GXC vs. KCAI

Last updated Jun 23, 2026

GXC (SPDR S&P China ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - GXC tracks the S&P China BMI Index while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, GXC returned 8.50% vs 47.97% for KCAI. A 0.64 correlation means they provide meaningful diversification when combined. GXC charges 0.59%/yr vs 0.79%/yr for KCAI.

Performance

GXC vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P China ETF (GXC) 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, GXC achieves a -6.50% return, which is significantly lower than KCAI's 5.28% return.

GXC

• 1D: 0.75%
• 1M: -2.98%
• YTD: -6.50%
• 6M: -8.11%
• 1Y: 8.50%
• 3Y*: 10.33%
• 5Y*: -4.63%
• 10Y*: 5.28%

KCAI

• 1D: -1.22%
• 1M: 0.58%
• YTD: 5.28%
• 6M: 6.95%
• 1Y: 47.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXC vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GXC SPDR S&P China ETF	-6.50%	30.84%	15.30%
KCAI KraneShares China Alpha Index ETF	5.28%	53.29%	11.36%

Correlation

The correlation between GXC and KCAI is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.64

The correlation between GXC and KCAI has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

GXC vs. KCAI - Sectors Allocation Comparison

Sectors	GXC	KCAI
Consumer Cyclical	21.9%	11.5%
Financial Services	17.1%	39.0%
Communication Services	13.9%	-
Technology	13.8%	13.2%
Industrials	9.5%	23.6%
Basic Materials	6.7%	11.3%
Healthcare	6.3%	1.3%
Consumer Defensive	3.5%	-
Energy	3.3%	-
Real Estate	2.0%	-
Utilities	1.9%	-

Return for Risk

GXC vs. KCAI — Risk / Return Rank

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

GXC

GXC Risk / Return Rank: 15
GXC Sharpe Ratio Rank: 15
GXC Sortino Ratio Rank: 14
GXC Omega Ratio Rank: 15
GXC Calmar Ratio Rank: 15
GXC Martin Ratio Rank: 14

KCAI

KCAI Risk / Return Rank: 96
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 96
KCAI Omega Ratio Rank: 94
KCAI Calmar Ratio Rank: 98
KCAI Martin Ratio Rank: 96

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.

GXC vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P China ETF (GXC) 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.

	GXC	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.45	3.66	-3.21
Sortino ratio: Return per unit of downside risk	0.75	5.19	-4.44
Omega ratio: Gain probability vs. loss probability	1.09	1.65	-0.55
Calmar ratio: Return relative to maximum drawdown	0.58	11.54	-10.96
Martin ratio: Return relative to average drawdown	1.26	32.94	-31.68

GXC vs. KCAI - Sharpe Ratio Comparison

The current GXC Sharpe Ratio is 0.45, which is lower than the KCAI Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of GXC 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

GXC vs. KCAI - Drawdown Comparison

The maximum GXC drawdown since its inception was -71.96%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for GXC and KCAI.

Drawdown Indicators

	GXC	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-25.48%	-46.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-4.23%	-10.40%
Max Drawdown (3Y) Largest decline over 3 years	-25.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.23%	—	—
Current Drawdown Current decline from peak	-33.92%	-3.49%	-30.43%
Average Drawdown Average peak-to-trough decline	-28.83%	-7.03%	-21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	1.48%	+5.29%

Volatility

GXC vs. KCAI - Volatility Comparison

SPDR S&P China ETF (GXC) has a higher volatility of 5.75% compared to KraneShares China Alpha Index ETF (KCAI) at 3.69%. This indicates that GXC'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

	GXC	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	3.69%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	8.55%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	13.37%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.00%	21.00%	+8.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	21.00%	+5.09%

GXC vs. KCAI - Expense Ratio Comparison

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

Dividends

GXC vs. KCAI - Dividend Comparison

GXC's dividend yield for the trailing twelve months is around 3.33%, less than KCAI's 33.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GXC SPDR S&P China ETF	3.33%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%
KCAI KraneShares China Alpha Index ETF	33.65%	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 GXC and KCAI in my portfolio?

GXC and KCAI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXC or KCAI?

GXC has higher volatility (5.75%) compared to KCAI (3.69%). In terms of maximum drawdown, GXC dropped -71.96% vs KCAI's -25.48%.

Which ETF is better, GXC or KCAI?

On 1-year performance, KCAI leads with 47.97% vs 8.50% for GXC. On fees, GXC is cheaper at 0.59% per year. On volatility, KCAI has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXC or KCAI?

Over the 1-year period, KCAI has performed better with a 47.97% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXC or KCAI?

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

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

KCAI has the higher dividend yield at 33.65%, compared with 3.33% for GXC.

What is the main difference between GXC and KCAI?

GXC tracks S&P China BMI Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: State Street and KraneShares. Their fees differ too: 0.59% for GXC and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (3.66 vs 0.45), 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.