UAE vs. QAT
UAE (iShares MSCI UAE ETF) and QAT (iShares MSCI Qatar ETF) are both Emerging Markets Equities funds from iShares - UAE tracks the MSCI All UAE Capped Index while QAT tracks the MSCI All Qatar Capped Index. Both are passively managed. Over the past 10 years, UAE returned 6.42%/yr vs 4.48%/yr for QAT. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.59% expense ratio.
Performance
UAE vs. QAT - Performance Comparison
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Returns By Period
In the year-to-date period, UAE achieves a 8.15% return, which is significantly higher than QAT's 1.40% return. Over the past 10 years, UAE has outperformed QAT with an annualized return of 6.42%, while QAT has yielded a comparatively lower 4.48% annualized return.
UAE
- 1D
- -1.82%
- 1M
- 9.33%
- YTD
- 8.15%
- 6M
- 6.32%
- 1Y
- 20.98%
- 3Y*
- 15.67%
- 5Y*
- 11.21%
- 10Y*
- 6.42%
QAT
- 1D
- -0.63%
- 1M
- 2.48%
- YTD
- 1.40%
- 6M
- 1.29%
- 1Y
- 8.99%
- 3Y*
- 5.98%
- 5Y*
- 3.69%
- 10Y*
- 4.48%
UAE vs. QAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UAE iShares MSCI UAE ETF | 8.15% | 21.35% | 15.25% | 2.91% | -5.36% | 44.16% | -7.23% | 1.59% | -14.42% | 4.99% |
QAT iShares MSCI Qatar ETF | 1.40% | 8.81% | 5.20% | 2.72% | -7.23% | 14.42% | 6.94% | -0.44% | 20.03% | -11.66% |
Correlation
The correlation between UAE and QAT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.36 |
UAE vs. QAT - Sectors Allocation Comparison
Sectors
UAE
QAT
Financial Services
Real Estate
Industrials
Communication Services
Energy
Consumer Cyclical
Utilities
Consumer Defensive
Technology
Basic Materials
Healthcare
-
Financial Services
UAE
QAT
Real Estate
UAE
QAT
Industrials
UAE
QAT
Communication Services
UAE
QAT
Energy
UAE
QAT
Consumer Cyclical
UAE
QAT
Utilities
UAE
QAT
Consumer Defensive
UAE
QAT
Technology
UAE
QAT
Basic Materials
UAE
QAT
Healthcare
UAE
-
QAT
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Return for Risk
UAE vs. QAT — Risk / Return Rank
UAE
QAT
UAE vs. QAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) and iShares MSCI Qatar ETF (QAT). 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.
| UAE | QAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.14 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.85 | +0.13 |
| Martin ratioReturn relative to average drawdown | 2.39 | 1.57 | +0.82 |
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Drawdowns
UAE vs. QAT - Drawdown Comparison
The maximum UAE drawdown since its inception was -60.49%, which is greater than QAT's maximum drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for UAE and QAT.
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Drawdown Indicators
| UAE | QAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.49% | -45.21% | -15.28% |
Max Drawdown (1Y)Largest decline over 1 year | -21.50% | -10.60% | -10.90% |
Max Drawdown (3Y)Largest decline over 3 years | -21.50% | -17.41% | -4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -33.17% | +5.70% |
Max Drawdown (10Y)Largest decline over 10 years | -49.71% | -34.04% | -15.67% |
Current DrawdownCurrent decline from peak | -6.98% | -11.21% | +4.23% |
Average DrawdownAverage peak-to-trough decline | -23.86% | -19.15% | -4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.79% | 5.74% | +3.05% |
Volatility
UAE vs. QAT - Volatility Comparison
iShares MSCI UAE ETF (UAE) has a higher volatility of 8.97% compared to iShares MSCI Qatar ETF (QAT) at 5.69%. This indicates that UAE's price experiences larger fluctuations and is considered to be riskier than QAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UAE | QAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.97% | 5.69% | +3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 20.39% | 11.07% | +9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.93% | 13.27% | +9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.07% | 15.07% | +4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.64% | 17.56% | +2.08% |
UAE vs. QAT - Expense Ratio Comparison
Both UAE and QAT have an expense ratio of 0.59%.
Dividends
UAE vs. QAT - Dividend Comparison
UAE's dividend yield for the trailing twelve months is around 4.26%, less than QAT's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QAT iShares MSCI Qatar ETF | 4.61% | 3.51% | 5.90% | 3.92% | 4.78% | 2.33% | 2.63% | 3.57% | 4.63% | 4.10% | 3.51% | 4.49% |
UAE iShares MSCI UAE ETF | 4.26% | 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 QAT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UAE has higher volatility (8.97%) compared to QAT (5.69%). In terms of maximum drawdown, UAE dropped -60.49% vs QAT's -45.21%.
On 10-year performance, UAE leads with 6.42% vs 4.48% for QAT. Both ETFs have the same 0.59% expense ratio. On volatility, QAT has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UAE has performed better with a 6.42% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UAE and QAT have the same expense ratio: 0.59% per year.
QAT has the higher dividend yield at 4.61%, compared with 4.26% for UAE.
UAE tracks MSCI All UAE Capped Index, while QAT tracks MSCI All Qatar Capped Index.
UAE currently has the higher Sharpe Ratio (0.92 vs 0.68), 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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