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KSA vs. FLSA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KSA vs. FLSA

Last updated Aug 2, 2026
Documentation

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 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 1.13%/yr vs 1.83%/yr for FLSA. Their correlation of 0.92 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, KSA achieves a 3.06% return, which is significantly higher than FLSA's 2.89% 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%

FLSA

1D
-0.30%
1M
-1.05%
6M
-6.00%
YTD
2.89%
1Y
2.52%
3Y*
-0.85%
5Y*
1.83%
10Y*
—
ALL TIME*
6.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FLSA

Franklin FTSE Saudi Arabia ETF
$12.74K$14.84K$26.32K

KSA

iShares MSCI Saudi Arabia ETF
$20.82M$19.40M$19.77M

KSA vs. FLSA - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
KSA
iShares MSCI Saudi Arabia ETF		3.06%-8.20%-0.19%15.05%-6.06%33.62%2.65%9.30%2.37%
FLSA
Franklin FTSE Saudi Arabia ETF		2.89%-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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.96

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer 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

41.1%
40.7%

Basic Materials

13.0%
15.2%

Energy

12.7%
13.8%

Communication Services

8.2%
8.9%

Healthcare

4.7%
3.3%

Utilities

4.6%
5.2%

Consumer Cyclical

4.3%
2.7%

Consumer Defensive

3.8%
2.4%

Industrials

3.5%
3.5%

Real Estate

2.5%
2.1%

Technology

1.7%
1.7%

Financial Services

KSA
41.1%
FLSA
40.7%

Basic Materials

KSA
13.0%
FLSA
15.2%

Energy

KSA
12.7%
FLSA
13.8%

Communication Services

KSA
8.2%
FLSA
8.9%

Healthcare

KSA
4.7%
FLSA
3.3%

Utilities

KSA
4.6%
FLSA
5.2%

Consumer Cyclical

KSA
4.3%
FLSA
2.7%

Consumer Defensive

KSA
3.8%
FLSA
2.4%

Industrials

KSA
3.5%
FLSA
3.5%

Real Estate

KSA
2.5%
FLSA
2.1%

Technology

KSA
1.7%
FLSA
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Saudi Arabia ETF

Franklin FTSE Saudi Arabia ETF

Often compared with KSA:
KSA vs. UAEKSA vs. SPUSKSA vs. QATKSA vs. SPWOKSA vs. HLALKSA vs. EZAKSA vs. EWW
Often compared with FLSA:
FLSA vs. KWTFLSA vs. VOOFLSA vs. AAPLFLSA vs. QQQMFLSA vs. SPYFLSA vs. VWOFLSA vs. SCHX

Return for Risk

KSA vs. FLSA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
KSA
KSA Risk / Return Rank: 1212
Overall Rank
KSA Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
KSA Sortino Ratio Rank: 1212
Sortino Ratio Rank
KSA Omega Ratio Rank: 1212
Omega Ratio Rank
KSA Calmar Ratio Rank: 1313
Calmar Ratio Rank
KSA Martin Ratio Rank: 1212
Martin Ratio Rank
FLSA
FLSA Risk / Return Rank: 1414
Overall Rank
FLSA Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
FLSA Sortino Ratio Rank: 1414
Sortino Ratio Rank
FLSA Omega Ratio Rank: 1414
Omega Ratio Rank
FLSA Calmar Ratio Rank: 1414
Calmar Ratio Rank
FLSA Martin Ratio Rank: 1414
Martin Ratio Rank
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. 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.

KSAFLSADifference
Sharpe ratioReturn per unit of total volatility
0.07
0.13

-0.06

Sortino ratioReturn per unit of downside risk
0.24
0.34

-0.10

Omega ratioGain probability vs. loss probability

1.03

1.04

-0.01

Calmar ratioReturn relative to maximum drawdown

0.10

0.19

-0.09

Martin ratioReturn relative to average drawdown

0.20

0.39

-0.19

KSA vs. FLSA - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is 0.07, which is lower than the FLSA Sharpe Ratio of 0.13. 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.

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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.

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Drawdown Indicators

KSAFLSADifference

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

-15.28%

-14.68%

-0.60%

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

-18.20%

-17.58%

-0.62%

Average Drawdown

Average peak-to-trough decline

-11.51%

-12.27%

+0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.53%

5.41%

+0.12%

Volatility

KSA vs. FLSA - Volatility Comparison

iShares MSCI Saudi Arabia ETF (KSA) and Franklin FTSE Saudi Arabia ETF (FLSA) have volatilities of 2.83% and 2.71%, 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.

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Volatility by Period

KSAFLSADifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

2.71%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

11.45%

11.27%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

16.37%

16.24%

+0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.95%

15.78%

+0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.98%

19.29%

+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 2.79%, less than FLSA's 3.14% yield.

PositionTTM20252024202320222021202020192018201720162015
FLSA
Franklin FTSE Saudi Arabia ETF		3.14%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		2.79%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

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.

KSA has higher volatility (2.83%) compared to FLSA (2.71%). In terms of maximum drawdown, KSA dropped -40.56% vs FLSA's -38.31%.

On 5-year performance, FLSA leads with 1.83% vs 1.13% for KSA. On fees, FLSA is cheaper at 0.39% per year. On volatility, FLSA has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLSA has performed better with a 1.83% return vs 1.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FLSA has the higher dividend yield at 3.14%, compared with 2.79% for KSA.

KSA tracks MSCI Saudi Arabia 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.

FLSA currently has the higher Sharpe Ratio (0.13 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.

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