CAS vs. KCAI

Last updated Jun 23, 2026

CAS (Simplify China A Shares PLUS Income ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds. CAS is actively managed, while KCAI is passively managed. At a 0.23 correlation, their price movements are largely independent. CAS charges 0.88%/yr vs 0.79%/yr for KCAI.

Performance

CAS vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify China A Shares PLUS Income ETF (CAS) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAS

• 1D: -1.70%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KCAI

• 1D: 1.90%
• 1M: 2.49%
• YTD: 7.28%
• 6M: 8.32%
• 1Y: 50.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAS vs. KCAI - Yearly Performance Comparison

	2026 (YTD)
CAS Simplify China A Shares PLUS Income ETF	-5.11%
KCAI KraneShares China Alpha Index ETF	-0.53%

Correlation

The correlation between CAS and KCAI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	0.23

Return for Risk

CAS vs. KCAI — Risk / Return Rank

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

CAS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KCAI

KCAI Risk / Return Rank: 96
KCAI Sharpe Ratio Rank: 96
KCAI Sortino Ratio Rank: 96
KCAI Omega Ratio Rank: 94
KCAI Calmar Ratio Rank: 98
KCAI Martin Ratio Rank: 96

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.

CAS vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify China A Shares PLUS Income ETF (CAS) 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.

	CAS	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	—	3.80	—
Sortino ratio: Return per unit of downside risk	—	5.39	—
Omega ratio: Gain probability vs. loss probability	—	1.67	—
Calmar ratio: Return relative to maximum drawdown	—	12.08	—
Martin ratio: Return relative to average drawdown	—	34.38	—

Drawdowns

CAS vs. KCAI - Drawdown Comparison

The maximum CAS drawdown since its inception was -5.11%, smaller than the maximum KCAI drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for CAS and KCAI.

Drawdown Indicators

	CAS	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-5.11%	-25.48%	+20.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.23%	—
Current Drawdown Current decline from peak	-5.11%	-1.65%	-3.46%
Average Drawdown Average peak-to-trough decline	-3.16%	-7.02%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.48%	—

Volatility

Volatility by Period

	CAS	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	13.47%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.51%	21.01%	-7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.51%	21.01%	-7.50%

CAS vs. KCAI - Expense Ratio Comparison

CAS has a 0.88% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

CAS vs. KCAI - Dividend Comparison

CAS has not paid dividends to shareholders, while KCAI's dividend yield for the trailing twelve months is around 33.02%.

Position	TTM	2025	2024
CAS Simplify China A Shares PLUS Income ETF	0.00%	0.00%	0.00%
KCAI KraneShares China Alpha Index ETF	33.02%	35.42%	2.19%

Frequently Asked Questions

Can I hold both CAS and KCAI in my portfolio?

CAS and KCAI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAS or KCAI?

On fees, KCAI is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAS or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 0.88% for CAS.

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

KCAI has the higher dividend yield at 33.02%, compared with 0.00% for CAS.

What is the main difference between CAS and KCAI?

They also come from different issuers: Simplify and KraneShares. Their fees differ too: 0.88% for CAS and 0.79% for KCAI.