KSA vs. TLT
KSA (iShares MSCI Saudi Arabia ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia IMI 25/50 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, KSA returned 7.99%/yr vs -2.38%/yr for TLT. Their -0.07 correlation means they have often moved in opposite directions in the past. KSA charges 0.74%/yr vs 0.15%/yr for TLT.
Performance
KSA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, KSA achieves a 3.06% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, KSA has outperformed TLT with an annualized return of 7.99%, while TLT has yielded a comparatively lower -2.38% annualized 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $20.82M | $19.40M | $19.77M | |
| $2.33B | $2.02B | $2.19B |
KSA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KSA iShares MSCI Saudi Arabia ETF | 3.06% | -8.20% | -0.19% | 15.05% | -6.06% | 33.62% | 2.65% | 9.30% | 13.07% | 6.14% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between KSA and TLT is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015 | -0.07 |
The correlation between KSA and TLT shifts across timeframes, from -0.07 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KSA vs. TLT — Risk / Return Rank
KSA
TLT
KSA vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.99 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | -0.14 | +0.23 |
| Martin ratioReturn relative to average drawdown | 0.20 | -0.30 | +0.50 |
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Drawdowns
KSA vs. TLT - Drawdown Comparison
The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for KSA and TLT.
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Drawdown Indicators
| KSA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.56% | -48.35% | +7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.62% | -7.74% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.28% | -14.79% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -28.08% | -43.70% | +15.62% |
Max Drawdown (10Y)Largest decline over 10 years | -40.56% | -48.35% | +7.79% |
Current DrawdownCurrent decline from peak | -18.20% | -42.36% | +24.16% |
Average DrawdownAverage peak-to-trough decline | -11.51% | -13.99% | +2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.53% | 3.57% | +1.96% |
Volatility
KSA vs. TLT - Volatility Comparison
iShares MSCI Saudi Arabia ETF (KSA) has a higher volatility of 2.83% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that KSA's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KSA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.46% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.45% | 6.85% | +4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 9.32% | +7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.95% | 15.74% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.98% | 14.83% | +5.15% |
KSA vs. TLT - Expense Ratio Comparison
KSA has a 0.74% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
KSA vs. TLT - Dividend Comparison
KSA's dividend yield for the trailing twelve months is around 2.79%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
KSA and TLT have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSA has higher volatility (2.83%) compared to TLT (2.46%). In terms of maximum drawdown, KSA dropped -40.56% vs TLT's -48.35%.
On 10-year performance, KSA leads with 7.99% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KSA has performed better with a 7.99% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.74% for KSA.
TLT has the higher dividend yield at 4.34%, compared with 2.79% for KSA.
KSA is categorized as Emerging Markets Equities, while TLT is Government Bonds. KSA tracks MSCI Saudi Arabia IMI 25/50 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.74% for KSA and 0.15% for TLT.
KSA currently has the higher Sharpe Ratio (0.07 vs -0.11), 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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