EPHE vs. KCAI

Last updated Jul 14, 2026

EPHE (iShares MSCI Philippines ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, EPHE returned -5.56% vs 39.53% for KCAI. At a 0.11 correlation, their price movements are largely independent. EPHE charges 0.59%/yr vs 0.79%/yr for KCAI.

Performance

EPHE vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Philippines ETF (EPHE) 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, EPHE achieves a 2.00% return, which is significantly lower than KCAI's 3.23% return.

EPHE

• 1D: -1.35%
• 1M: 1.67%
• 6M: -3.76%
• YTD: 2.00%
• 1Y: -5.56%
• 3Y*: -0.26%
• 5Y*: -1.57%
• 10Y*: -3.39%

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPHE vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EPHE iShares MSCI Philippines ETF	2.00%	1.56%	-8.93%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between EPHE and KCAI is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.11

EPHE vs. KCAI - Sectors Allocation Comparison

Sectors	EPHE	KCAI
Industrials	30.8%	23.6%
Financial Services	20.0%	39.0%
Utilities	13.5%	-
Consumer Cyclical	12.7%	11.5%
Real Estate	11.2%	-
Communication Services	4.8%	-
Consumer Defensive	4.5%	-
Energy	1.3%	-
Basic Materials	1.1%	11.3%
Healthcare	-	1.3%
Technology	-	13.2%

Return for Risk

EPHE vs. KCAI — Risk / Return Rank

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

EPHE

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

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
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.

EPHE vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Philippines ETF (EPHE) 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.

	EPHE	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	2.88	-3.15
Sortino ratio: Return per unit of downside risk	-0.26	4.15	-4.41
Omega ratio: Gain probability vs. loss probability	0.97	1.50	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.35	6.74	-7.09
Martin ratio: Return relative to average drawdown	-0.61	21.56	-22.17

EPHE vs. KCAI - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is -0.27, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of EPHE 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

EPHE vs. KCAI - Drawdown Comparison

The maximum EPHE drawdown since its inception was -53.82%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for EPHE and KCAI.

Drawdown Indicators

	EPHE	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-53.82%	-25.48%	-28.34%
Max Drawdown (1Y) Largest decline over 1 year	-15.90%	-5.90%	-10.00%
Max Drawdown (3Y) Largest decline over 3 years	-21.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.62%	—	—
Current Drawdown Current decline from peak	-32.56%	-5.37%	-27.19%
Average Drawdown Average peak-to-trough decline	-21.06%	-6.95%	-14.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.13%	1.84%	+7.29%

Volatility

EPHE vs. KCAI - Volatility Comparison

iShares MSCI Philippines ETF (EPHE) has a higher volatility of 9.64% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that EPHE'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.

Volatility by Period

	EPHE	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	4.63%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	15.92%	9.15%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	13.81%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	20.88%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	20.88%	+1.40%

EPHE vs. KCAI - Expense Ratio Comparison

EPHE has a 0.59% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

EPHE vs. KCAI - Dividend Comparison

EPHE's dividend yield for the trailing twelve months is around 2.72%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPHE iShares MSCI Philippines ETF	2.72%	2.11%	2.32%	2.01%	1.73%	1.05%	0.72%	0.78%	0.45%	0.36%	0.71%	1.03%
KCAI KraneShares China Alpha Index ETF	34.31%	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 EPHE and KCAI in my portfolio?

EPHE and KCAI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPHE or KCAI?

EPHE has higher volatility (9.64%) compared to KCAI (4.63%). In terms of maximum drawdown, EPHE dropped -53.82% vs KCAI's -25.48%.

Which ETF is better, EPHE or KCAI?

On 1-year performance, KCAI leads with 39.53% vs -5.56% for EPHE. On fees, EPHE is cheaper at 0.59% per year. On volatility, KCAI has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPHE or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs -5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPHE or KCAI?

EPHE is cheaper with a 0.59% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 34.31%, compared with 2.72% for EPHE.

What is the main difference between EPHE and KCAI?

EPHE is categorized as Asia Pacific Equities, while KCAI is China Equities. EPHE tracks MSCI Philippines Investable Market Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.59% for EPHE and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs -0.27), 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.