UMMA vs. KSA

Last updated Jun 5, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and KSA (iShares MSCI Saudi Arabia ETF) are both exchange-traded funds - UMMA is a Foreign Large Cap Equities fund tracking the Dow Jones Islamic Market International Titans 100 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 3 years, UMMA returned 22.81%/yr vs 0.50%/yr for KSA. At a 0.39 correlation, their price movements are largely independent. UMMA charges 0.65%/yr vs 0.74%/yr for KSA.

Performance

UMMA vs. KSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed Dow Jones Islamic World ETF (UMMA) 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, UMMA achieves a 32.32% return, which is significantly higher than KSA's 5.30% return.

UMMA

• 1D: -0.13%
• 1M: 12.11%
• YTD: 32.32%
• 6M: 35.20%
• 1Y: 51.77%
• 3Y*: 22.81%
• 5Y*: —
• 10Y*: —

KSA

• 1D: 0.31%
• 1M: -0.31%
• YTD: 5.30%
• 6M: 4.39%
• 1Y: 2.86%
• 3Y*: 0.50%
• 5Y*: 2.01%
• 10Y*: 7.50%

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

UMMA vs. KSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UMMA Wahed Dow Jones Islamic World ETF	32.32%	26.65%	4.67%	18.84%	-21.62%
KSA iShares MSCI Saudi Arabia ETF	5.30%	-8.20%	-0.19%	15.05%	-8.32%

Correlation

The correlation between UMMA 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 (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 10, 2022	0.39

UMMA vs. KSA - Sectors Allocation Comparison

Sectors	UMMA	KSA
Technology	42.9%	2.2%
Healthcare	16.6%	4.3%
Industrials	13.5%	4.4%
Basic Materials	9.3%	13.3%
Consumer Cyclical	8.1%	2.3%
Consumer Defensive	5.6%	3.8%
Energy	2.9%	13.0%
Communication Services	0.8%	8.2%
Real Estate	0.5%	3.5%
Financial Services	-	39.7%
Utilities	-	4.6%

Return for Risk

UMMA vs. KSA — Risk / Return Rank

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

UMMA

UMMA Risk / Return Rank: 76
UMMA Sharpe Ratio Rank: 81
UMMA Sortino Ratio Rank: 78
UMMA Omega Ratio Rank: 76
UMMA Calmar Ratio Rank: 71
UMMA Martin Ratio Rank: 73

KSA

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

UMMA vs. KSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) 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.

	UMMA	KSA	Difference
Sharpe ratio: Return per unit of total volatility	2.59	0.17	+2.42
Sortino ratio: Return per unit of downside risk	3.44	0.41	+3.03
Omega ratio: Gain probability vs. loss probability	1.45	1.05	+0.40
Calmar ratio: Return relative to maximum drawdown	3.48	0.25	+3.24
Martin ratio: Return relative to average drawdown	13.60	0.55	+13.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMMA vs. KSA - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 2.59, which is higher than the KSA Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of UMMA 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

	UMMA	KSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	0.17	+2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.31	+0.27

Drawdowns

UMMA vs. KSA - Drawdown Comparison

The maximum UMMA drawdown since its inception was -34.17%, smaller than the maximum KSA drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for UMMA and KSA.

Drawdown Indicators

	UMMA	KSA	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-40.56%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-11.62%	-3.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-15.56%	-3.17%
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	-0.90%	-16.43%	+15.53%
Average Drawdown Average peak-to-trough decline	-9.81%	-11.44%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	5.19%	-1.37%

Volatility

UMMA vs. KSA - Volatility Comparison

Wahed Dow Jones Islamic World ETF (UMMA) has a higher volatility of 7.54% compared to iShares MSCI Saudi Arabia ETF (KSA) at 3.66%. This indicates that UMMA'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

	UMMA	KSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	3.66%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	17.26%	12.20%	+5.06%
Volatility (1Y) Calculated over the trailing 1-year period	20.11%	16.67%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	15.88%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	20.04%	+0.51%

UMMA vs. KSA - Expense Ratio Comparison

UMMA has a 0.65% expense ratio, which is lower than KSA's 0.74% expense ratio.

Dividends

UMMA vs. KSA - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.93%, less than KSA's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.80%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
UMMA Wahed Dow Jones Islamic World ETF	0.93%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UMMA and KSA in my portfolio?

UMMA 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, UMMA or KSA?

UMMA has higher volatility (7.54%) compared to KSA (3.66%). In terms of maximum drawdown, UMMA dropped -34.17% vs KSA's -40.56%.

Which ETF is better, UMMA or KSA?

On 3-year performance, UMMA leads with 22.81% vs 0.50% for KSA. On fees, UMMA is cheaper at 0.65% per year. On volatility, KSA has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMMA or KSA?

Over the 3-year period, UMMA has performed better with a 22.81% return vs 0.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMMA or KSA?

UMMA is cheaper with a 0.65% expense ratio, compared with 0.74% for KSA.

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

KSA has the higher dividend yield at 2.80%, compared with 0.93% for UMMA.

What is the main difference between UMMA and KSA?

UMMA is categorized as Foreign Large Cap Equities, while KSA is Emerging Markets Equities. UMMA tracks Dow Jones Islamic Market International Titans 100 Index, while KSA tracks MSCI Saudi Arabia Investable Market Index (IMI) 25/50 Index. They also come from different issuers: Wahed and iShares. Their fees differ too: 0.65% for UMMA and 0.74% for KSA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.59 vs 0.17), 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.