KSA vs. FLSA

Last updated Jun 23, 2026

KSA (iShares MSCI Saudi Arabia ETF) and FLSA (Franklin FTSE Saudi Arabia ETF) are both Emerging Markets Equities funds - KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index while FLSA tracks the FTSE Saudi Arabia RIC Capped Index. Both are passively managed. Over the past 5 years, KSA returned 2.14%/yr vs 2.81%/yr for FLSA. Their correlation of 0.92 suggests significant overlap in exposure. KSA charges 0.74%/yr vs 0.39%/yr for FLSA.

Performance

KSA vs. FLSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Saudi Arabia ETF (KSA) and Franklin FTSE Saudi Arabia ETF (FLSA). 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 KSA having a 6.80% return and FLSA slightly lower at 6.48%.

KSA

• 1D: -0.78%
• 1M: 0.64%
• YTD: 6.80%
• 6M: 6.39%
• 1Y: 7.65%
• 3Y*: 0.98%
• 5Y*: 2.14%
• 10Y*: 7.59%

FLSA

• 1D: -1.08%
• 1M: 0.32%
• YTD: 6.48%
• 6M: 5.88%
• 1Y: 7.77%
• 3Y*: 0.89%
• 5Y*: 2.81%
• 10Y*: —

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

KSA vs. FLSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KSA iShares MSCI Saudi Arabia ETF	6.80%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	2.37%
FLSA Franklin FTSE Saudi Arabia ETF	6.48%	-7.15%	-0.29%	12.99%	-3.58%	35.72%	3.73%	9.46%	2.78%

Correlation

The correlation between KSA and FLSA 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 11, 2018	0.92

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

KSA vs. FLSA - Sectors Allocation Comparison

Sectors	KSA	FLSA
Financial Services	40.5%	40.5%
Basic Materials	13.5%	15.8%
Energy	13.3%	13.9%
Communication Services	8.3%	9.4%
Healthcare	4.7%	3.5%
Utilities	4.3%	4.7%
Consumer Cyclical	4.2%	3.5%
Consumer Defensive	3.7%	2.5%
Industrials	3.5%	3.0%
Real Estate	2.4%	1.9%
Technology	1.6%	1.3%

Return for Risk

KSA vs. FLSA — Risk / Return Rank

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

KSA

KSA Risk / Return Rank: 16
KSA Sharpe Ratio Rank: 15
KSA Sortino Ratio Rank: 16
KSA Omega Ratio Rank: 15
KSA Calmar Ratio Rank: 16
KSA Martin Ratio Rank: 15

FLSA

FLSA Risk / Return Rank: 16
FLSA Sharpe Ratio Rank: 16
FLSA Sortino Ratio Rank: 17
FLSA Omega Ratio Rank: 16
FLSA Calmar Ratio Rank: 17
FLSA Martin Ratio Rank: 15

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. FLSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and Franklin FTSE Saudi Arabia ETF (FLSA). 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	FLSA	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.48	-0.01
Sortino ratio: Return per unit of downside risk	0.87	0.89	-0.02
Omega ratio: Gain probability vs. loss probability	1.10	1.10	0.00
Calmar ratio: Return relative to maximum drawdown	0.66	0.69	-0.03
Martin ratio: Return relative to average drawdown	1.46	1.52	-0.06

KSA vs. FLSA - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is 0.46, which is comparable to the FLSA Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of KSA and FLSA, 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. FLSA - Drawdown Comparison

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

Drawdown Indicators

	KSA	FLSA	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-38.31%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-11.30%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-14.95%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-27.25%	-0.83%
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-15.24%	-14.70%	-0.54%
Average Drawdown Average peak-to-trough decline	-11.45%	-12.21%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	5.12%	+0.13%

Volatility

KSA vs. FLSA - Volatility Comparison

iShares MSCI Saudi Arabia ETF (KSA) and Franklin FTSE Saudi Arabia ETF (FLSA) have volatilities of 5.14% and 4.96%, 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

	KSA	FLSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	4.96%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	12.52%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.57%	16.40%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	15.80%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.08%	19.39%	+0.69%

KSA vs. FLSA - Expense Ratio Comparison

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

Dividends

KSA vs. FLSA - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.70%, more than FLSA's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSA Franklin FTSE Saudi Arabia ETF	1.22%	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	2.70%	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 FLSA in my portfolio?

With a correlation of 0.96, KSA and FLSA 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, KSA or FLSA?

KSA has higher volatility (5.14%) compared to FLSA (4.96%). In terms of maximum drawdown, KSA dropped -40.56% vs FLSA's -38.31%.

Which ETF is better, KSA or FLSA?

On 5-year performance, FLSA leads with 2.81% vs 2.14% for KSA. On fees, FLSA is cheaper at 0.39% per year. On volatility, FLSA has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSA or FLSA?

Over the 5-year period, FLSA has performed better with a 2.81% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or FLSA?

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

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

KSA has the higher dividend yield at 2.70%, compared with 1.22% for FLSA.

What is the main difference between KSA and FLSA?

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

Which has better risk-adjusted returns?

FLSA currently has the higher Sharpe Ratio (0.48 vs 0.46), 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.