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QAT vs. STXE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAT vs. STXE

Last updated Aug 6, 2026
Documentation

QAT (iShares MSCI Qatar ETF) and STXE (Strive Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - QAT tracks the MSCI All Qatar Capped Index while STXE tracks the Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, QAT returned 2.83%/yr vs 25.30%/yr for STXE. Their 0.34 correlation means their historical movements had little consistent relationship. QAT charges 0.59%/yr vs 0.32%/yr for STXE.

Performance

QAT vs. STXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Qatar ETF (QAT) and Strive Emerging Markets Ex-China ETF (STXE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QAT achieves a -1.83% return, which is significantly lower than STXE's 35.25% return.

QAT

1D
0.28%
1M
-2.43%
6M
-7.44%
YTD
-1.83%
1Y
-5.50%
3Y*
2.83%
5Y*
2.98%
10Y*
3.16%
ALL TIME*
1.14%

STXE

1D
-0.75%
1M
-6.20%
6M
21.27%
YTD
35.25%
1Y
59.14%
3Y*
25.30%
5Y*
—
10Y*
—
ALL TIME*
23.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QAT

iShares MSCI Qatar ETF
$500.62K$592.29K$1.11M

STXE

Strive Emerging Markets Ex-China ETF
$417.45K$480.46K$563.70K

QAT vs. STXE - Yearly Performance Comparison

2026 (YTD)202520242023
QAT
iShares MSCI Qatar ETF		-1.83%8.81%5.20%-2.06%
STXE
Strive Emerging Markets Ex-China ETF		35.25%34.23%2.09%12.38%

Correlation

The correlation between QAT and STXE is 0.35, which is low. Their historical price movements had little consistent relationship.

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

0.35

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

0.35

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2023

0.34

QAT vs. STXE - Sectors Allocation Comparison

Sectors
QAT
STXE

Financial Services

55.7%
15.7%

Basic Materials

11.9%
6.2%

Industrials

8.6%
5.0%

Energy

7.7%
3.5%

Communication Services

6.4%
3.2%

Real Estate

3.9%
0.4%

Utilities

2.5%
1.1%

Technology

1.0%
40.3%

Healthcare

0.8%
0.6%

Consumer Cyclical

0.8%
1.4%

Consumer Defensive

0.7%
1.7%

Financial Services

QAT
55.7%
STXE
15.7%

Basic Materials

QAT
11.9%
STXE
6.2%

Industrials

QAT
8.6%
STXE
5.0%

Energy

QAT
7.7%
STXE
3.5%

Communication Services

QAT
6.4%
STXE
3.2%

Real Estate

QAT
3.9%
STXE
0.4%

Utilities

QAT
2.5%
STXE
1.1%

Technology

QAT
1.0%
STXE
40.3%

Healthcare

QAT
0.8%
STXE
0.6%

Consumer Cyclical

QAT
0.8%
STXE
1.4%

Consumer Defensive

QAT
0.7%
STXE
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 Qatar ETF

Strive Emerging Markets Ex-China ETF

Often compared with QAT:
QAT vs. UAEQAT vs. KSAQAT vs. ENORQAT vs. SJMQAT vs. EDENQAT vs. EIRLQAT vs. VOO
Often compared with STXE:
STXE vs. EWSSTXE vs. EMXCSTXE vs. EWYSTXE vs. SCHFSTXE vs. STXTSTXE vs. VEUSTXE vs. KEMX

Return for Risk

QAT vs. STXE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QAT
QAT Risk / Return Rank: 55
Overall Rank
QAT Sharpe Ratio Rank: 66
Sharpe Ratio Rank
QAT Sortino Ratio Rank: 55
Sortino Ratio Rank
QAT Omega Ratio Rank: 55
Omega Ratio Rank
QAT Calmar Ratio Rank: 55
Calmar Ratio Rank
QAT Martin Ratio Rank: 55
Martin Ratio Rank
STXE
STXE Risk / Return Rank: 7474
Overall Rank
STXE Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
STXE Sortino Ratio Rank: 6868
Sortino Ratio Rank
STXE Omega Ratio Rank: 7777
Omega Ratio Rank
STXE Calmar Ratio Rank: 7373
Calmar Ratio Rank
STXE Martin Ratio Rank: 7575
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.

