KSA vs. FEM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Saudi Arabia ETF (KSA) and First Trust Emerging Markets AlphaDEX Fund (FEM).

KSA and FEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KSA is a passively managed fund by iShares that tracks the performance of the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. It was launched on Sep 16, 2015. FEM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Index. It was launched on Apr 18, 2011. Both KSA and FEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

KSA vs. FEM - Performance Comparison

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

KSA vs. FEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSA iShares MSCI Saudi Arabia ETF	9.17%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%
FEM First Trust Emerging Markets AlphaDEX Fund	9.64%	28.36%	3.01%	10.84%	-14.24%	7.40%	-1.68%	20.55%	-15.51%	41.05%

Returns By Period

In the year-to-date period, KSA achieves a 9.17% return, which is significantly lower than FEM's 9.64% return. Both investments have delivered pretty close results over the past 10 years, with KSA having a 8.88% annualized return and FEM not far behind at 8.47%.

KSA

• 1D: 2.47%
• 1M: 6.94%
• YTD: 9.17%
• 6M: -0.86%
• 1Y: -1.07%
• 3Y*: 3.88%
• 5Y*: 4.57%
• 10Y*: 8.88%

FEM

• 1D: 1.40%
• 1M: -4.37%
• YTD: 9.64%
• 6M: 11.51%
• 1Y: 35.39%
• 3Y*: 16.74%
• 5Y*: 6.92%
• 10Y*: 8.47%

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

KSA vs. FEM - Expense Ratio Comparison

KSA has a 0.74% expense ratio, which is lower than FEM's 0.80% expense ratio.

FEM

First Trust Emerging Markets AlphaDEX Fund

KSA

iShares MSCI Saudi Arabia ETF

Return for Risk

KSA vs. FEM — Risk / Return Rank

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

KSA

KSA Risk / Return Rank: 11
KSA Sharpe Ratio Rank: 11
KSA Sortino Ratio Rank: 11
KSA Omega Ratio Rank: 11
KSA Calmar Ratio Rank: 12
KSA Martin Ratio Rank: 12

FEM

FEM Risk / Return Rank: 88
FEM Sharpe Ratio Rank: 88
FEM Sortino Ratio Rank: 87
FEM Omega Ratio Rank: 88
FEM Calmar Ratio Rank: 87
FEM Martin Ratio Rank: 92

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. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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	FEM	Difference
Sharpe ratio Return per unit of total volatility	-0.06	1.85	-1.91
Sortino ratio Return per unit of downside risk	0.05	2.34	-2.30
Omega ratio Gain probability vs. loss probability	1.01	1.36	-0.35
Calmar ratio Return relative to maximum drawdown	-0.03	2.66	-2.69
Martin ratio Return relative to average drawdown	-0.05	12.54	-12.59
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. FEM - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is -0.06, which is lower than the FEM Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of KSA and FEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KSA	FEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	1.85	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.38	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.41	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.16	+0.17

Correlation

The correlation between KSA and FEM is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KSA vs. FEM - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.70%, less than FEM's 2.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.70%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
FEM First Trust Emerging Markets AlphaDEX Fund	2.84%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%

Drawdowns

KSA vs. FEM - Drawdown Comparison

The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum FEM drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for KSA and FEM.

Drawdown Indicators

	KSA	FEM	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-46.23%	+5.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-13.19%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-31.72%	+3.64%
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	-46.23%	+5.67%
Current Drawdown Current decline from peak	-13.35%	-5.40%	-7.95%
Average Drawdown Average peak-to-trough decline	-11.38%	-15.20%	+3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	2.79%	+3.72%

Volatility

KSA vs. FEM - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 7.02%, while First Trust Emerging Markets AlphaDEX Fund (FEM) has a volatility of 8.51%. This indicates that KSA experiences smaller price fluctuations and is considered to be less risky than FEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSA	FEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.02%	8.51%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	13.64%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	19.24%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	18.21%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	20.95%	-0.78%