA or DEM?

Over the 10-year period, DEM has performed better with a 10.45% return vs 7.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or DEM?

DEM is cheaper with a 0.63% expense ratio, compared with 0.74% for KSA.

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

DEM has the higher dividend yield at 3.76%, compared with 2.81% for KSA.

What is the main difference between KSA and DEM?

KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.74% for KSA and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (2.38 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.