KSPI vs. EPOL

Last updated Jun 4, 2026

KSPI (Joint Stock Company Kaspi.kz) is a stock, while EPOL (iShares MSCI Poland ETF) is Europe Equities fund tracking the MSCI Poland Investable Market Index. Over the past year, KSPI returned 5.99% vs 40.50% for EPOL. At a 0.28 correlation, their price movements are largely independent.

Performance

KSPI vs. EPOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Joint Stock Company Kaspi.kz (KSPI) and iShares MSCI Poland ETF (EPOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSPI achieves a 12.00% return, which is significantly lower than EPOL's 13.58% return.

KSPI

• 1D: -3.40%
• 1M: 0.26%
• YTD: 12.00%
• 6M: 12.09%
• 1Y: 5.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EPOL

• 1D: -0.52%
• 1M: 5.18%
• YTD: 13.58%
• 6M: 22.93%
• 1Y: 40.50%
• 3Y*: 35.67%
• 5Y*: 15.78%
• 10Y*: 11.45%

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

KSPI vs. EPOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPI Joint Stock Company Kaspi.kz	12.00%	-17.51%	8.53%
EPOL iShares MSCI Poland ETF	13.58%	77.34%	4.15%

Correlation

The correlation between KSPI and EPOL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	0.28

Return for Risk

KSPI vs. EPOL — Risk / Return Rank

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

KSPI

KSPI Risk / Return Rank: 44
KSPI Sharpe Ratio Rank: 47
KSPI Sortino Ratio Rank: 43
KSPI Omega Ratio Rank: 41
KSPI Calmar Ratio Rank: 45
KSPI Martin Ratio Rank: 44

EPOL

EPOL Risk / Return Rank: 55
EPOL Sharpe Ratio Rank: 50
EPOL Sortino Ratio Rank: 50
EPOL Omega Ratio Rank: 45
EPOL Calmar Ratio Rank: 73
EPOL Martin Ratio Rank: 57

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.

KSPI vs. EPOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Joint Stock Company Kaspi.kz (KSPI) and iShares MSCI Poland ETF (EPOL). 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.

	KSPI	EPOL	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.76	-1.60
Sortino ratio: Return per unit of downside risk	0.57	2.49	-1.91
Omega ratio: Gain probability vs. loss probability	1.06	1.29	-0.23
Calmar ratio: Return relative to maximum drawdown	0.20	3.68	-3.48
Martin ratio: Return relative to average drawdown	0.34	10.07	-9.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSPI vs. EPOL - Sharpe Ratio Comparison

The current KSPI Sharpe Ratio is 0.17, which is lower than the EPOL Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of KSPI and EPOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KSPI	EPOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	1.76	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.21	-0.21

Drawdowns

KSPI vs. EPOL - Drawdown Comparison

The maximum KSPI drawdown since its inception was -48.05%, smaller than the maximum EPOL drawdown of -63.72%. Use the drawdown chart below to compare losses from any high point for KSPI and EPOL.

Drawdown Indicators

	KSPI	EPOL	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-63.72%	+15.67%
Max Drawdown (1Y) Largest decline over 1 year	-29.55%	-11.04%	-18.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-54.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.41%	—
Current Drawdown Current decline from peak	-33.96%	-1.65%	-32.31%
Average Drawdown Average peak-to-trough decline	-25.75%	-26.89%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.51%	4.03%	+13.48%

Volatility

KSPI vs. EPOL - Volatility Comparison

Joint Stock Company Kaspi.kz (KSPI) and iShares MSCI Poland ETF (EPOL) have volatilities of 7.71% and 7.84%, 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

	KSPI	EPOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	7.84%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	26.00%	17.35%	+8.65%
Volatility (1Y) Calculated over the trailing 1-year period	36.45%	23.20%	+13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.77%	29.06%	+9.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.77%	27.65%	+11.12%

Dividends

KSPI vs. EPOL - Dividend Comparison

KSPI's dividend yield for the trailing twelve months is around 2.06%, less than EPOL's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	4.21%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
KSPI Joint Stock Company Kaspi.kz	2.06%	0.00%	11.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSPI and EPOL in my portfolio?

KSPI and EPOL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSPI or EPOL?

EPOL has higher volatility (7.84%) compared to KSPI (7.71%). In terms of maximum drawdown, KSPI dropped -48.05% vs EPOL's -63.72%.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.76 vs 0.17), 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.