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 -5.87%/yr vs -11.72%/yr for KGRN. Their -0.01 correlation means they have often moved in opposite directions in the past. 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 -7.33% return, which is significantly higher than KGRN's -9.74% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
KGRN
- 1D
- -1.22%
- 1M
- 4.21%
- 6M
- -10.51%
- YTD
- -9.74%
- 1Y
- -8.93%
- 3Y*
- -6.00%
- 5Y*
- -11.72%
- 10Y*
- —
- ALL TIME*
- 1.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $273.80K | $295.76K | $430.09K |
IVOL vs. KGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
KGRN KraneShares MSCI China Clean Technology Index ETF | -9.74% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 8.57% |
Correlation
The correlation between IVOL and KGRN is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.95 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.36 | -0.15 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.71 | -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 | -12.17% | -28.36% | +16.19% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -40.82% | +26.34% |
Max Drawdown (5Y)Largest decline over 5 years | -30.07% | -63.60% | +33.53% |
Current DrawdownCurrent decline from peak | -27.12% | -52.74% | +25.62% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -34.28% | +20.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 14.13% | -7.91% |
Volatility
IVOL vs. KGRN - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.74%, while KraneShares MSCI China Clean Technology Index ETF (KGRN) has a volatility of 5.44%. 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 | 1.74% | 5.44% | -3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 15.54% | -10.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 23.50% | -16.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 34.18% | -21.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 32.69% | -20.78% |
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 3.88%, more than KGRN's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% |
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.95% | 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 -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KGRN has higher volatility (5.44%) compared to IVOL (1.74%). In terms of maximum drawdown, IVOL dropped -31.16% vs KGRN's -66.24%.
On 5-year performance, IVOL leads with -5.87% vs -11.72% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, IVOL has been the lower-risk option at 1.74%. 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 -5.87% return vs -11.72%. 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 3.88%, compared with 0.95% 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 (-0.43 vs -0.92), 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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