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EPP vs. KCAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPP vs. KCAI

Last updated Jul 14, 2026
Documentation

EPP (iShares MSCI Pacific ex Japan ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - EPP is a Asia Pacific Equities fund tracking the MSCI Pacific ex-Japan Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, EPP returned 13.54% vs 39.53% for KCAI. At a 0.39 correlation, their price movements are largely independent. EPP charges 0.48%/yr vs 0.79%/yr for KCAI.

Performance

EPP vs. KCAI - Performance Comparison

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

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Returns By Period

In the year-to-date period, EPP achieves a 9.21% return, which is significantly higher than KCAI's 3.23% return.

EPP

1D
-0.57%
1M
0.54%
6M
6.84%
YTD
9.21%
1Y
13.54%
3Y*
11.81%
5Y*
5.26%
10Y*
7.03%

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)

EPP vs. KCAI - Yearly Performance Comparison

2026 (YTD)20252024
EPP
iShares MSCI Pacific ex Japan ETF		9.21%19.70%-1.67%
KCAI
KraneShares China Alpha Index ETF		3.23%53.29%11.36%

Correlation

The correlation between EPP and KCAI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

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

0.39

EPP vs. KCAI - Sectors Allocation Comparison

Sectors
EPP
KCAI

Financial Services

44.9%
39.0%

Basic Materials

17.0%
11.3%

Industrials

8.5%
23.6%

Real Estate

7.4%

-

Consumer Cyclical

6.2%
11.5%

Utilities

3.5%

-

Healthcare

3.3%
1.3%

Consumer Defensive

2.9%

-

Energy

2.7%

-

Communication Services

2.6%

-

Technology

1.0%
13.2%

Financial Services

EPP
44.9%
KCAI
39.0%

Basic Materials

EPP
17.0%
KCAI
11.3%

Industrials

EPP
8.5%
KCAI
23.6%

Real Estate

EPP
7.4%
KCAI

-

Consumer Cyclical

EPP
6.2%
KCAI
11.5%

Utilities

EPP
3.5%
KCAI

-

Healthcare

EPP
3.3%
KCAI
1.3%

Consumer Defensive

EPP
2.9%
KCAI

-

Energy

EPP
2.7%
KCAI

-

Communication Services

EPP
2.6%
KCAI

-

Technology

EPP
1.0%
KCAI
13.2%

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 Pacific ex Japan ETF

KraneShares China Alpha Index ETF

Often compared with EPP:
EPP vs. EWTEPP vs. AAXJEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPL
Often compared with KCAI:
KCAI vs. NBCEKCAI vs. KWEBKCAI vs. CQQQKCAI vs. ASHSKCAI vs. ISVBFKCAI vs. FLCHKCAI vs. KMLM

Return for Risk

EPP vs. KCAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPP
EPP Risk / Return Rank: 3333
Overall Rank
EPP Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 3030
Sortino Ratio Rank
EPP Omega Ratio Rank: 3030
Omega Ratio Rank
EPP Calmar Ratio Rank: 3838
Calmar Ratio Rank
EPP Martin Ratio Rank: 3636
Martin Ratio Rank
KCAI
KCAI Risk / Return Rank: 9494
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: 9494
Martin Ratio Rank
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.

EPP vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex Japan ETF (EPP) 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.

EPPKCAIDifference
Sharpe ratioReturn per unit of total volatility
0.90
2.88

-1.98

Sortino ratioReturn per unit of downside risk
1.34
4.15

-2.81

Omega ratioGain probability vs. loss probability

1.17

1.50

-0.33

Calmar ratioReturn relative to maximum drawdown

1.55

6.74

-5.19

Martin ratioReturn relative to average drawdown

4.30

21.56

-17.26

EPP vs. KCAI - Sharpe Ratio Comparison

The current EPP Sharpe Ratio is 0.90, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of EPP 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

EPP vs. KCAI - Drawdown Comparison

The maximum EPP drawdown since its inception was -66.01%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for EPP and KCAI.

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Drawdown Indicators

EPPKCAIDifference

Max Drawdown

Largest peak-to-trough decline

-66.01%

-25.48%

-40.53%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-5.90%

-2.89%

Max Drawdown (3Y)

Largest decline over 3 years

-19.29%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-24.55%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-39.30%

—

—

Current Drawdown

Current decline from peak

-3.11%

-5.37%

+2.26%

Average Drawdown

Average peak-to-trough decline

-10.59%

-6.95%

-3.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

1.84%

+1.31%

Volatility

EPP vs. KCAI - Volatility Comparison

The current volatility for iShares MSCI Pacific ex Japan ETF (EPP) is 3.96%, while KraneShares China Alpha Index ETF (KCAI) has a volatility of 4.63%. This indicates that EPP 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

EPPKCAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.96%

4.63%

-0.67%

Volatility (6M)

Calculated over the trailing 6-month period

12.68%

9.15%

+3.53%

Volatility (1Y)

Calculated over the trailing 1-year period

15.06%

13.81%

+1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.50%

20.88%

-3.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.99%

20.88%

-1.89%

EPP vs. KCAI - Expense Ratio Comparison

EPP has a 0.48% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

EPP vs. KCAI - Dividend Comparison

EPP's dividend yield for the trailing twelve months is around 3.44%, less than KCAI's 34.31% yield.

PositionTTM20252024202320222021202020192018201720162015
EPP
iShares MSCI Pacific ex Japan ETF		3.44%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%
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

EPP and KCAI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KCAI has higher volatility (4.63%) compared to EPP (3.96%). In terms of maximum drawdown, EPP dropped -66.01% vs KCAI's -25.48%.

On 1-year performance, KCAI leads with 39.53% vs 13.54% for EPP. On fees, EPP is cheaper at 0.48% per year. On volatility, EPP has been the lower-risk option at 3.96%. 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 39.53% return vs 13.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPP is cheaper with a 0.48% expense ratio, compared with 0.79% for KCAI.

KCAI has the higher dividend yield at 34.31%, compared with 3.44% for EPP.

EPP is categorized as Asia Pacific Equities, while KCAI is China Equities. EPP tracks MSCI Pacific ex-Japan Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.48% for EPP and 0.79% for KCAI.

KCAI currently has the higher Sharpe Ratio (2.88 vs 0.90), 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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