QAT vs. UAE
QAT (iShares MSCI Qatar ETF) and UAE (iShares MSCI UAE ETF) are both Emerging Markets Equities funds from iShares - QAT tracks the MSCI All Qatar Capped Index while UAE tracks the MSCI All UAE Capped Index. Both are passively managed. Over the past 10 years, QAT returned 4.48%/yr vs 6.42%/yr for UAE. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.
Performance
QAT vs. UAE - Performance Comparison
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Returns By Period
In the year-to-date period, QAT achieves a 1.40% return, which is significantly lower than UAE's 8.15% return. Over the past 10 years, QAT has underperformed UAE with an annualized return of 4.48%, while UAE has yielded a comparatively higher 6.42% annualized return.
QAT
- 1D
- -0.63%
- 1M
- 2.48%
- YTD
- 1.40%
- 6M
- 1.29%
- 1Y
- 8.99%
- 3Y*
- 5.98%
- 5Y*
- 3.69%
- 10Y*
- 4.48%
UAE
- 1D
- -1.82%
- 1M
- 9.33%
- YTD
- 8.15%
- 6M
- 6.32%
- 1Y
- 20.98%
- 3Y*
- 15.67%
- 5Y*
- 11.21%
- 10Y*
- 6.42%
QAT vs. UAE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | 1.40% | 8.81% | 5.20% | 2.72% | -7.23% | 14.42% | 6.94% | -0.44% | 20.03% | -11.66% |
UAE iShares MSCI UAE ETF | 8.15% | 21.35% | 15.25% | 2.91% | -5.36% | 44.16% | -7.23% | 1.59% | -14.42% | 4.99% |
Correlation
The correlation between QAT and UAE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.36 |
QAT vs. UAE - Sectors Allocation Comparison
Sectors
QAT
UAE
Financial Services
Basic Materials
Industrials
Energy
Communication Services
Real Estate
Utilities
Technology
Healthcare
-
Consumer Cyclical
Consumer Defensive
Financial Services
QAT
UAE
Basic Materials
QAT
UAE
Industrials
QAT
UAE
Energy
QAT
UAE
Communication Services
QAT
UAE
Real Estate
QAT
UAE
Utilities
QAT
UAE
Technology
QAT
UAE
Healthcare
QAT
UAE
-
Consumer Cyclical
QAT
UAE
Consumer Defensive
QAT
UAE
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Return for Risk
QAT vs. UAE — Risk / Return Rank
QAT
UAE
QAT vs. UAE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and iShares MSCI UAE ETF (UAE). 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.
| QAT | UAE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.18 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.98 | -0.13 |
| Martin ratioReturn relative to average drawdown | 1.57 | 2.39 | -0.82 |
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Drawdowns
QAT vs. UAE - Drawdown Comparison
The maximum QAT drawdown since its inception was -45.21%, smaller than the maximum UAE drawdown of -60.49%. Use the drawdown chart below to compare losses from any high point for QAT and UAE.
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Drawdown Indicators
| QAT | UAE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -60.49% | +15.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.60% | -21.50% | +10.90% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -21.50% | +4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -27.47% | -5.70% |
Max Drawdown (10Y)Largest decline over 10 years | -34.04% | -49.71% | +15.67% |
Current DrawdownCurrent decline from peak | -11.21% | -6.98% | -4.23% |
Average DrawdownAverage peak-to-trough decline | -19.15% | -23.86% | +4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.74% | 8.79% | -3.05% |
Volatility
QAT vs. UAE - Volatility Comparison
The current volatility for iShares MSCI Qatar ETF (QAT) is 5.69%, while iShares MSCI UAE ETF (UAE) has a volatility of 8.97%. This indicates that QAT experiences smaller price fluctuations and is considered to be less risky than UAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAT | UAE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 8.97% | -3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.07% | 20.39% | -9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.27% | 22.93% | -9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.07% | 19.07% | -4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.56% | 19.64% | -2.08% |
QAT vs. UAE - Expense Ratio Comparison
Both QAT and UAE have an expense ratio of 0.59%.
Dividends
QAT vs. UAE - Dividend Comparison
QAT's dividend yield for the trailing twelve months is around 4.61%, more than UAE's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | 4.61% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
UAE iShares MSCI UAE ETF | 4.26% | 4.10% | 3.32% | 3.25% | 2.67% | 4.88% | 4.75% | 3.54% | 5.56% | 3.38% | 4.74% | 3.77% |
Frequently Asked Questions
QAT and UAE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UAE has higher volatility (8.97%) compared to QAT (5.69%). In terms of maximum drawdown, QAT dropped -45.21% vs UAE's -60.49%.
On 10-year performance, UAE leads with 6.42% vs 4.48% for QAT. Both ETFs have the same 0.59% expense ratio. On volatility, QAT has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UAE has performed better with a 6.42% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAT and UAE have the same expense ratio: 0.59% per year.
QAT has the higher dividend yield at 4.61%, compared with 4.26% for UAE.
QAT tracks MSCI All Qatar Capped Index, while UAE tracks MSCI All UAE Capped Index.
UAE currently has the higher Sharpe Ratio (0.92 vs 0.68), 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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