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UAE vs. FLSA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UAE vs. FLSA

Last updated Jun 4, 2026

UAE (iShares MSCI UAE ETF) and FLSA (Franklin FTSE Saudi Arabia ETF) are both Emerging Markets Equities funds - UAE tracks the MSCI All UAE Capped Index while FLSA tracks the FTSE Saudi Arabia RIC Capped Index. Both are passively managed. Over the past 5 years, UAE returned 8.83%/yr vs 2.65%/yr for FLSA. At a 0.38 correlation, their price movements are largely independent. UAE charges 0.59%/yr vs 0.39%/yr for FLSA.

Performance

UAE vs. FLSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI UAE ETF (UAE) and Franklin FTSE Saudi Arabia ETF (FLSA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UAE achieves a -2.82% return, which is significantly lower than FLSA's 5.04% return.

UAE

1D
-1.38%
1M
-2.11%
YTD
-2.82%
6M
-0.47%
1Y
4.41%
3Y*
12.18%
5Y*
8.83%
10Y*
5.59%

FLSA

1D
-1.27%
1M
-1.16%
YTD
5.04%
6M
4.94%
1Y
4.24%
3Y*
0.78%
5Y*
2.65%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

UAE vs. FLSA - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
UAE
iShares MSCI UAE ETF		-2.82%21.35%15.25%2.91%-5.36%44.16%-7.23%1.59%-6.88%
FLSA
Franklin FTSE Saudi Arabia ETF		5.04%-7.15%-0.29%12.99%-3.58%35.72%3.73%9.46%2.95%

Correlation

The correlation between UAE and FLSA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2018

0.38

The correlation between UAE and FLSA shifts across timeframes, from 0.38 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

UAE vs. FLSA - Sectors Allocation Comparison

Sectors
UAE
FLSA

Financial Services

38.0%
40.5%

Real Estate

20.5%
3.0%

Industrials

11.4%
3.7%

Communication Services

9.6%
9.4%

Energy

8.3%
13.9%

Consumer Cyclical

5.2%
1.7%

Utilities

4.3%
4.7%

Consumer Defensive

1.7%
2.4%

Technology

1.0%
1.3%

Basic Materials

0.1%
15.7%

Healthcare

-

3.5%

Financial Services

UAE
38.0%
FLSA
40.5%

Real Estate

UAE
20.5%
FLSA
3.0%

Industrials

UAE
11.4%
FLSA
3.7%

Communication Services

UAE
9.6%
FLSA
9.4%

Energy

UAE
8.3%
FLSA
13.9%

Consumer Cyclical

UAE
5.2%
FLSA
1.7%

Utilities

UAE
4.3%
FLSA
4.7%

Consumer Defensive

UAE
1.7%
FLSA
2.4%

Technology

UAE
1.0%
FLSA
1.3%

Basic Materials

UAE
0.1%
FLSA
15.7%

Healthcare

UAE

-

FLSA
3.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI UAE ETF

Franklin FTSE Saudi Arabia ETF

Often compared with UAE:
UAE vs. KSAUAE vs. QATUAE vs. SPYUAE vs. VOOUAE vs. STLAUAE vs. EWZUAE vs. XLP
Often compared with FLSA:
FLSA vs. KSAFLSA vs. KWTFLSA vs. VOOFLSA vs. AAPLFLSA vs. QQQMFLSA vs. VWOFLSA vs. SPY

Return for Risk

UAE vs. FLSA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UAE
UAE Risk / Return Rank: 1111
Overall Rank
UAE Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UAE Sortino Ratio Rank: 1111
Sortino Ratio Rank
UAE Omega Ratio Rank: 1111
Omega Ratio Rank
UAE Calmar Ratio Rank: 1111
Calmar Ratio Rank
UAE Martin Ratio Rank: 1111
Martin Ratio Rank
FLSA
FLSA Risk / Return Rank: 1313
Overall Rank
FLSA Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
FLSA Sortino Ratio Rank: 1212
Sortino Ratio Rank
FLSA Omega Ratio Rank: 1212
Omega Ratio Rank
FLSA Calmar Ratio Rank: 1313
Calmar Ratio Rank
FLSA Martin Ratio Rank: 1313
Martin Ratio Rank
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.

