IVOL vs. KBA
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and KBA (KraneShares Bosera MSCI China A Share ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while KBA is a China Equities fund tracking the MSCI China A Index. IVOL is actively managed, while KBA is passively managed. Over the past 5 years, IVOL returned -5.63%/yr vs 6.66%/yr for KBA. At a 0.04 correlation, their price movements are largely independent. IVOL charges 0.99%/yr vs 0.60%/yr for KBA.
Performance
IVOL vs. KBA - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.37% return, which is significantly lower than KBA's 10.36% return.
IVOL
- 1D
- 0.35%
- 1M
- -3.04%
- YTD
- -8.37%
- 6M
- -7.51%
- 1Y
- -7.39%
- 3Y*
- -2.64%
- 5Y*
- -5.63%
- 10Y*
- —
KBA
- 1D
- -3.67%
- 1M
- 2.74%
- YTD
- 10.36%
- 6M
- 10.50%
- 1Y
- 45.45%
- 3Y*
- 16.25%
- 5Y*
- 6.66%
- 10Y*
- 10.40%
IVOL vs. KBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.37% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
KBA KraneShares Bosera MSCI China A Share ETF | 10.36% | 33.88% | 15.73% | -16.77% | -3.49% | 3.17% | 41.62% | 16.03% |
Correlation
The correlation between IVOL and KBA is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.04 |
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Return for Risk
IVOL vs. KBA — Risk / Return Rank
IVOL
KBA
IVOL vs. KBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and KraneShares Bosera MSCI China A Share ETF (KBA). 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.
| IVOL | KBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.46 | ||
| Sortino ratioReturn per unit of downside risk | -4.66 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.42 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 5.97 | -6.58 |
| Martin ratioReturn relative to average drawdown | -1.48 | 15.15 | -16.63 |
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Drawdowns
IVOL vs. KBA - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum KBA drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for IVOL and KBA.
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Drawdown Indicators
| IVOL | KBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -53.24% | +22.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -7.65% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -31.23% | +16.75% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -39.76% | +9.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.32% | — |
Current DrawdownCurrent decline from peak | -27.94% | -3.67% | -24.27% |
Average DrawdownAverage peak-to-trough decline | -13.39% | -25.71% | +12.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 3.01% | +1.98% |
Volatility
IVOL vs. KBA - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.57%, while KraneShares Bosera MSCI China A Share ETF (KBA) has a volatility of 8.89%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than KBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | KBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 8.89% | -6.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 14.20% | -9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.05% | 19.00% | -11.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 27.35% | -14.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.98% | 25.39% | -13.41% |
IVOL vs. KBA - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than KBA's 0.60% expense ratio.
Dividends
IVOL vs. KBA - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.98%, more than KBA's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.98% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% | 0.00% | 0.00% |
KBA KraneShares Bosera MSCI China A Share ETF | 1.42% | 1.56% | 2.18% | 2.34% | 49.05% | 9.07% | 0.65% | 1.53% | 3.77% | 1.46% | 6.62% | 29.08% |
Frequently Asked Questions
IVOL and KBA 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.
KBA has higher volatility (8.89%) compared to IVOL (2.57%). In terms of maximum drawdown, IVOL dropped -31.16% vs KBA's -53.24%.
On 5-year performance, KBA leads with 6.66% vs -5.63% for IVOL. On fees, KBA is cheaper at 0.60% per year. On volatility, IVOL has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KBA has performed better with a 6.66% return vs -5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBA is cheaper with a 0.60% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.98%, compared with 1.42% for KBA.
IVOL is categorized as Inflation-Protected Bonds, while KBA is China Equities. Their fees differ too: 0.99% for IVOL and 0.60% for KBA.
KBA currently has the higher Sharpe Ratio (2.40 vs -1.05), 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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