ENZL vs. KCAI

Last updated Jul 17, 2026

ENZL (iShares MSCI New Zealand ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - ENZL is a Asia Pacific Equities fund tracking the MSCI New Zealand Investable Market Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, ENZL returned 3.77% vs 38.58% for KCAI. At a 0.25 correlation, their price movements are largely independent. ENZL charges 0.50%/yr vs 0.79%/yr for KCAI.

Performance

ENZL vs. KCAI - Performance Comparison

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

Returns By Period

In the year-to-date period, ENZL achieves a 3.12% return, which is significantly lower than KCAI's 4.38% return.

ENZL

• 1D: -0.73%
• 1M: 0.96%
• 6M: 2.31%
• YTD: 3.12%
• 1Y: 3.77%
• 3Y*: -0.43%
• 5Y*: -3.33%
• 10Y*: 3.32%

KCAI

• 1D: -1.84%
• 1M: -2.62%
• 6M: 4.21%
• YTD: 4.38%
• 1Y: 38.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ENZL vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ENZL iShares MSCI New Zealand ETF	3.12%	2.47%	-7.03%
KCAI KraneShares China Alpha Index ETF	4.38%	53.29%	11.36%

Correlation

The correlation between ENZL and KCAI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.25

ENZL vs. KCAI - Sectors Allocation Comparison

Sectors	ENZL	KCAI
Industrials	31.4%	23.6%
Healthcare	29.3%	1.3%
Utilities	12.9%	-
Real Estate	12.9%	-
Communication Services	4.0%	-
Basic Materials	3.8%	11.3%
Energy	1.9%	-
Financial Services	1.4%	39.0%
Consumer Defensive	1.3%	-
Consumer Cyclical	1.0%	11.5%
Technology	0.5%	13.2%

Return for Risk

ENZL vs. KCAI — Risk / Return Rank

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

ENZL

ENZL Risk / Return Rank: 13
ENZL Sharpe Ratio Rank: 13
ENZL Sortino Ratio Rank: 12
ENZL Omega Ratio Rank: 12
ENZL Calmar Ratio Rank: 13
ENZL Martin Ratio Rank: 14

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 94
KCAI Sortino Ratio Rank: 94
KCAI Omega Ratio Rank: 92
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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.

ENZL vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI New Zealand ETF (ENZL) 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.

	ENZL	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.24	2.76	-2.53
Sortino ratio: Return per unit of downside risk	0.45	3.98	-3.54
Omega ratio: Gain probability vs. loss probability	1.05	1.48	-0.43
Calmar ratio: Return relative to maximum drawdown	0.29	6.57	-6.28
Martin ratio: Return relative to average drawdown	0.78	20.62	-19.84

ENZL vs. KCAI - Sharpe Ratio Comparison

The current ENZL Sharpe Ratio is 0.24, which is lower than the KCAI Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ENZL 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.

Drawdowns

ENZL vs. KCAI - Drawdown Comparison

The maximum ENZL drawdown since its inception was -42.44%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for ENZL and KCAI.

Drawdown Indicators

	ENZL	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-42.44%	-25.48%	-16.96%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-5.90%	-7.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.44%	—	—
Current Drawdown Current decline from peak	-27.02%	-4.32%	-22.70%
Average Drawdown Average peak-to-trough decline	-12.89%	-6.93%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	1.88%	+2.98%

Volatility

ENZL vs. KCAI - Volatility Comparison

The current volatility for iShares MSCI New Zealand ETF (ENZL) is 4.52%, while KraneShares China Alpha Index ETF (KCAI) has a volatility of 5.43%. This indicates that ENZL experiences smaller price fluctuations and is considered to be less risky than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENZL	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.43%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	13.69%	9.59%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	14.03%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.63%	20.93%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.38%	20.93%	-0.55%

ENZL vs. KCAI - Expense Ratio Comparison

ENZL has a 0.50% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

ENZL vs. KCAI - Dividend Comparison

ENZL's dividend yield for the trailing twelve months is around 2.19%, less than KCAI's 33.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENZL iShares MSCI New Zealand ETF	2.19%	2.23%	2.13%	3.00%	1.62%	2.46%	1.66%	3.35%	3.60%	3.69%	4.79%	4.29%
KCAI KraneShares China Alpha Index ETF	33.94%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENZL and KCAI in my portfolio?

ENZL and KCAI have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENZL or KCAI?

KCAI has higher volatility (5.43%) compared to ENZL (4.52%). In terms of maximum drawdown, ENZL dropped -42.44% vs KCAI's -25.48%.

Which ETF is better, ENZL or KCAI?

On 1-year performance, KCAI leads with 38.58% vs 3.77% for ENZL. On fees, ENZL is cheaper at 0.50% per year. On volatility, ENZL has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENZL or KCAI?

Over the 1-year period, KCAI has performed better with a 38.58% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENZL or KCAI?

ENZL is cheaper with a 0.50% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.94%, compared with 2.19% for ENZL.

What is the main difference between ENZL and KCAI?

ENZL is categorized as Asia Pacific Equities, while KCAI is China Equities. ENZL tracks MSCI New Zealand Investable Market Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.50% for ENZL and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.76 vs 0.24), 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.