- Issuer
- KraneShares
- Inception Date
- Aug 27, 2024
- Region
- Emerging Markets (China)
- Category
- China Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Qi China Alpha Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
- Assets Under Management
- $12M
Share Price Chart
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Performance
KCAI Performance Chart
KraneShares China Alpha Index ETF (KCAI) is up 5.8% since the beginning of the year. KCAI is currently trading at $32 per share.
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Returns By Period
KraneShares China Alpha Index ETF (KCAI) has returned 5.79% so far this year and 54.64% over the past 12 months.
KraneShares China Alpha Index ETF
- 1D
- -0.65%
- 1M
- -1.56%
- YTD
- 5.79%
- 6M
- 9.23%
- 1Y
- 54.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 24.32%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
KCAI Monthly Returns History
Based on dividend-adjusted daily data since Aug 28, 2024, KCAI's average daily return is +0.14%, while the average monthly return is +2.70%. At this rate, an investment would double in approximately 2.2 years.
Historically, 70% of months were positive and 30% were negative. The best month was Sep 2024 with a return of +15.1%, while the worst month was Oct 2024 at -5.2%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 2 months.
On a daily basis, KCAI closed higher 58% of trading days. The best single day was Sep 24, 2024 with a return of +6.9%, while the worst single day was Oct 8, 2024 at -8.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.33% | 3.61% | 0.98% | 2.37% | -0.33% | -0.58% | 5.79% | ||||||
| 2025 | 0.25% | -1.27% | 1.38% | -2.57% | 4.20% | 9.69% | 5.96% | 14.43% | 2.58% | 3.38% | 0.82% | 5.82% | 53.29% |
| 2024 | 1.19% | 15.07% | -5.17% | -1.44% | 2.10% | 11.12% |
Benchmark Metrics
KraneShares China Alpha Index ETF has an annualized alpha of 36.55%, beta of 0.27, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since August 29, 2024.
- This ETF captured 117.74% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -22.19%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.27 may look defensive, but with R2 of 0.04 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.04 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 36.55%
- Beta
- 0.27
- R²
- 0.04
- Upside Capture
- 117.74%
- Downside Capture
- -22.19%
Expense Ratio
KCAI has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
KCAI ranks 97 for risk / return — in the top 97% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and compare them to S&P 500 Index.
| KCAI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.36 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 13.00 | 2.69 | +10.31 |
| Martin ratioReturn relative to average drawdown | 38.98 | 12.34 | +26.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
KraneShares China Alpha Index ETF provided a 33.48% dividend yield over the last twelve months, with an annual payout of $10.80 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $10.80 | $10.80 | $0.59 |
Dividend yield | 33.48% | 35.42% | 2.19% |
Monthly Dividends
The table displays the monthly dividend distributions for KraneShares China Alpha Index ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.80 | $10.80 |
| 2024 | $0.59 | $0.59 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the KraneShares China Alpha Index ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the KraneShares China Alpha Index ETF was 25.48%, occurring on Apr 7, 2025. Recovery took 78 trading sessions.
The current KraneShares China Alpha Index ETF drawdown is 3.02%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -25.48%Apr 2025 | 6mo 1d | 3mo 24d | 9mo 25dOct 2024 - Jul 2025 |
2024 pullback2024 | -5.46%Sep 2024 | 8d | 13d | 21dSep 2024 - Sep 2024 |
2026 pullback2026 | -4.23%May 2026 | 7d | — | 23d 21hMay 2026 - now |
2025 pullback2025 | -3.96%Nov 2025 | 25d | 10d | 1mo 5dOct 2025 - Dec 2025 |
2026 pullback2026 | -3.53%Mar 2026 | 11d | 18d | 29dMar 2026 - Apr 2026 |
Drawdown Indicators
| KCAI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.48% | -56.78% | +31.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -9.10% | +4.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.02% | -2.97% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -7.15% | -10.72% | +3.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 1.97% | -0.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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