SPWO vs. KSA

Last updated Jul 14, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah 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 year, SPWO returned 35.14% vs -1.95% for KSA. At a 0.36 correlation, their price movements are largely independent. SPWO charges 0.55%/yr vs 0.74%/yr for KSA.

Performance

SPWO vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) 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, SPWO achieves a 19.38% return, which is significantly higher than KSA's 3.48% return.

SPWO

• 1D: -2.82%
• 1M: -3.84%
• 6M: 12.54%
• YTD: 19.38%
• 1Y: 35.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSA

• 1D: -0.38%
• 1M: -4.32%
• 6M: -0.38%
• YTD: 3.48%
• 1Y: -1.95%
• 3Y*: -1.39%
• 5Y*: 1.62%
• 10Y*: 7.27%

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

SPWO vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	19.38%	26.32%	9.25%	1.36%
KSA iShares MSCI Saudi Arabia ETF	3.48%	-8.20%	-0.19%	2.01%

Correlation

The correlation between SPWO and KSA is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.36

SPWO vs. KSA - Sectors Allocation Comparison

Sectors	SPWO	KSA
Technology	49.7%	1.6%
Industrials	11.9%	3.5%
Healthcare	10.8%	4.7%
Consumer Cyclical	10.3%	4.2%
Basic Materials	7.3%	13.5%
Consumer Defensive	4.1%	3.7%
Energy	2.6%	13.3%
Communication Services	1.6%	8.3%
Financial Services	0.8%	40.5%
Real Estate	0.7%	2.4%
Utilities	0.3%	4.3%

Return for Risk

SPWO vs. KSA — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 60
SPWO Sharpe Ratio Rank: 58
SPWO Sortino Ratio Rank: 53
SPWO Omega Ratio Rank: 58
SPWO Calmar Ratio Rank: 65
SPWO Martin Ratio Rank: 64

KSA

KSA Risk / Return Rank: 8
KSA Sharpe Ratio Rank: 8
KSA Sortino Ratio Rank: 7
KSA Omega Ratio Rank: 7
KSA Calmar Ratio Rank: 8
KSA Martin Ratio Rank: 7

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.

SPWO vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

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.

	SPWO	KSA	Difference
Sharpe ratio: Return per unit of total volatility	1.56	-0.12	+1.68
Sortino ratio: Return per unit of downside risk	2.08	-0.06	+2.14
Omega ratio: Gain probability vs. loss probability	1.28	0.99	+0.29
Calmar ratio: Return relative to maximum drawdown	2.57	-0.17	+2.74
Martin ratio: Return relative to average drawdown	9.16	-0.37	+9.52

SPWO vs. KSA - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 1.56, which is higher than the KSA Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of SPWO 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.

Drawdowns

SPWO vs. KSA - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum KSA drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for SPWO and KSA.

Drawdown Indicators

	SPWO	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-40.56%	+22.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-11.62%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-7.48%	-17.87%	+10.39%
Average Drawdown Average peak-to-trough decline	-2.84%	-11.48%	+8.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	5.40%	-1.55%

Volatility

SPWO vs. KSA - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 10.45% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.20%. This indicates that SPWO'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

	SPWO	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	3.20%	+7.25%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	11.90%	+8.22%
Volatility (1Y) Calculated over the trailing 1-year period	22.71%	16.43%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	15.96%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	19.99%	+0.15%

SPWO vs. KSA - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

SPWO vs. KSA - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.09%, less than KSA's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.78%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
SPWO SP Funds S&P World (ex-US) ETF	1.09%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPWO and KSA in my portfolio?

SPWO and KSA have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or KSA?

SPWO has higher volatility (10.45%) compared to KSA (3.20%). In terms of maximum drawdown, SPWO dropped -18.03% vs KSA's -40.56%.

Which ETF is better, SPWO or KSA?

On 1-year performance, SPWO leads with 35.14% vs -1.95% for KSA. On fees, SPWO is cheaper at 0.55% per year. On volatility, KSA has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or KSA?

Over the 1-year period, SPWO has performed better with a 35.14% return vs -1.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or KSA?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.74% for KSA.

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

KSA has the higher dividend yield at 2.78%, compared with 1.09% for SPWO.

What is the main difference between SPWO and KSA?

SPWO is categorized as Foreign Large Cap Equities, while KSA is Emerging Markets Equities. SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah 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: 0.55% for SPWO and 0.74% for KSA.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (1.56 vs -0.12), 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.