TUR vs. KSA

Last updated Jun 4, 2026

TUR (iShares MSCI Turkey ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both Emerging Markets Equities funds from iShares - TUR tracks the MSCI Turkey Investable Market Index while KSA tracks the MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Both are passively managed. Over the past 10 years, TUR returned 2.47%/yr vs 7.46%/yr for KSA. At a 0.23 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.74%/yr for KSA.

Performance

TUR vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) 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, TUR achieves a 13.80% return, which is significantly higher than KSA's 4.97% return. Over the past 10 years, TUR has underperformed KSA with an annualized return of 2.47%, while KSA has yielded a comparatively higher 7.46% annualized return.

TUR

• 1D: -2.34%
• 1M: -6.69%
• YTD: 13.80%
• 6M: 16.84%
• 1Y: 30.29%
• 3Y*: 10.24%
• 5Y*: 14.80%
• 10Y*: 2.47%

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)

TUR vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUR iShares MSCI Turkey ETF	13.80%	-1.54%	12.91%	-8.83%	105.75%	-27.41%	-1.19%	14.49%	-41.46%	37.58%
KSA iShares MSCI Saudi Arabia ETF	4.97%	-8.20%	-0.19%	15.05%	-6.06%	33.62%	2.65%	9.30%	13.07%	6.14%

Correlation

The correlation between TUR and KSA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.23

TUR vs. KSA - Sectors Allocation Comparison

Sectors	TUR	KSA
Industrials	25.7%	4.4%
Financial Services	15.3%	39.7%
Consumer Defensive	13.7%	3.8%
Basic Materials	11.5%	13.3%
Energy	6.2%	13.0%
Consumer Cyclical	5.0%	2.3%
Communication Services	3.2%	8.2%
Healthcare	2.0%	4.3%
Utilities	1.7%	4.6%
Real Estate	1.2%	3.5%
Technology	0.8%	2.2%

Return for Risk

TUR vs. KSA — Risk / Return Rank

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

TUR

TUR Risk / Return Rank: 35
TUR Sharpe Ratio Rank: 33
TUR Sortino Ratio Rank: 33
TUR Omega Ratio Rank: 35
TUR Calmar Ratio Rank: 38
TUR Martin Ratio Rank: 36

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.

TUR vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) 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.

	TUR	KSA	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.21	+0.99
Sortino ratio: Return per unit of downside risk	1.79	0.47	+1.32
Omega ratio: Gain probability vs. loss probability	1.24	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	1.89	0.31	+1.59
Martin ratio: Return relative to average drawdown	5.67	0.69	+4.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUR vs. KSA - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 1.20, which is higher than the KSA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of TUR 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

	TUR	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	0.21	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.12	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.37	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.30	-0.27

Drawdowns

TUR vs. KSA - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, which is greater than KSA's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for TUR and KSA.

Drawdown Indicators

	TUR	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-40.56%	-31.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-11.62%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-31.63%	-15.56%	-16.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-28.08%	-3.55%
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	-40.56%	-18.69%
Current Drawdown Current decline from peak	-28.38%	-16.69%	-11.69%
Average Drawdown Average peak-to-trough decline	-39.90%	-11.43%	-28.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	5.18%	+0.18%

Volatility

TUR vs. KSA - Volatility Comparison

iShares MSCI Turkey ETF (TUR) has a higher volatility of 14.14% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.70%. This indicates that TUR'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

	TUR	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.14%	3.70%	+10.44%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	12.20%	+7.70%
Volatility (1Y) Calculated over the trailing 1-year period	25.40%	16.68%	+8.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.16%	15.88%	+18.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.39%	20.04%	+14.35%

TUR vs. KSA - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

TUR vs. KSA - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.11%, 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%
TUR iShares MSCI Turkey ETF	2.11%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%

Frequently Asked Questions

Can I hold both TUR and KSA in my portfolio?

TUR and KSA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUR or KSA?

TUR has higher volatility (14.14%) compared to KSA (3.70%). In terms of maximum drawdown, TUR dropped -72.34% vs KSA's -40.56%.

Which ETF is better, TUR or KSA?

On 10-year performance, KSA leads with 7.46% vs 2.47% for TUR. On fees, TUR is cheaper at 0.59% 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, TUR or KSA?

Over the 10-year period, KSA has performed better with a 7.46% return vs 2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUR or KSA?

TUR is cheaper with a 0.59% expense ratio, compared with 0.74% for KSA.

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

KSA has the higher dividend yield at 2.81%, compared with 2.11% for TUR.

What is the main difference between TUR and KSA?

TUR tracks MSCI Turkey Investable Market Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. Their fees differ too: 0.59% for TUR and 0.74% for KSA.

Which has better risk-adjusted returns?

TUR currently has the higher Sharpe Ratio (1.20 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.