QAT vs. STXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and Strive Emerging Markets Ex-China ETF (STXE). 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.

QATSTXEDifference
Sharpe ratioReturn per unit of total volatility
-0.41
1.98

-2.39

Sortino ratioReturn per unit of downside risk
-0.51
2.53

-3.03

Omega ratioGain probability vs. loss probability

0.94

1.36

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.48

2.92

-3.40

Martin ratioReturn relative to average drawdown

-0.83

10.65

-11.48

QAT vs. STXE - Sharpe Ratio Comparison

The current QAT Sharpe Ratio is -0.41, which is lower than the STXE Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of QAT and STXE, 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

QAT vs. STXE - Drawdown Comparison

The maximum QAT drawdown since its inception was -45.21%, which is greater than STXE's maximum drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for QAT and STXE.

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Drawdown Indicators

QATSTXEDifference

Max Drawdown

Largest peak-to-trough decline

-45.21%

-20.38%

-24.83%

Max Drawdown (1Y)

Largest decline over 1 year

-11.48%

-20.38%

+8.90%

Max Drawdown (3Y)

Largest decline over 3 years

-14.84%

-20.38%

+5.54%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.04%

—

—

Current Drawdown

Current decline from peak

-14.03%

-12.14%

-1.89%

Average Drawdown

Average peak-to-trough decline

-19.10%

-3.98%

-15.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.61%

5.57%

+1.04%

Volatility

QAT vs. STXE - Volatility Comparison

The current volatility for iShares MSCI Qatar ETF (QAT) is 3.04%, while Strive Emerging Markets Ex-China ETF (STXE) has a volatility of 12.10%. This indicates that QAT experiences smaller price fluctuations and is considered to be less risky than STXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QATSTXEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

12.10%

-9.06%

Volatility (6M)

Calculated over the trailing 6-month period

11.06%

28.19%

-17.13%

Volatility (1Y)

Calculated over the trailing 1-year period

13.45%

29.99%

-16.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.10%

20.22%

-5.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

20.22%

-2.72%

QAT vs. STXE - Expense Ratio Comparison

QAT has a 0.59% expense ratio, which is higher than STXE's 0.32% expense ratio.

Dividends

QAT vs. STXE - Dividend Comparison

QAT's dividend yield for the trailing twelve months is around 4.76%, more than STXE's 1.86% yield.

PositionTTM20252024202320222021202020192018201720162015
QAT
iShares MSCI Qatar ETF		4.76%3.51%5.90%3.92%4.78%2.33%2.63%3.57%4.63%4.10%3.51%4.49%
STXE
Strive Emerging Markets Ex-China ETF		1.86%2.66%3.22%1.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QAT and STXE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

STXE has higher volatility (12.10%) compared to QAT (3.04%). In terms of maximum drawdown, QAT dropped -45.21% vs STXE's -20.38%.

On 3-year performance, STXE leads with 25.30% vs 2.83% for QAT. On fees, STXE is cheaper at 0.32% per year. On volatility, QAT has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, STXE has performed better with a 25.30% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

STXE is cheaper with a 0.32% expense ratio, compared with 0.59% for QAT.

QAT has the higher dividend yield at 4.76%, compared with 1.86% for STXE.

QAT tracks MSCI All Qatar Capped Index, while STXE tracks Bloomberg US 1000 Dividend Growth Index - Benchmark TR Gross. They also come from different issuers: iShares and Strive. Their fees differ too: 0.59% for QAT and 0.32% for STXE.

STXE currently has the higher Sharpe Ratio (1.98 vs -0.41), 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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