CNXT vs. KBA

Last updated Jun 4, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and KBA (KraneShares Bosera MSCI China A Share ETF) are both China Equities funds - CNXT tracks the SME-ChiNext 100 Index while KBA tracks the MSCI China A Index. Both are passively managed. Over the past 10 years, CNXT returned 6.63%/yr vs 10.15%/yr for KBA. Their correlation of 0.83 suggests significant overlap in exposure. CNXT charges 0.65%/yr vs 0.60%/yr for KBA.

Performance

CNXT vs. KBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and KraneShares Bosera MSCI China A Share ETF (KBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNXT achieves a 33.52% return, which is significantly higher than KBA's 12.62% return. Over the past 10 years, CNXT has underperformed KBA with an annualized return of 6.63%, while KBA has yielded a comparatively higher 10.15% annualized return.

CNXT

• 1D: 0.88%
• 1M: 10.51%
• YTD: 33.52%
• 6M: 41.38%
• 1Y: 119.62%
• 3Y*: 26.28%
• 5Y*: 4.09%
• 10Y*: 6.63%

KBA

• 1D: 0.14%
• 1M: 4.32%
• YTD: 12.62%
• 6M: 16.80%
• 1Y: 49.12%
• 3Y*: 16.22%
• 5Y*: 6.46%
• 10Y*: 10.15%

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

CNXT vs. KBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	33.52%	59.31%	12.42%	-21.47%	-35.58%	8.78%	63.30%	42.66%	-39.48%	20.19%
KBA KraneShares Bosera MSCI China A Share ETF	12.62%	33.88%	15.73%	-16.77%	-3.49%	3.17%	41.62%	35.44%	-26.28%	30.69%

Correlation

The correlation between CNXT and KBA is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 25, 2014	0.83

The correlation between CNXT and KBA has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

CNXT vs. KBA - Sectors Allocation Comparison

Sectors	CNXT	KBA
Technology	43.8%	29.8%
Industrials	33.2%	15.8%
Healthcare	7.0%	4.1%
Financial Services	5.6%	18.5%
Basic Materials	4.1%	10.9%
Consumer Defensive	2.6%	6.8%
Communication Services	2.5%	1.6%
Consumer Cyclical	1.2%	5.7%
Energy	-	3.2%
Real Estate	-	0.6%
Utilities	-	3.2%

Return for Risk

CNXT vs. KBA — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 93
CNXT Sharpe Ratio Rank: 95
CNXT Sortino Ratio Rank: 92
CNXT Omega Ratio Rank: 89
CNXT Calmar Ratio Rank: 96
CNXT Martin Ratio Rank: 95

KBA

KBA Risk / Return Rank: 85
KBA Sharpe Ratio Rank: 84
KBA Sortino Ratio Rank: 84
KBA Omega Ratio Rank: 83
KBA Calmar Ratio Rank: 93
KBA Martin Ratio Rank: 84

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.

CNXT vs. KBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) and KraneShares Bosera MSCI China A Share ETF (KBA). 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.

	CNXT	KBA	Difference
Sharpe ratio: Return per unit of total volatility	3.92	2.80	+1.12
Sortino ratio: Return per unit of downside risk	4.53	3.80	+0.73
Omega ratio: Gain probability vs. loss probability	1.57	1.50	+0.07
Calmar ratio: Return relative to maximum drawdown	9.85	6.45	+3.40
Martin ratio: Return relative to average drawdown	30.18	17.29	+12.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNXT vs. KBA - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 3.92, which is higher than the KBA Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of CNXT and KBA, 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

	CNXT	KBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.92	2.80	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.24	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.40	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.35	-0.13

Drawdowns

CNXT vs. KBA - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, which is greater than KBA's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for CNXT and KBA.

Drawdown Indicators

	CNXT	KBA	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-53.24%	-15.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-7.65%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	-31.23%	-17.37%
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	-39.95%	-21.26%
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	-45.32%	-17.98%
Current Drawdown Current decline from peak	-2.15%	-1.25%	-0.90%
Average Drawdown Average peak-to-trough decline	-42.94%	-25.81%	-17.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	2.85%	+1.13%

Volatility

CNXT vs. KBA - Volatility Comparison

VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 10.24% compared to KraneShares Bosera MSCI China A Share ETF (KBA) at 7.29%. This indicates that CNXT's price experiences larger fluctuations and is considered to be riskier than KBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNXT	KBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.24%	7.29%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	19.98%	12.44%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	17.65%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.27%	27.20%	+8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	25.32%	+6.32%

CNXT vs. KBA - Expense Ratio Comparison

CNXT has a 0.65% expense ratio, which is higher than KBA's 0.60% expense ratio.

Dividends

CNXT vs. KBA - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.13%, less than KBA's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.13%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%	0.00%	0.00%
KBA KraneShares Bosera MSCI China A Share ETF	1.39%	1.56%	2.18%	2.34%	49.05%	9.07%	0.65%	1.53%	3.77%	1.46%	6.62%	29.08%

Frequently Asked Questions

Can I hold both CNXT and KBA in my portfolio?

CNXT and KBA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or KBA?

CNXT has higher volatility (10.24%) compared to KBA (7.29%). In terms of maximum drawdown, CNXT dropped -68.98% vs KBA's -53.24%.

Which ETF is better, CNXT or KBA?

On 10-year performance, KBA leads with 10.15% vs 6.63% for CNXT. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or KBA?

Over the 10-year period, KBA has performed better with a 10.15% return vs 6.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or KBA?

KBA is cheaper with a 0.60% expense ratio, compared with 0.65% for CNXT.

Which ETF pays a higher dividend yield, CNXT or KBA?

KBA has the higher dividend yield at 1.39%, compared with 0.13% for CNXT.

What is the main difference between CNXT and KBA?

CNXT tracks SME-ChiNext 100 Index, while KBA tracks MSCI China A Index. They also come from different issuers: VanEck and CICC. Their fees differ too: 0.65% for CNXT and 0.60% for KBA.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (3.92 vs 2.80), 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.