ADIV vs. KCAI

Last updated Jul 14, 2026

ADIV (SmartETFs Asia Pacific Dividend Builder ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management, while KCAI is a China Equities fund tracking the Qi China Alpha Index. ADIV is actively managed, while KCAI is passively managed. Over the past year, ADIV returned 9.56% vs 39.53% for KCAI. At a 0.50 correlation, their price movements are largely independent. ADIV charges 0.78%/yr vs 0.79%/yr for KCAI.

Performance

ADIV vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADIV achieves a 6.00% return, which is significantly higher than KCAI's 3.23% return.

ADIV

• 1D: -0.97%
• 1M: -1.15%
• 6M: 3.61%
• YTD: 6.00%
• 1Y: 9.56%
• 3Y*: 15.67%
• 5Y*: 6.65%
• 10Y*: —

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ADIV vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ADIV SmartETFs Asia Pacific Dividend Builder ETF	6.00%	21.86%	2.63%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between ADIV and KCAI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.50

ADIV vs. KCAI - Sectors Allocation Comparison

Sectors	ADIV	KCAI
Financial Services	31.8%	39.0%
Technology	26.6%	13.2%
Consumer Cyclical	15.4%	11.5%
Real Estate	8.3%	-
Consumer Defensive	5.1%	-
Healthcare	5.0%	1.3%
Communication Services	3.2%	-
Utilities	2.4%	-
Industrials	2.3%	23.6%
Basic Materials	-	11.3%
Energy	-	-

Return for Risk

ADIV vs. KCAI — Risk / Return Rank

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

ADIV

ADIV Risk / Return Rank: 24
ADIV Sharpe Ratio Rank: 24
ADIV Sortino Ratio Rank: 22
ADIV Omega Ratio Rank: 22
ADIV Calmar Ratio Rank: 25
ADIV Martin Ratio Rank: 27

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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.

ADIV vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and KraneShares China Alpha Index ETF (KCAI). 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.

	ADIV	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.88	-2.20
Sortino ratio: Return per unit of downside risk	1.04	4.15	-3.12
Omega ratio: Gain probability vs. loss probability	1.13	1.50	-0.37
Calmar ratio: Return relative to maximum drawdown	0.95	6.74	-5.79
Martin ratio: Return relative to average drawdown	2.94	21.56	-18.62

ADIV vs. KCAI - Sharpe Ratio Comparison

The current ADIV Sharpe Ratio is 0.68, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of ADIV and KCAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ADIV vs. KCAI - Drawdown Comparison

The maximum ADIV drawdown since its inception was -31.55%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for ADIV and KCAI.

Drawdown Indicators

	ADIV	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-31.55%	-25.48%	-6.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-5.90%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	—	—
Current Drawdown Current decline from peak	-3.04%	-5.37%	+2.33%
Average Drawdown Average peak-to-trough decline	-8.34%	-6.95%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	1.84%	+1.42%

Volatility

ADIV vs. KCAI - Volatility Comparison

SmartETFs Asia Pacific Dividend Builder ETF (ADIV) has a higher volatility of 4.91% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that ADIV's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADIV	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	4.63%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	9.15%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	13.81%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	20.88%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	20.88%	-4.48%

ADIV vs. KCAI - Expense Ratio Comparison

ADIV has a 0.78% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

ADIV vs. KCAI - Dividend Comparison

ADIV's dividend yield for the trailing twelve months is around 2.97%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.97%	2.77%	4.83%	4.55%	2.98%	13.85%
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADIV and KCAI in my portfolio?

ADIV and KCAI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADIV or KCAI?

ADIV has higher volatility (4.91%) compared to KCAI (4.63%). In terms of maximum drawdown, ADIV dropped -31.55% vs KCAI's -25.48%.

Which ETF is better, ADIV or KCAI?

On 1-year performance, KCAI leads with 39.53% vs 9.56% for ADIV. On fees, ADIV is cheaper at 0.78% per year. On volatility, KCAI has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADIV or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADIV or KCAI?

ADIV is cheaper with a 0.78% expense ratio, compared with 0.79% for KCAI.

Which ETF pays a higher dividend yield, ADIV or KCAI?

KCAI has the higher dividend yield at 34.31%, compared with 2.97% for ADIV.

What is the main difference between ADIV and KCAI?

ADIV is categorized as Asia Pacific Equities, while KCAI is China Equities. They also come from different issuers: Guinness Atkinson Asset Management and KraneShares. Their fees differ too: 0.78% for ADIV and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 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.