KWT vs. RAYS

Last updated Jun 24, 2026

KWT (iShares MSCI Kuwait ETF) and RAYS (Global X Solar ETF) are both exchange-traded funds - KWT is a Financials Equities fund tracking the MSCI All Kuwait Select Size Liquidity Capped Index, while RAYS is a Alternative Energy Equities fund tracking the Solactive Solar Index. Both are passively managed. KWT charges 0.74%/yr vs 0.50%/yr for RAYS.

Performance

KWT vs. RAYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) and Global X Solar ETF (RAYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KWT

• 1D: -0.15%
• 1M: 0.72%
• YTD: -0.88%
• 6M: -2.41%
• 1Y: 8.71%
• 3Y*: 9.96%
• 5Y*: 8.66%
• 10Y*: —

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KWT vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
KWT iShares MSCI Kuwait ETF	2.71%
RAYS Global X Solar ETF	0.00%

KWT vs. RAYS - Sectors Allocation Comparison

Sectors	KWT	RAYS
Financial Services	66.0%	-
Real Estate	11.3%	-
Industrials	9.5%	21.4%
Communication Services	6.3%	-
Consumer Defensive	2.6%	-
Basic Materials	2.0%	0.9%
Consumer Cyclical	1.7%	4.0%
Utilities	0.6%	6.8%
Energy	-	-
Healthcare	-	-
Technology	-	66.9%

Return for Risk

KWT vs. RAYS — Risk / Return Rank

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

KWT

KWT Risk / Return Rank: 19
KWT Sharpe Ratio Rank: 20
KWT Sortino Ratio Rank: 19
KWT Omega Ratio Rank: 21
KWT Calmar Ratio Rank: 18
KWT Martin Ratio Rank: 17

RAYS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

KWT vs. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) and Global X Solar ETF (RAYS). 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.

	KWT	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	0.65	—	—
Sortino ratio: Return per unit of downside risk	1.01	—	—
Omega ratio: Gain probability vs. loss probability	1.14	—	—
Calmar ratio: Return relative to maximum drawdown	0.76	—	—
Martin ratio: Return relative to average drawdown	1.75	—	—

Drawdowns

KWT vs. RAYS - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for KWT and RAYS.

Drawdown Indicators

	KWT	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	0.00%	-24.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	—	—
Current Drawdown Current decline from peak	-5.67%	0.00%	-5.67%
Average Drawdown Average peak-to-trough decline	-7.29%	0.00%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	—	—

Volatility

Volatility by Period

	KWT	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	0.00%	+13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	0.00%	+13.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	0.00%	+13.92%

KWT vs. RAYS - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is higher than RAYS's 0.50% expense ratio.

Dividends

KWT vs. RAYS - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.56%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	5.56%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, KWT or RAYS?

On fees, RAYS is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWT or RAYS?

RAYS is cheaper with a 0.50% expense ratio, compared with 0.74% for KWT.

Which ETF pays a higher dividend yield, KWT or RAYS?

KWT has the higher dividend yield at 5.56%, compared with 0.00% for RAYS.

What is the main difference between KWT and RAYS?

KWT is categorized as Financials Equities, while RAYS is Alternative Energy Equities. KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.74% for KWT and 0.50% for RAYS.