ADVE vs. KCAI

Last updated Jul 14, 2026

ADVE (Matthews Asia Dividend Active ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - ADVE is a Asia Pacific Equities fund actively managed by Matthews, while KCAI is a China Equities fund tracking the Qi China Alpha Index. ADVE is actively managed, while KCAI is passively managed. Over the past year, ADVE returned 30.26% vs 39.53% for KCAI. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

ADVE vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Dividend Active ETF (ADVE) 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, ADVE achieves a 15.93% return, which is significantly higher than KCAI's 3.23% return.

ADVE

• 1D: -1.69%
• 1M: -2.43%
• 6M: 10.57%
• YTD: 15.93%
• 1Y: 30.26%
• 3Y*: —
• 5Y*: —
• 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)

ADVE vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ADVE Matthews Asia Dividend Active ETF	15.93%	26.12%	-2.42%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between ADVE and KCAI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.42

ADVE vs. KCAI - Sectors Allocation Comparison

Sectors	ADVE	KCAI
Technology	29.3%	13.2%
Financial Services	27.7%	39.0%
Industrials	12.2%	23.6%
Communication Services	12.0%	-
Consumer Cyclical	5.8%	11.5%
Basic Materials	4.1%	11.3%
Real Estate	3.4%	-
Consumer Defensive	2.7%	-
Energy	1.0%	-
Utilities	0.9%	-
Healthcare	0.9%	1.3%

Return for Risk

ADVE vs. KCAI — Risk / Return Rank

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

ADVE

ADVE Risk / Return Rank: 63
ADVE Sharpe Ratio Rank: 60
ADVE Sortino Ratio Rank: 58
ADVE Omega Ratio Rank: 64
ADVE Calmar Ratio Rank: 65
ADVE Martin Ratio Rank: 65

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.

ADVE vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Dividend Active ETF (ADVE) 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.

	ADVE	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.88	-1.29
Sortino ratio: Return per unit of downside risk	2.21	4.15	-1.94
Omega ratio: Gain probability vs. loss probability	1.30	1.50	-0.20
Calmar ratio: Return relative to maximum drawdown	2.59	6.74	-4.14
Martin ratio: Return relative to average drawdown	9.32	21.56	-12.24

ADVE vs. KCAI - Sharpe Ratio Comparison

The current ADVE Sharpe Ratio is 1.59, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of ADVE 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

ADVE vs. KCAI - Drawdown Comparison

The maximum ADVE drawdown since its inception was -18.41%, smaller than the maximum KCAI drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for ADVE and KCAI.

Drawdown Indicators

	ADVE	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-18.41%	-25.48%	+7.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-5.90%	-5.83%
Current Drawdown Current decline from peak	-5.18%	-5.37%	+0.19%
Average Drawdown Average peak-to-trough decline	-3.20%	-6.95%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	1.84%	+1.42%

Volatility

ADVE vs. KCAI - Volatility Comparison

Matthews Asia Dividend Active ETF (ADVE) has a higher volatility of 7.77% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that ADVE'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

	ADVE	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	4.63%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	16.97%	9.15%	+7.82%
Volatility (1Y) Calculated over the trailing 1-year period	19.14%	13.81%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	20.88%	-4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	20.88%	-4.49%

ADVE vs. KCAI - Expense Ratio Comparison

Both ADVE and KCAI have an expense ratio of 0.79%.

Dividends

ADVE vs. KCAI - Dividend Comparison

ADVE's dividend yield for the trailing twelve months is around 2.22%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	2.22%	2.97%	6.00%	0.37%
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%	0.00%

Frequently Asked Questions

Can I hold both ADVE and KCAI in my portfolio?

ADVE and KCAI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADVE or KCAI?

ADVE has higher volatility (7.77%) compared to KCAI (4.63%). In terms of maximum drawdown, ADVE dropped -18.41% vs KCAI's -25.48%.

Which ETF is better, ADVE or KCAI?

On 1-year performance, KCAI leads with 39.53% vs 30.26% for ADVE. Both ETFs have the same 0.79% expense ratio. 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, ADVE or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs 30.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADVE or KCAI?

ADVE and KCAI have the same expense ratio: 0.79% per year.

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

KCAI has the higher dividend yield at 34.31%, compared with 2.22% for ADVE.

What is the main difference between ADVE and KCAI?

ADVE is categorized as Asia Pacific Equities, while KCAI is China Equities. They also come from different issuers: Matthews and KraneShares.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs 1.59), 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.