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CNYA vs. KCAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNYA vs. KCAI

Last updated Aug 4, 2026
Documentation

CNYA (iShares MSCI China A ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - CNYA tracks the MSCI China A Inclusion Index while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, CNYA returned 20.44% vs 39.39% for KCAI. Their 0.77 correlation means they have sometimes moved together and sometimes differently. CNYA charges 0.60%/yr vs 0.79%/yr for KCAI.

Performance

CNYA vs. KCAI - Performance Comparison

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

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Returns By Period

In the year-to-date period, CNYA achieves a 1.42% return, which is significantly lower than KCAI's 7.14% return.

CNYA

1D
-0.48%
1M
-4.50%
6M
1.02%
YTD
1.42%
1Y
20.44%
3Y*
7.23%
5Y*
-1.55%
10Y*
5.24%
ALL TIME*
5.58%

KCAI

1D
-0.23%
1M
4.36%
6M
7.96%
YTD
7.14%
1Y
39.39%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
36.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CNYA

iShares MSCI China A ETF
$1.46M$2.43M$4.11M

KCAI

KraneShares China Alpha Index ETF
$43.18K$26.02K$162.46K

CNYA vs. KCAI - Yearly Performance Comparison

2026 (YTD)20252024
CNYA
iShares MSCI China A ETF		1.42%26.48%15.09%
KCAI
KraneShares China Alpha Index ETF		7.14%53.29%11.36%

Correlation

The correlation between CNYA and KCAI is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.72

Correlation (All Time)
Calculated using the full available price history since Aug 28, 2024

0.77

The correlation between CNYA and KCAI has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

CNYA vs. KCAI - Sectors Allocation Comparison

Sectors
CNYA
KCAI

Technology

37.3%
17.8%

Financial Services

16.8%
41.3%

Industrials

14.2%
20.5%

Basic Materials

10.7%
11.0%

Consumer Defensive

5.8%

-

Consumer Cyclical

4.3%
9.4%

Healthcare

3.8%
1.3%

Utilities

2.9%

-

Energy

2.6%

-

Communication Services

1.1%

-

Real Estate

0.5%

-

Technology

CNYA
37.3%
KCAI
17.8%

Financial Services

CNYA
16.8%
KCAI
41.3%

Industrials

CNYA
14.2%
KCAI
20.5%

Basic Materials

CNYA
10.7%
KCAI
11.0%

Consumer Defensive

CNYA
5.8%
KCAI

-

Consumer Cyclical

CNYA
4.3%
KCAI
9.4%

Healthcare

CNYA
3.8%
KCAI
1.3%

Utilities

CNYA
2.9%
KCAI

-

Energy

CNYA
2.6%
KCAI

-

Communication Services

CNYA
1.1%
KCAI

-

Real Estate

CNYA
0.5%
KCAI

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI China A ETF

KraneShares China Alpha Index ETF

Often compared with CNYA:
CNYA vs. MCHICNYA vs. ASHRCNYA vs. ICHN.ASCNYA vs. KBACNYA vs. FLCHCNYA vs. ICGA.DECNYA vs. GXC
Often compared with KCAI:
KCAI vs. ASHSKCAI vs. CQQQKCAI vs. NBCEKCAI vs. ISVBFKCAI vs. KWEBKCAI vs. DRGNKCAI vs. FLCH

Return for Risk

CNYA vs. KCAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CNYA
CNYA Risk / Return Rank: 4444
Overall Rank
CNYA Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
CNYA Sortino Ratio Rank: 4040
Sortino Ratio Rank
CNYA Omega Ratio Rank: 3939
Omega Ratio Rank
CNYA Calmar Ratio Rank: 5454
Calmar Ratio Rank
CNYA Martin Ratio Rank: 4848
Martin Ratio Rank
KCAI
KCAI Risk / Return Rank: 9494
Overall Rank
KCAI Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
KCAI Sortino Ratio Rank: 9494
Sortino Ratio Rank
KCAI Omega Ratio Rank: 9393
Omega Ratio Rank
KCAI Calmar Ratio Rank: 9696
Calmar Ratio Rank
KCAI Martin Ratio Rank: 9494
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNYA vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China A ETF (CNYA) 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.

CNYAKCAIDifference
Sharpe ratioReturn per unit of total volatility
1.02
2.79

-1.78

Sortino ratioReturn per unit of downside risk
1.49
4.03

-2.54

Omega ratioGain probability vs. loss probability

1.19

1.49

-0.30

Calmar ratioReturn relative to maximum drawdown

1.98

6.71

-4.73

Martin ratioReturn relative to average drawdown

5.71

19.98

-14.27

CNYA vs. KCAI - Sharpe Ratio Comparison

The current CNYA Sharpe Ratio is 1.02, which is lower than the KCAI Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of CNYA 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.

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Drawdowns

CNYA vs. KCAI - Drawdown Comparison

The maximum CNYA drawdown since its inception was -49.49%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for CNYA and KCAI.

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Drawdown Indicators

CNYAKCAIDifference

Max Drawdown

Largest peak-to-trough decline

-49.49%

-25.48%

-24.01%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-5.90%

-4.47%

Max Drawdown (3Y)

Largest decline over 3 years

-33.35%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-44.65%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-49.49%

—

—

Current Drawdown

Current decline from peak

-19.65%

-1.79%

-17.86%

Average Drawdown

Average peak-to-trough decline

-20.61%

-6.82%

-13.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.58%

1.98%

+1.60%

Volatility

CNYA vs. KCAI - Volatility Comparison

iShares MSCI China A ETF (CNYA) has a higher volatility of 8.01% compared to KraneShares China Alpha Index ETF (KCAI) at 4.81%. This indicates that CNYA'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.

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Volatility by Period

CNYAKCAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.01%

4.81%

+3.20%

Volatility (6M)

Calculated over the trailing 6-month period

15.84%

9.80%

+6.04%

Volatility (1Y)

Calculated over the trailing 1-year period

20.22%

14.20%

+6.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.88%

20.78%

+3.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.63%

20.78%

+2.85%

CNYA vs. KCAI - Expense Ratio Comparison

CNYA has a 0.60% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

CNYA vs. KCAI - Dividend Comparison

CNYA's dividend yield for the trailing twelve months is around 1.85%, less than KCAI's 33.06% yield.

PositionTTM2025202420232022202120202019201820172016
CNYA
iShares MSCI China A ETF		1.85%1.92%2.51%4.23%2.69%1.11%1.06%1.21%3.92%0.97%1.38%
KCAI
KraneShares China Alpha Index ETF		33.06%35.42%2.19%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CNYA and KCAI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CNYA has higher volatility (8.01%) compared to KCAI (4.81%). In terms of maximum drawdown, CNYA dropped -49.49% vs KCAI's -25.48%.

On 1-year performance, KCAI leads with 39.39% vs 20.44% for CNYA. On fees, CNYA is cheaper at 0.60% per year. On volatility, KCAI has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, KCAI has performed better with a 39.39% return vs 20.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CNYA is cheaper with a 0.60% expense ratio, compared with 0.79% for KCAI.

KCAI has the higher dividend yield at 33.06%, compared with 1.85% for CNYA.

CNYA tracks MSCI China A Inclusion Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.60% for CNYA and 0.79% for KCAI.

KCAI currently has the higher Sharpe Ratio (2.79 vs 1.02), 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.

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