SPRE vs. KSA

Last updated Jun 3, 2026

SPRE (SP Funds S&P Global REIT Sharia ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - SPRE is a REIT fund tracking the S&P Global All Equity REIT Shariah Capped Index, while KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 5 years, SPRE returned 1.62%/yr vs 2.27%/yr for KSA. At a 0.29 correlation, their price movements are largely independent. SPRE charges 0.69%/yr vs 0.74%/yr for KSA.

Performance

SPRE vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P Global REIT Sharia ETF (SPRE) and iShares MSCI Saudi Arabia ETF (KSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPRE achieves a 7.88% return, which is significantly higher than KSA's 6.32% return.

SPRE

• 1D: 0.73%
• 1M: -1.70%
• YTD: 7.88%
• 6M: 8.62%
• 1Y: 10.66%
• 3Y*: 6.67%
• 5Y*: 1.62%
• 10Y*: —

KSA

• 1D: 1.71%
• 1M: -1.53%
• YTD: 6.32%
• 6M: 5.94%
• 1Y: 4.45%
• 3Y*: 0.95%
• 5Y*: 2.27%
• 10Y*: 7.60%

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

SPRE vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPRE SP Funds S&P Global REIT Sharia ETF	7.88%	3.07%	2.11%	9.40%	-29.48%	44.78%	0.73%
KSA iShares MSCI Saudi Arabia ETF	6.32%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	-1.33%

Correlation

The correlation between SPRE and KSA is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 31, 2020	0.29

The correlation between SPRE and KSA shifts across timeframes, from 0.19 (1 year) to 0.31 (3 years), reflecting how their relationship changes across market environments.

SPRE vs. KSA - Sectors Allocation Comparison

Sectors	SPRE	KSA
Real Estate	84.4%	3.5%
Basic Materials	5.0%	13.3%
Utilities	0.4%	4.6%
Financial Services	0.1%	39.7%
Consumer Cyclical	-	2.3%
Consumer Defensive	-	3.8%
Energy	-	13.0%
Healthcare	-	4.3%
Industrials	-	4.4%
Technology	-	2.2%
Communication Services	-0.0%	8.2%

Return for Risk

SPRE vs. KSA — Risk / Return Rank

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

SPRE

SPRE Risk / Return Rank: 24
SPRE Sharpe Ratio Rank: 23
SPRE Sortino Ratio Rank: 22
SPRE Omega Ratio Rank: 22
SPRE Calmar Ratio Rank: 24
SPRE Martin Ratio Rank: 27

KSA

KSA Risk / Return Rank: 13
KSA Sharpe Ratio Rank: 13
KSA Sortino Ratio Rank: 13
KSA Omega Ratio Rank: 13
KSA Calmar Ratio Rank: 13
KSA Martin Ratio Rank: 12

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.

SPRE vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P Global REIT Sharia ETF (SPRE) and iShares MSCI Saudi Arabia ETF (KSA). 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.

	SPRE	KSA	Difference
Sharpe ratio Return per unit of total volatility	0.81	0.27	+0.54
Sortino ratio Return per unit of downside risk	1.19	0.56	+0.63
Omega ratio Gain probability vs. loss probability	1.15	1.06	+0.08
Calmar ratio Return relative to maximum drawdown	1.15	0.34	+0.80
Martin ratio Return relative to average drawdown	3.91	0.77	+3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPRE vs. KSA - Sharpe Ratio Comparison

The current SPRE Sharpe Ratio is 0.81, which is higher than the KSA Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of SPRE and KSA, 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

	SPRE	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.27	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.14	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.31	-0.06

Drawdowns

SPRE vs. KSA - Drawdown Comparison

The maximum SPRE drawdown since its inception was -38.34%, smaller than the maximum KSA drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for SPRE and KSA.

Drawdown Indicators

	SPRE	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-38.34%	-40.56%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-11.62%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.04%	-15.56%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	-38.34%	-28.08%	-10.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-12.42%	-15.62%	+3.20%
Average Drawdown Average peak-to-trough decline	-17.93%	-11.43%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	5.17%	-2.34%

Volatility

SPRE vs. KSA - Volatility Comparison

SP Funds S&P Global REIT Sharia ETF (SPRE) and iShares MSCI Saudi Arabia ETF (KSA) have volatilities of 3.87% and 3.78%, 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

	SPRE	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.78%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	12.18%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	16.63%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.74%	15.87%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	20.04%	-1.62%

SPRE vs. KSA - Expense Ratio Comparison

SPRE has a 0.69% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

SPRE vs. KSA - Dividend Comparison

SPRE's dividend yield for the trailing twelve months is around 3.86%, more than KSA's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.77%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
SPRE SP Funds S&P Global REIT Sharia ETF	3.86%	4.10%	4.13%	4.16%	4.17%	2.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPRE and KSA in my portfolio?

SPRE and KSA have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPRE or KSA?

SPRE has higher volatility (3.87%) compared to KSA (3.78%). In terms of maximum drawdown, SPRE dropped -38.34% vs KSA's -40.56%.

Which ETF is better, SPRE or KSA?

On 5-year performance, KSA leads with 2.27% vs 1.62% for SPRE. On fees, SPRE is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPRE or KSA?

Over the 5-year period, KSA has performed better with a 2.27% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRE or KSA?

SPRE is cheaper with a 0.69% expense ratio, compared with 0.74% for KSA.

Which ETF pays a higher dividend yield, SPRE or KSA?

SPRE has the higher dividend yield at 3.86%, compared with 2.77% for KSA.

What is the main difference between SPRE and KSA?

SPRE is categorized as REIT, while KSA is Emerging Markets Equities. SPRE tracks S&P Global All Equity REIT Shariah Capped Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. They also come from different issuers: Toroso Investments and iShares. Their fees differ too: 0.69% for SPRE and 0.74% for KSA.

Which has better risk-adjusted returns?

SPRE currently has the higher Sharpe Ratio (0.81 vs 0.27), 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.