SPUS vs. KSA

Last updated Jun 4, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions 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, SPUS returned 17.46%/yr vs 1.95%/yr for KSA. At a 0.39 correlation, their price movements are largely independent. SPUS charges 0.45%/yr vs 0.74%/yr for KSA.

Performance

SPUS vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) 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, SPUS achieves a 15.82% return, which is significantly higher than KSA's 4.97% return.

SPUS

• 1D: -0.86%
• 1M: 9.49%
• YTD: 15.82%
• 6M: 15.21%
• 1Y: 40.24%
• 3Y*: 24.89%
• 5Y*: 17.46%
• 10Y*: —

KSA

• 1D: -1.27%
• 1M: -1.32%
• YTD: 4.97%
• 6M: 4.43%
• 1Y: 3.56%
• 3Y*: 0.52%
• 5Y*: 1.95%
• 10Y*: 7.46%

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

SPUS vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	15.82%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.81%
KSA iShares MSCI Saudi Arabia ETF	4.97%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	1.51%

Correlation

The correlation between SPUS and KSA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019	0.39

SPUS vs. KSA - Sectors Allocation Comparison

Sectors	SPUS	KSA
Technology	57.3%	2.2%
Healthcare	11.1%	4.3%
Consumer Cyclical	7.3%	2.3%
Industrials	7.0%	4.4%
Communication Services	6.4%	8.2%
Energy	3.3%	13.0%
Basic Materials	3.0%	13.3%
Consumer Defensive	2.9%	3.8%
Real Estate	1.4%	3.5%
Utilities	0.3%	4.6%
Financial Services	-	39.7%

Return for Risk

SPUS vs. KSA — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 81
SPUS Sharpe Ratio Rank: 85
SPUS Sortino Ratio Rank: 83
SPUS Omega Ratio Rank: 80
SPUS Calmar Ratio Rank: 74
SPUS Martin Ratio Rank: 81

KSA

KSA Risk / Return Rank: 12
KSA Sharpe Ratio Rank: 11
KSA Sortino Ratio Rank: 12
KSA Omega Ratio Rank: 11
KSA Calmar Ratio Rank: 12
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.

SPUS vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) 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.

	SPUS	KSA	Difference
Sharpe ratio Return per unit of total volatility	2.86	0.21	+2.64
Sortino ratio Return per unit of downside risk	3.79	0.47	+3.31
Omega ratio Gain probability vs. loss probability	1.49	1.05	+0.44
Calmar ratio Return relative to maximum drawdown	3.79	0.31	+3.49
Martin ratio Return relative to average drawdown	16.32	0.69	+15.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUS vs. KSA - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 2.86, which is higher than the KSA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of SPUS 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

	SPUS	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	0.21	+2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.12	+0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.30	+0.61

Drawdowns

SPUS vs. KSA - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum KSA drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for SPUS and KSA.

Drawdown Indicators

	SPUS	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-40.56%	+9.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-11.62%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-15.56%	-7.26%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-28.08%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-0.86%	-16.69%	+15.83%
Average Drawdown Average peak-to-trough decline	-6.21%	-11.43%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	5.18%	-2.71%

Volatility

SPUS vs. KSA - Volatility Comparison

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a higher volatility of 4.00% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.70%. This indicates that SPUS's price experiences larger fluctuations and is considered to be riskier than KSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.70%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	12.20%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	16.68%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	15.88%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	20.04%	+1.24%

SPUS vs. KSA - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

SPUS vs. KSA - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.52%, less than KSA's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.81%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.52%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUS and KSA in my portfolio?

SPUS and KSA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUS or KSA?

SPUS has higher volatility (4.00%) compared to KSA (3.70%). In terms of maximum drawdown, SPUS dropped -30.80% vs KSA's -40.56%.

Which ETF is better, SPUS or KSA?

On 5-year performance, SPUS leads with 17.46% vs 1.95% for KSA. On fees, SPUS is cheaper at 0.45% per year. On volatility, KSA has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or KSA?

Over the 5-year period, SPUS has performed better with a 17.46% return vs 1.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or KSA?

SPUS is cheaper with a 0.45% expense ratio, compared with 0.74% for KSA.

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

KSA has the higher dividend yield at 2.81%, compared with 0.52% for SPUS.

What is the main difference between SPUS and KSA?

SPUS is categorized as S&P 500, while KSA is Emerging Markets Equities. SPUS tracks S&P 500 Shariah Industry Exclusions Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. They also come from different issuers: SP Funds and iShares. Their fees differ too: 0.45% for SPUS and 0.74% for KSA.

Which has better risk-adjusted returns?

SPUS currently has the higher Sharpe Ratio (2.86 vs 0.21), 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.