UAE vs. FLSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) and Franklin FTSE Saudi Arabia ETF (FLSA). 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.

UAEFLSADifference
Sharpe ratioReturn per unit of total volatility
0.20
0.26

-0.06

Sortino ratioReturn per unit of downside risk
0.44
0.55

-0.10

Omega ratioGain probability vs. loss probability

1.06

1.06

-0.01

Calmar ratioReturn relative to maximum drawdown

0.21

0.38

-0.17

Martin ratioReturn relative to average drawdown

0.53

0.85

-0.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UAE vs. FLSA - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is 0.20, which is comparable to the FLSA Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of UAE and FLSA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UAEFLSADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

0.26

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.17

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

0.36

-0.30

Drawdowns

UAE vs. FLSA - Drawdown Comparison

The maximum UAE drawdown since its inception was -60.49%, which is greater than FLSA's maximum drawdown of -38.31%. Use the drawdown chart below to compare losses from any high point for UAE and FLSA.

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Drawdown Indicators

UAEFLSADifference

Max Drawdown

Largest peak-to-trough decline

-60.49%

-38.31%

-22.18%

Max Drawdown (1Y)

Largest decline over 1 year

-21.50%

-11.30%

-10.20%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-14.95%

-6.55%

Max Drawdown (5Y)

Largest decline over 5 years

-27.47%

-27.25%

-0.22%

Max Drawdown (10Y)

Largest decline over 10 years

-49.71%

—

—

Current Drawdown

Current decline from peak

-16.42%

-15.86%

-0.56%

Average Drawdown

Average peak-to-trough decline

-23.91%

-12.20%

-11.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.37%

5.03%

+3.34%

Volatility

UAE vs. FLSA - Volatility Comparison

iShares MSCI UAE ETF (UAE) has a higher volatility of 6.49% compared to Franklin FTSE Saudi Arabia ETF (FLSA) at 3.54%. This indicates that UAE's price experiences larger fluctuations and is considered to be riskier than FLSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UAEFLSADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

3.54%

+2.95%

Volatility (6M)

Calculated over the trailing 6-month period

19.05%

12.08%

+6.97%

Volatility (1Y)

Calculated over the trailing 1-year period

21.99%

16.40%

+5.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.77%

15.72%

+3.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.54%

19.41%

+0.13%

UAE vs. FLSA - Expense Ratio Comparison

UAE has a 0.59% expense ratio, which is higher than FLSA's 0.39% expense ratio.

Dividends

UAE vs. FLSA - Dividend Comparison

UAE's dividend yield for the trailing twelve months is around 4.22%, more than FLSA's 3.82% yield.

PositionTTM20252024202320222021202020192018201720162015
FLSA
Franklin FTSE Saudi Arabia ETF		3.82%4.01%3.01%3.09%1.90%1.95%2.16%3.18%0.00%0.00%0.00%0.00%
UAE
iShares MSCI UAE ETF		4.22%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

UAE and FLSA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UAE has higher volatility (6.49%) compared to FLSA (3.54%). In terms of maximum drawdown, UAE dropped -60.49% vs FLSA's -38.31%.

On 5-year performance, UAE leads with 8.83% vs 2.65% for FLSA. On fees, FLSA is cheaper at 0.39% per year. On volatility, FLSA has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, UAE has performed better with a 8.83% return vs 2.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLSA is cheaper with a 0.39% expense ratio, compared with 0.59% for UAE.

UAE has the higher dividend yield at 4.22%, compared with 3.82% for FLSA.

UAE tracks MSCI All UAE Capped Index, while FLSA tracks FTSE Saudi Arabia RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.59% for UAE and 0.39% for FLSA.

FLSA currently has the higher Sharpe Ratio (0.26 vs 0.20), 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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