KSA vs. EMDM

Last updated Aug 2, 2026

KSA (iShares MSCI Saudi Arabia ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both Emerging Markets Equities funds - KSA tracks the MSCI Saudi Arabia IMI 25/50 Index while EMDM tracks the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, KSA returned -0.88%/yr vs 26.67%/yr for EMDM. Their 0.42 correlation means their historical movements had little consistent relationship. KSA charges 0.74%/yr vs 0.75%/yr for EMDM.

Performance

KSA vs. EMDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Saudi Arabia ETF (KSA) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSA achieves a 3.06% return, which is significantly lower than EMDM's 27.86% return.

KSA

• 1D: 0.11%
• 1M: -1.12%
• 6M: -5.86%
• YTD: 3.06%
• 1Y: 1.77%
• 3Y*: -0.88%
• 5Y*: 1.13%
• 10Y*: 7.99%
• ALL TIME*: 6.02%

EMDM

• 1D: 0.46%
• 1M: -3.52%
• 6M: 13.18%
• YTD: 27.86%
• 1Y: 66.00%
• 3Y*: 26.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMDM First Trust Bloomberg Emerging Market Democracies ETF	$660.85K	$757.43K	$571.79K
KSA iShares MSCI Saudi Arabia ETF	$20.82M	$19.40M	$19.77M

KSA vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KSA iShares MSCI Saudi Arabia ETF	3.06%	-8.20%	-0.19%	16.75%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	27.86%	59.68%	-4.93%	14.75%

Correlation

The correlation between KSA and EMDM is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.42

KSA vs. EMDM - Sectors Allocation Comparison

Sectors	KSA	EMDM
Financial Services	41.1%	25.6%
Basic Materials	13.0%	12.7%
Energy	12.7%	4.8%
Communication Services	8.2%	4.0%
Healthcare	4.7%	0.5%
Utilities	4.6%	1.5%
Consumer Cyclical	4.3%	5.3%
Consumer Defensive	3.8%	3.1%
Industrials	3.5%	2.6%
Real Estate	2.5%	-
Technology	1.7%	39.9%

Return for Risk

KSA vs. EMDM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KSA

KSA Risk / Return Rank: 12
KSA Sharpe Ratio Rank: 12
KSA Sortino Ratio Rank: 12
KSA Omega Ratio Rank: 12
KSA Calmar Ratio Rank: 13
KSA Martin Ratio Rank: 12

EMDM

EMDM Risk / Return Rank: 90
EMDM Sharpe Ratio Rank: 92
EMDM Sortino Ratio Rank: 87
EMDM Omega Ratio Rank: 89
EMDM Calmar Ratio Rank: 92
EMDM Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KSA vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KSA	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.38	-2.31
Sortino ratio: Return per unit of downside risk	0.24	2.91	-2.67
Omega ratio: Gain probability vs. loss probability	1.03	1.41	-0.38
Calmar ratio: Return relative to maximum drawdown	0.10	4.23	-4.13
Martin ratio: Return relative to average drawdown	0.20	13.54	-13.34

KSA vs. EMDM - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is 0.07, which is lower than the EMDM Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of KSA and EMDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KSA vs. EMDM - Drawdown Comparison

The maximum KSA drawdown since its inception was -40.56%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for KSA and EMDM.

Drawdown Indicators

	KSA	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-18.81%	-21.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-15.65%	+4.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.28%	-18.81%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-18.20%	-10.88%	-7.32%
Average Drawdown Average peak-to-trough decline	-11.51%	-4.20%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	4.88%	+0.65%

Volatility

KSA vs. EMDM - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 2.83%, while First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a volatility of 9.95%. This indicates that KSA experiences smaller price fluctuations and is considered to be less risky than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSA	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	9.95%	-7.12%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	25.55%	-14.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	27.87%	-11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	21.16%	-5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	21.16%	-1.18%

KSA vs. EMDM - Expense Ratio Comparison

KSA has a 0.74% expense ratio, which is lower than EMDM's 0.75% expense ratio.

Dividends

KSA vs. EMDM - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.79%, less than EMDM's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.96%	3.57%	5.87%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KSA iShares MSCI Saudi Arabia ETF	2.79%	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 EMDM in my portfolio?

KSA and EMDM have a correlation of 0.32, 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 EMDM?

EMDM has higher volatility (9.95%) compared to KSA (2.83%). In terms of maximum drawdown, KSA dropped -40.56% vs EMDM's -18.81%.

Which ETF is better, KSA or EMDM?

On 3-year performance, EMDM leads with 26.67% vs -0.88% for KSA. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSA or EMDM?

Over the 3-year period, EMDM has performed better with a 26.67% return vs -0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or EMDM?

KSA is cheaper with a 0.74% expense ratio, compared with 0.75% for EMDM.

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

EMDM has the higher dividend yield at 2.96%, compared with 2.79% for KSA.

What is the main difference between KSA and EMDM?

KSA tracks MSCI Saudi Arabia IMI 25/50 Index, while EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.74% for KSA and 0.75% for EMDM.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.38 vs 0.07), 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.