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EPHE vs. KCAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPHE vs. KCAI

Last updated Aug 2, 2026
Documentation

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 1.90% vs 39.71% for KCAI. Their 0.10 correlation means their historical movements had little consistent relationship. 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.

Loading charts...

Returns By Period

In the year-to-date period, EPHE achieves a 4.57% return, which is significantly lower than KCAI's 7.38% return.

EPHE

1D
-0.51%
1M
4.41%
6M
0.35%
YTD
4.57%
1Y
1.90%
3Y*
0.76%
5Y*
0.25%
10Y*
-2.87%
ALL TIME*
1.41%

KCAI

1D
-0.50%
1M
4.60%
6M
7.73%
YTD
7.38%
1Y
39.71%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
37.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EPHE

iShares MSCI Philippines ETF
$3.93M$3.16M$3.33M

KCAI

KraneShares China Alpha Index ETF
$42.47K$26.27K$160.21K

EPHE vs. KCAI - Yearly Performance Comparison

2026 (YTD)20252024
EPHE
iShares MSCI Philippines ETF		4.57%1.56%-8.93%
KCAI
KraneShares China Alpha Index ETF		7.38%53.29%11.36%

Correlation

The correlation between EPHE and KCAI is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

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

0.05

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

0.10

EPHE vs. KCAI - Sectors Allocation Comparison

Sectors
EPHE
KCAI

Industrials

33.1%
20.5%

Financial Services

19.9%
41.3%

Utilities

12.6%

-

Consumer Cyclical

12.5%
9.4%

Real Estate

10.8%

-

Consumer Defensive

4.7%

-

Communication Services

4.5%

-

Energy

1.1%

-

Basic Materials

0.8%
11.0%

Healthcare

-

1.3%

Technology

-

17.8%

Industrials

EPHE
33.1%
KCAI
20.5%

Financial Services

EPHE
19.9%
KCAI
41.3%

Utilities

EPHE
12.6%
KCAI

-

Consumer Cyclical

EPHE
12.5%
KCAI
9.4%

Real Estate

EPHE
10.8%
KCAI

-

Consumer Defensive

EPHE
4.7%
KCAI

-

Communication Services

EPHE
4.5%
KCAI

-

Energy

EPHE
1.1%
KCAI

-

Basic Materials

EPHE
0.8%
KCAI
11.0%

Healthcare

EPHE

-

KCAI
1.3%

Technology

EPHE

-

KCAI
17.8%

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 Philippines ETF

KraneShares China Alpha Index ETF

Often compared with EPHE:
EPHE vs. VOOEPHE vs. EIDOEPHE vs. EWYEPHE vs. VTEPHE vs. VXUSEPHE vs. GOVTEPHE vs. VTI
Often compared with KCAI:
KCAI vs. ASHSKCAI vs. CQQQKCAI vs. NBCEKCAI vs. ISVBFKCAI vs. KWEBKCAI vs. DRGNKCAI vs. CNYA

Return for Risk

EPHE vs. KCAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EPHE
EPHE Risk / Return Rank: 1414
Overall Rank
EPHE Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 1414
Sortino Ratio Rank
EPHE Omega Ratio Rank: 1414
Omega Ratio Rank
EPHE Calmar Ratio Rank: 1414
Calmar Ratio Rank
EPHE Martin Ratio Rank: 1414
Martin Ratio Rank
KCAI
KCAI Risk / Return Rank: 9595
Overall Rank
KCAI Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
KCAI Sortino Ratio Rank: 9595
Sortino Ratio Rank
KCAI Omega Ratio Rank: 9393
Omega Ratio Rank
KCAI Calmar Ratio Rank: 9696
Calmar Ratio Rank
KCAI Martin Ratio Rank: 9595
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.

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.

EPHEKCAIDifference
Sharpe ratioReturn per unit of total volatility
0.17
2.76

-2.60

Sortino ratioReturn per unit of downside risk
0.39
4.00

-3.60

Omega ratioGain probability vs. loss probability

1.05

1.48

-0.44

Calmar ratioReturn relative to maximum drawdown

0.21

6.65

-6.44

Martin ratioReturn relative to average drawdown

0.39

19.83

-19.44

EPHE vs. KCAI - Sharpe Ratio Comparison

The current EPHE Sharpe Ratio is 0.17, which is lower than the KCAI Sharpe Ratio of 2.76. 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.

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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.

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Drawdown Indicators

EPHEKCAIDifference

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

-30.85%

-1.56%

-29.29%

Average Drawdown

Average peak-to-trough decline

-21.09%

-6.83%

-14.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.66%

1.97%

+6.69%

Volatility

EPHE vs. KCAI - Volatility Comparison

The current volatility for iShares MSCI Philippines ETF (EPHE) is 4.21%, while KraneShares China Alpha Index ETF (KCAI) has a volatility of 5.08%. This indicates that EPHE 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.

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Volatility by Period

EPHEKCAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

5.08%

-0.87%

Volatility (6M)

Calculated over the trailing 6-month period

15.65%

9.82%

+5.83%

Volatility (1Y)

Calculated over the trailing 1-year period

20.34%

14.22%

+6.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.37%

20.80%

-2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.28%

20.80%

+1.48%

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 2.66%, less than KCAI's 32.99% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.66%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		32.99%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

EPHE and KCAI have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KCAI has higher volatility (5.08%) compared to EPHE (4.21%). In terms of maximum drawdown, EPHE dropped -53.82% vs KCAI's -25.48%.

On 1-year performance, KCAI leads with 39.71% vs 1.90% for EPHE. On fees, EPHE is cheaper at 0.59% per year. On volatility, EPHE has been the lower-risk option at 4.21%. 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 39.71% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

KCAI has the higher dividend yield at 32.99%, compared with 2.66% for EPHE.

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.

KCAI currently has the higher Sharpe Ratio (2.76 vs 0.17), 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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