IVOL vs. KGRN
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and KGRN (KraneShares MSCI China Clean Technology Index ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index. IVOL is actively managed, while KGRN is passively managed. Over the past 5 years, IVOL returned -5.77%/yr vs -12.00%/yr for KGRN. At a correlation of -0.01, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.79%/yr for KGRN.
Performance
IVOL vs. KGRN - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.36% return, which is significantly higher than KGRN's -14.41% return.
IVOL
- 1D
- -0.29%
- 1M
- -1.83%
- 6M
- -7.05%
- YTD
- -8.36%
- 1Y
- -7.46%
- 3Y*
- -2.50%
- 5Y*
- -5.77%
- 10Y*
- —
KGRN
- 1D
- -1.95%
- 1M
- -9.42%
- 6M
- -18.98%
- YTD
- -14.41%
- 1Y
- -13.47%
- 3Y*
- -5.13%
- 5Y*
- -12.00%
- 10Y*
- —
IVOL vs. KGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.36% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
KGRN KraneShares MSCI China Clean Technology Index ETF | -14.41% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 8.57% |
Correlation
The correlation between IVOL and KGRN is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.01 |
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Return for Risk
IVOL vs. KGRN — Risk / Return Rank
IVOL
KGRN
IVOL vs. KGRN - 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 MSCI China Clean Technology Index ETF (KGRN). 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 | KGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.92 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.48 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.33 | -1.06 | -0.28 |
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Drawdowns
IVOL vs. KGRN - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum KGRN drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for IVOL and KGRN.
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Drawdown Indicators
| IVOL | KGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -66.24% | +35.08% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -28.36% | +16.28% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -42.19% | +27.71% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -63.60% | +33.32% |
Current DrawdownCurrent decline from peak | -27.93% | -55.18% | +27.25% |
Average DrawdownAverage peak-to-trough decline | -13.49% | -34.15% | +20.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 12.76% | -7.16% |
Volatility
IVOL vs. KGRN - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.63%, while KraneShares MSCI China Clean Technology Index ETF (KGRN) has a volatility of 5.59%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than KGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | KGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 5.59% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 15.57% | -10.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 23.68% | -16.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 34.64% | -21.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 32.76% | -20.82% |
IVOL vs. KGRN - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than KGRN's 0.79% expense ratio.
Dividends
IVOL vs. KGRN - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.95%, more than KGRN's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.95% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 1.00% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
Frequently Asked Questions
IVOL and KGRN have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KGRN has higher volatility (5.59%) compared to IVOL (2.63%). In terms of maximum drawdown, IVOL dropped -31.16% vs KGRN's -66.24%.
On 5-year performance, IVOL leads with -5.77% vs -12.00% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, IVOL has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IVOL has performed better with a -5.77% return vs -12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.95%, compared with 1.00% for KGRN.
IVOL is categorized as Inflation-Protected Bonds, while KGRN is China Equities. Their fees differ too: 0.99% for IVOL and 0.79% for KGRN.
KGRN currently has the higher Sharpe Ratio (-0.57 vs -1.11), 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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