EWS vs. KCAI

Last updated Jul 14, 2026

EWS (iShares MSCI Singapore ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, EWS returned 24.95% vs 39.53% for KCAI. At a 0.24 correlation, their price movements are largely independent. EWS charges 0.50%/yr vs 0.79%/yr for KCAI.

Performance

EWS vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 16.31% return, which is significantly higher than KCAI's 3.23% return.

EWS

• 1D: -0.66%
• 1M: 9.77%
• 6M: 12.66%
• YTD: 16.31%
• 1Y: 24.95%
• 3Y*: 23.04%
• 5Y*: 11.50%
• 10Y*: 8.11%

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)

EWS vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EWS iShares MSCI Singapore ETF	16.31%	31.35%	9.64%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between EWS and KCAI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.24

EWS vs. KCAI - Sectors Allocation Comparison

Sectors	EWS	KCAI
Financial Services	51.6%	39.0%
Industrials	18.1%	23.6%
Real Estate	8.9%	-
Consumer Cyclical	4.6%	11.5%
Technology	4.5%	13.2%
Utilities	4.3%	-
Consumer Defensive	4.1%	-
Communication Services	3.9%	-
Basic Materials	-	11.3%
Energy	-	-
Healthcare	-	1.3%

Return for Risk

EWS vs. KCAI — Risk / Return Rank

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

EWS

EWS Risk / Return Rank: 64
EWS Sharpe Ratio Rank: 62
EWS Sortino Ratio Rank: 63
EWS Omega Ratio Rank: 60
EWS Calmar Ratio Rank: 78
EWS Martin Ratio Rank: 56

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.

EWS vs. KCAI - Risk-Adjusted Trends Comparison

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

	EWS	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.88	-1.25
Sortino ratio: Return per unit of downside risk	2.31	4.15	-1.84
Omega ratio: Gain probability vs. loss probability	1.29	1.50	-0.21
Calmar ratio: Return relative to maximum drawdown	3.21	6.74	-3.53
Martin ratio: Return relative to average drawdown	7.74	21.56	-13.82

EWS vs. KCAI - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.63, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of EWS 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

EWS vs. KCAI - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for EWS and KCAI.

Drawdown Indicators

	EWS	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-75.13%	-25.48%	-49.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-5.90%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	—	—
Current Drawdown Current decline from peak	-0.66%	-5.37%	+4.71%
Average Drawdown Average peak-to-trough decline	-21.93%	-6.95%	-14.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	1.84%	+1.39%

Volatility

EWS vs. KCAI - Volatility Comparison

The current volatility for iShares MSCI Singapore ETF (EWS) is 3.50%, while KraneShares China Alpha Index ETF (KCAI) has a volatility of 4.63%. This indicates that EWS 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

	EWS	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.63%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	9.15%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	13.81%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	20.88%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	20.88%	-2.95%

EWS vs. KCAI - Expense Ratio Comparison

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

Dividends

EWS vs. KCAI - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.77%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWS iShares MSCI Singapore ETF	3.77%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%
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 EWS and KCAI in my portfolio?

EWS and KCAI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWS or KCAI?

KCAI has higher volatility (4.63%) compared to EWS (3.50%). In terms of maximum drawdown, EWS dropped -75.13% vs KCAI's -25.48%.

Which ETF is better, EWS or KCAI?

On 1-year performance, KCAI leads with 39.53% vs 24.95% for EWS. On fees, EWS is cheaper at 0.50% per year. On volatility, EWS has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWS or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs 24.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWS or KCAI?

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

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

KCAI has the higher dividend yield at 34.31%, compared with 3.77% for EWS.

What is the main difference between EWS and KCAI?

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

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs 1.63), 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.