CXSE vs. KWEB

Last updated Aug 5, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds - CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index while KWEB tracks the CSI Overseas China Internet Index. Both are passively managed. Over the past 10 years, CXSE returned 6.52%/yr vs 0.21%/yr for KWEB. Their 0.80 correlation means they have sometimes moved together and sometimes differently. CXSE charges 0.32%/yr vs 0.70%/yr for KWEB.

Performance

CXSE vs. KWEB - 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 CSI China Internet ETF (KWEB). 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 KWEB's -15.15% return. Over the past 10 years, CXSE has outperformed KWEB with an annualized return of 6.52%, while KWEB has yielded a comparatively lower 0.21% annualized 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%

KWEB

• 1D: 0.52%
• 1M: 15.61%
• 6M: -16.07%
• YTD: -15.15%
• 1Y: -13.07%
• 3Y*: 1.79%
• 5Y*: -6.82%
• 10Y*: 0.21%
• ALL TIME*: 2.75%

*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
KWEB KraneShares CSI China Internet ETF	$584.55M	$558.37M	$684.65M

CXSE vs. KWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-2.80%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%
KWEB KraneShares CSI China Internet ETF	-15.15%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%

Correlation

The correlation between CXSE and KWEB is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013	0.80

The correlation between CXSE and KWEB shifts across timeframes, from 0.80 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

CXSE vs. KWEB - Sectors Allocation Comparison

Sectors	CXSE	KWEB
Technology	31.4%	11.8%
Consumer Cyclical	21.7%	36.4%
Industrials	12.6%	4.5%
Communication Services	12.2%	32.4%
Healthcare	8.8%	6.0%
Financial Services	5.8%	1.8%
Consumer Defensive	3.7%	3.0%
Basic Materials	2.9%	-
Real Estate	0.7%	4.0%
Energy	0.4%	-
Utilities	0.2%	-

Return for Risk

CXSE vs. KWEB — 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

KWEB

KWEB Risk / Return Rank: 6
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 7
KWEB Martin Ratio Rank: 7

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. KWEB - 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 CSI China Internet ETF (KWEB). 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	KWEB	Difference
Sharpe ratio: Return per unit of total volatility	0.30	-0.48	+0.78
Sortino ratio: Return per unit of downside risk	0.57	-0.53	+1.10
Omega ratio: Gain probability vs. loss probability	1.07	0.94	+0.13
Calmar ratio: Return relative to maximum drawdown	0.39	-0.32	+0.70
Martin ratio: Return relative to average drawdown	0.67	-0.59	+1.26

CXSE vs. KWEB - Sharpe Ratio Comparison

The current CXSE Sharpe Ratio is 0.30, which is higher than the KWEB Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of CXSE and KWEB, 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. KWEB - Drawdown Comparison

The maximum CXSE drawdown since its inception was -70.01%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for CXSE and KWEB.

Drawdown Indicators

	CXSE	KWEB	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-80.92%	+10.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-41.62%	+23.92%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-41.62%	+11.79%
Max Drawdown (5Y) Largest decline over 5 years	-58.68%	-63.96%	+5.28%
Max Drawdown (10Y) Largest decline over 10 years	-70.01%	-80.92%	+10.91%
Current Drawdown Current decline from peak	-48.00%	-66.59%	+18.59%
Average Drawdown Average peak-to-trough decline	-28.07%	-35.67%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.22%	22.13%	-11.91%

Volatility

CXSE vs. KWEB - Volatility Comparison

WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and KraneShares CSI China Internet ETF (KWEB) have volatilities of 7.12% and 7.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXSE	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	7.47%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	20.57%	-4.37%
Volatility (1Y) Calculated over the trailing 1-year period	22.58%	27.70%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.02%	46.96%	-14.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	40.05%	-11.25%

CXSE vs. KWEB - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is lower than KWEB's 0.70% expense ratio.

Dividends

CXSE vs. KWEB - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 1.49%, less than KWEB's 7.26% 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%
KWEB KraneShares CSI China Internet ETF	7.26%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%

Frequently Asked Questions

Can I hold both CXSE and KWEB in my portfolio?

CXSE and KWEB have a correlation of 0.80, 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 KWEB?

KWEB has higher volatility (7.47%) compared to CXSE (7.12%). In terms of maximum drawdown, CXSE dropped -70.01% vs KWEB's -80.92%.

Which ETF is better, CXSE or KWEB?

On 10-year performance, CXSE leads with 6.52% vs 0.21% for KWEB. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CXSE or KWEB?

Over the 10-year period, CXSE has performed better with a 6.52% return vs 0.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CXSE or KWEB?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.70% for KWEB.

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

KWEB has the higher dividend yield at 7.26%, compared with 1.49% for CXSE.

What is the main difference between CXSE and KWEB?

CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while KWEB tracks CSI Overseas China Internet Index. They also come from different issuers: WisdomTree and KraneShares. Their fees differ too: 0.32% for CXSE and 0.70% for KWEB.

Which has better risk-adjusted returns?

CXSE currently has the higher Sharpe Ratio (0.30 vs -0.48), 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.