KSA vs. EZA

Last updated Jul 14, 2026

KSA (iShares MSCI Saudi Arabia ETF) and EZA (iShares MSCI South Africa ETF) are both Emerging Markets Equities funds from iShares - KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index while EZA tracks the MSCI South Africa Index. Both are passively managed. Over the past 10 years, KSA returned 7.27%/yr vs 6.35%/yr for EZA. At a 0.37 correlation, their price movements are largely independent. KSA charges 0.74%/yr vs 0.59%/yr for EZA.

Performance

KSA vs. EZA - Performance Comparison

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

Returns By Period

In the year-to-date period, KSA achieves a 3.48% return, which is significantly higher than EZA's -6.78% return. Over the past 10 years, KSA has outperformed EZA with an annualized return of 7.27%, while EZA has yielded a comparatively lower 6.35% annualized return.

KSA

• 1D: -0.38%
• 1M: -4.32%
• 6M: -0.38%
• YTD: 3.48%
• 1Y: -1.95%
• 3Y*: -1.39%
• 5Y*: 1.62%
• 10Y*: 7.27%

EZA

• 1D: -1.66%
• 1M: -4.09%
• 6M: -11.88%
• YTD: -6.78%
• 1Y: 27.68%
• 3Y*: 20.42%
• 5Y*: 10.16%
• 10Y*: 6.35%

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

KSA vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSA iShares MSCI Saudi Arabia ETF	3.48%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%
EZA iShares MSCI South Africa ETF	-6.78%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%

Correlation

The correlation between KSA and EZA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015	0.37

KSA vs. EZA - Sectors Allocation Comparison

Sectors	KSA	EZA
Financial Services	40.5%	33.5%
Basic Materials	13.5%	39.0%
Energy	13.3%	-
Communication Services	8.3%	6.5%
Healthcare	4.7%	1.1%
Utilities	4.3%	-
Consumer Cyclical	4.2%	14.3%
Consumer Defensive	3.7%	2.5%
Industrials	3.5%	1.5%
Real Estate	2.4%	1.6%
Technology	1.6%	-

Return for Risk

KSA vs. EZA — Risk / Return Rank

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

KSA

KSA Risk / Return Rank: 8
KSA Sharpe Ratio Rank: 8
KSA Sortino Ratio Rank: 7
KSA Omega Ratio Rank: 7
KSA Calmar Ratio Rank: 8
KSA Martin Ratio Rank: 7

EZA

EZA Risk / Return Rank: 29
EZA Sharpe Ratio Rank: 30
EZA Sortino Ratio Rank: 29
EZA Omega Ratio Rank: 30
EZA Calmar Ratio Rank: 29
EZA Martin Ratio Rank: 26

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. EZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and iShares MSCI South Africa ETF (EZA). 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	EZA	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	0.86	-0.98
Sortino ratio: Return per unit of downside risk	-0.06	1.31	-1.37
Omega ratio: Gain probability vs. loss probability	0.99	1.17	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.17	1.19	-1.36
Martin ratio: Return relative to average drawdown	-0.37	2.67	-3.03

KSA vs. EZA - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is -0.12, which is lower than the EZA Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of KSA and EZA, 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. EZA - Drawdown Comparison

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

Drawdown Indicators

	KSA	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-64.64%	+24.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-23.31%	+11.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-23.31%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-34.94%	+6.86%
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	-62.25%	+21.69%
Current Drawdown Current decline from peak	-17.87%	-21.40%	+3.53%
Average Drawdown Average peak-to-trough decline	-11.48%	-16.93%	+5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.40%	10.41%	-5.01%

Volatility

KSA vs. EZA - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 3.20%, while iShares MSCI South Africa ETF (EZA) has a volatility of 8.94%. This indicates that KSA experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSA	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	8.94%	-5.74%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	27.16%	-15.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	32.23%	-15.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	28.86%	-12.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.99%	31.14%	-11.15%

KSA vs. EZA - Expense Ratio Comparison

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

Dividends

KSA vs. EZA - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.78%, less than EZA's 8.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	8.04%	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	2.78%	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 EZA in my portfolio?

KSA and EZA 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 EZA?

EZA has higher volatility (8.94%) compared to KSA (3.20%). In terms of maximum drawdown, KSA dropped -40.56% vs EZA's -64.64%.

Which ETF is better, KSA or EZA?

On 10-year performance, KSA leads with 7.27% vs 6.35% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, KSA has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSA or EZA?

Over the 10-year period, KSA has performed better with a 7.27% return vs 6.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or EZA?

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

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

EZA has the higher dividend yield at 8.04%, compared with 2.78% for KSA.

What is the main difference between KSA and EZA?

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

Which has better risk-adjusted returns?

EZA currently has the higher Sharpe Ratio (0.86 vs -0.12), 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.