IVOL vs. KLIP

Last updated Jun 4, 2026

IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while KLIP is a Options Trading fund managed by CICC. Over the past 3 years, IVOL returned -3.54%/yr vs 8.39%/yr for KLIP. At a correlation of -0.03, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.95%/yr for KLIP.

Performance

IVOL vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOL achieves a -6.33% return, which is significantly higher than KLIP's -7.94% return.

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

KLIP

• 1D: -2.14%
• 1M: -2.02%
• YTD: -7.94%
• 6M: -9.28%
• 1Y: 1.16%
• 3Y*: 8.39%
• 5Y*: —
• 10Y*: —

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

IVOL vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.33%	11.97%	-11.07%	-5.30%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-7.94%	16.92%	3.37%	10.67%

Correlation

The correlation between IVOL and KLIP is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	-0.03

IVOL vs. KLIP - Sectors Allocation Comparison

Sectors	IVOL	KLIP
Financial Services	77.1%	2.0%
Basic Materials	-	-
Communication Services	-	40.1%
Consumer Cyclical	-	38.4%
Consumer Defensive	-	4.3%
Energy	-	-
Healthcare	-	6.9%
Industrials	-	-
Real Estate	-	4.8%
Technology	-	3.6%
Utilities	-	-

Return for Risk

IVOL vs. KLIP — Risk / Return Rank

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

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 3

KLIP

KLIP Risk / Return Rank: 9
KLIP Sharpe Ratio Rank: 9
KLIP Sortino Ratio Rank: 9
KLIP Omega Ratio Rank: 9
KLIP Calmar Ratio Rank: 9
KLIP Martin Ratio Rank: 9

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.

IVOL vs. KLIP - 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 China Internet and Covered Call Strategy ETF (KLIP). 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.

	IVOL	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	0.07	-0.89
Sortino ratio: Return per unit of downside risk	-1.14	0.21	-1.36
Omega ratio: Gain probability vs. loss probability	0.88	1.03	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.57	0.07	-0.65
Martin ratio: Return relative to average drawdown	-1.28	0.17	-1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOL vs. KLIP - Sharpe Ratio Comparison

The current IVOL Sharpe Ratio is -0.81, which is lower than the KLIP Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of IVOL and KLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IVOL	KLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	0.07	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.35	-0.46

Drawdowns

IVOL vs. KLIP - Drawdown Comparison

The maximum IVOL drawdown since its inception was -31.16%, which is greater than KLIP's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for IVOL and KLIP.

Drawdown Indicators

	IVOL	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-31.16%	-18.61%	-12.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-15.97%	+6.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.63%	-18.61%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-30.62%	—	—
Current Drawdown Current decline from peak	-26.33%	-13.22%	-13.11%
Average Drawdown Average peak-to-trough decline	-13.30%	-3.79%	-9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	6.70%	-2.32%

Volatility

IVOL vs. KLIP - Volatility Comparison

The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.07%, while KraneShares China Internet and Covered Call Strategy ETF (KLIP) has a volatility of 5.71%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOL	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	5.71%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	4.44%	12.86%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	15.84%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	18.13%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	18.13%	-6.14%

IVOL vs. KLIP - Expense Ratio Comparison

IVOL has a 0.99% expense ratio, which is higher than KLIP's 0.95% expense ratio.

Dividends

IVOL vs. KLIP - Dividend Comparison

IVOL's dividend yield for the trailing twelve months is around 3.89%, less than KLIP's 28.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%
KLIP KraneShares China Internet and Covered Call Strategy ETF	28.17%	25.14%	54.26%	61.22%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVOL and KLIP in my portfolio?

IVOL and KLIP have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOL or KLIP?

KLIP has higher volatility (5.71%) compared to IVOL (1.07%). In terms of maximum drawdown, IVOL dropped -31.16% vs KLIP's -18.61%.

Which ETF is better, IVOL or KLIP?

On 3-year performance, KLIP leads with 8.39% vs -3.54% for IVOL. On fees, KLIP is cheaper at 0.95% per year. On volatility, IVOL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOL or KLIP?

Over the 3-year period, KLIP has performed better with a 8.39% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOL or KLIP?

KLIP is cheaper with a 0.95% expense ratio, compared with 0.99% for IVOL.

Which ETF pays a higher dividend yield, IVOL or KLIP?

KLIP has the higher dividend yield at 28.17%, compared with 3.89% for IVOL.

What is the main difference between IVOL and KLIP?

IVOL is categorized as Inflation-Protected Bonds, while KLIP is Options Trading. Their fees differ too: 0.99% for IVOL and 0.95% for KLIP.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (0.07 vs -0.81), 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.