CXSE vs. KLIP

Last updated Aug 5, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both China Equities funds. CXSE is passively managed, while KLIP is actively managed. Over the past 3 years, CXSE returned 6.76%/yr vs 6.46%/yr for KLIP. Their correlation of 0.82 means they have usually moved in the same direction. CXSE charges 0.32%/yr vs 0.95%/yr for KLIP.

Performance

CXSE vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CXSE achieves a -2.80% return, which is significantly higher than KLIP's -6.43% return.

CXSE

• 1D: 1.60%
• 1M: 3.19%
• 6M: -4.37%
• YTD: -2.80%
• 1Y: 6.79%
• 3Y*: 6.76%
• 5Y*: -6.30%
• 10Y*: 6.52%
• ALL TIME*: 4.89%

KLIP

• 1D: 0.37%
• 1M: 7.28%
• 6M: -9.42%
• YTD: -6.43%
• 1Y: -3.80%
• 3Y*: 6.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CXSE WisdomTree China ex-State-Owned Enterprises Fund	$1.94M	$1.25M	$1.09M
KLIP KraneShares China Internet and Covered Call Strategy ETF	$648.17K	$565.25K	$989.65K

CXSE vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-2.80%	37.00%	8.56%	-26.97%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-6.43%	16.92%	3.37%	11.11%

Correlation

The correlation between CXSE and KLIP is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.82

The correlation between CXSE and KLIP shifts across timeframes, from 0.70 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

CXSE vs. KLIP - Sectors Allocation Comparison

Sectors	CXSE	KLIP
Technology	31.4%	4.2%
Consumer Cyclical	21.7%	34.2%
Industrials	12.6%	-
Communication Services	12.2%	45.8%
Healthcare	8.8%	6.0%
Financial Services	5.8%	2.0%
Consumer Defensive	3.7%	4.0%
Basic Materials	2.9%	-
Real Estate	0.7%	3.9%
Energy	0.4%	-
Utilities	0.2%	-

Return for Risk

CXSE vs. KLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CXSE

CXSE Risk / Return Rank: 16
CXSE Sharpe Ratio Rank: 16
CXSE Sortino Ratio Rank: 16
CXSE Omega Ratio Rank: 16
CXSE Calmar Ratio Rank: 16
CXSE Martin Ratio Rank: 15

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 7
KLIP Sortino Ratio Rank: 7
KLIP Omega Ratio Rank: 7
KLIP Calmar Ratio Rank: 8
KLIP Martin Ratio Rank: 8

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.

CXSE vs. KLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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.

	CXSE	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	0.30	-0.23	+0.53
Sortino ratio: Return per unit of downside risk	0.57	-0.21	+0.78
Omega ratio: Gain probability vs. loss probability	1.07	0.97	+0.10
Calmar ratio: Return relative to maximum drawdown	0.39	-0.18	+0.56
Martin ratio: Return relative to average drawdown	0.67	-0.41	+1.08

CXSE vs. KLIP - Sharpe Ratio Comparison

The current CXSE Sharpe Ratio is 0.30, which is higher than the KLIP Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of CXSE and KLIP, 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

CXSE vs. KLIP - Drawdown Comparison

The maximum CXSE drawdown since its inception was -70.01%, which is greater than KLIP's maximum drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for CXSE and KLIP.

Drawdown Indicators

	CXSE	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-21.48%	-48.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-21.48%	+3.78%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-21.48%	-8.35%
Max Drawdown (5Y) Largest decline over 5 years	-58.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.01%	—	—
Current Drawdown Current decline from peak	-48.00%	-11.80%	-36.20%
Average Drawdown Average peak-to-trough decline	-28.07%	-4.34%	-23.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.22%	9.25%	+0.97%

Volatility

CXSE vs. KLIP - Volatility Comparison

WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 7.12% compared to KraneShares China Internet and Covered Call Strategy ETF (KLIP) at 2.03%. This indicates that CXSE's price experiences larger fluctuations and is considered to be riskier than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXSE	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	2.03%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	13.00%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.58%	16.57%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.02%	17.97%	+14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	17.97%	+10.83%

CXSE vs. KLIP - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is lower than KLIP's 0.95% expense ratio.

Dividends

CXSE vs. KLIP - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 1.49%, less than KLIP's 27.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.49%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.43%	25.14%	54.26%	61.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CXSE and KLIP in my portfolio?

CXSE and KLIP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXSE or KLIP?

CXSE has higher volatility (7.12%) compared to KLIP (2.03%). In terms of maximum drawdown, CXSE dropped -70.01% vs KLIP's -21.48%.

Which ETF is better, CXSE or KLIP?

On 3-year performance, CXSE leads with 6.76% vs 6.46% for KLIP. On fees, CXSE is cheaper at 0.32% per year. On volatility, KLIP has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CXSE or KLIP?

Over the 3-year period, CXSE has performed better with a 6.76% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CXSE or KLIP?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.95% for KLIP.

Which ETF pays a higher dividend yield, CXSE or KLIP?

KLIP has the higher dividend yield at 27.43%, compared with 1.49% for CXSE.

What is the main difference between CXSE and KLIP?

They also come from different issuers: WisdomTree and KraneShares. Their fees differ too: 0.32% for CXSE and 0.95% for KLIP.

Which has better risk-adjusted returns?

CXSE currently has the higher Sharpe Ratio (0.30 vs -0.23), 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.