KBA vs. CHAU

Last updated Jun 4, 2026

KBA (KraneShares Bosera MSCI China A Share ETF) and CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) are both exchange-traded funds - KBA is a China Equities fund tracking the MSCI China A Index, while CHAU is a Leveraged Equities fund tracking the CSI 300 Index (200%). Both are passively managed. Over the past 10 years, KBA returned 10.15%/yr vs 4.54%/yr for CHAU. With a 0.96 correlation, they move nearly in lockstep. KBA charges 0.60%/yr vs 1.21%/yr for CHAU.

Performance

KBA vs. CHAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bosera MSCI China A Share ETF (KBA) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBA achieves a 12.62% return, which is significantly lower than CHAU's 17.74% return. Over the past 10 years, KBA has outperformed CHAU with an annualized return of 10.15%, while CHAU has yielded a comparatively lower 4.54% annualized return.

KBA

• 1D: 0.14%
• 1M: 4.32%
• YTD: 12.62%
• 6M: 16.80%
• 1Y: 49.12%
• 3Y*: 16.22%
• 5Y*: 6.46%
• 10Y*: 10.15%

CHAU

• 1D: -0.12%
• 1M: 5.21%
• YTD: 17.74%
• 6M: 25.00%
• 1Y: 80.30%
• 3Y*: 12.95%
• 5Y*: -9.67%
• 10Y*: 4.54%

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

KBA vs. CHAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBA KraneShares Bosera MSCI China A Share ETF	12.62%	33.88%	15.73%	-16.77%	-3.49%	3.17%	41.62%	35.44%	-26.28%	30.69%
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	17.74%	47.73%	6.61%	-28.25%	-49.17%	-2.84%	71.95%	70.01%	-51.03%	74.91%

Correlation

The correlation between KBA and CHAU is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 17, 2015	0.96

The correlation between KBA and CHAU has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

KBA vs. CHAU - Sectors Allocation Comparison

Sectors	KBA	CHAU
Technology	29.8%	26.3%
Financial Services	18.5%	20.4%
Industrials	15.8%	16.7%
Basic Materials	10.9%	10.7%
Consumer Defensive	6.8%	7.3%
Consumer Cyclical	5.7%	6.7%
Healthcare	4.1%	4.9%
Energy	3.2%	2.7%
Utilities	3.2%	3.0%
Communication Services	1.6%	0.8%
Real Estate	0.6%	0.5%

Return for Risk

KBA vs. CHAU — Risk / Return Rank

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

KBA

KBA Risk / Return Rank: 85
KBA Sharpe Ratio Rank: 84
KBA Sortino Ratio Rank: 84
KBA Omega Ratio Rank: 83
KBA Calmar Ratio Rank: 93
KBA Martin Ratio Rank: 84

CHAU

CHAU Risk / Return Rank: 74
CHAU Sharpe Ratio Rank: 74
CHAU Sortino Ratio Rank: 65
CHAU Omega Ratio Rank: 64
CHAU Calmar Ratio Rank: 89
CHAU Martin Ratio Rank: 80

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.

KBA vs. CHAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bosera MSCI China A Share ETF (KBA) and Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU). 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.

	KBA	CHAU	Difference
Sharpe ratio Return per unit of total volatility	2.80	2.42	+0.38
Sortino ratio Return per unit of downside risk	3.80	3.05	+0.75
Omega ratio Gain probability vs. loss probability	1.50	1.39	+0.11
Calmar ratio Return relative to maximum drawdown	6.45	5.29	+1.16
Martin ratio Return relative to average drawdown	17.29	15.85	+1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBA vs. CHAU - Sharpe Ratio Comparison

The current KBA Sharpe Ratio is 2.80, which is comparable to the CHAU Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of KBA and CHAU, 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

	KBA	CHAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.42	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	-0.21	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.10	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.07	+0.43

Drawdowns

KBA vs. CHAU - Drawdown Comparison

The maximum KBA drawdown since its inception was -53.24%, smaller than the maximum CHAU drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for KBA and CHAU.

Drawdown Indicators

	KBA	CHAU	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-79.21%	+25.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-15.27%	+7.62%
Max Drawdown (3Y) Largest decline over 3 years	-31.23%	-59.88%	+28.65%
Max Drawdown (5Y) Largest decline over 5 years	-39.95%	-73.69%	+33.74%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-78.58%	+33.26%
Current Drawdown Current decline from peak	-1.25%	-52.49%	+51.24%
Average Drawdown Average peak-to-trough decline	-25.81%	-58.90%	+33.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	5.08%	-2.23%

Volatility

KBA vs. CHAU - Volatility Comparison

The current volatility for KraneShares Bosera MSCI China A Share ETF (KBA) is 7.29%, while Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a volatility of 11.70%. This indicates that KBA experiences smaller price fluctuations and is considered to be less risky than CHAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBA	CHAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	11.70%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	22.78%	-10.34%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	33.37%	-15.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.20%	47.08%	-19.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	47.14%	-21.82%

KBA vs. CHAU - Expense Ratio Comparison

KBA has a 0.60% expense ratio, which is lower than CHAU's 1.21% expense ratio.

Dividends

KBA vs. CHAU - Dividend Comparison

KBA's dividend yield for the trailing twelve months is around 1.39%, less than CHAU's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	1.73%	1.97%	2.25%	3.97%	0.77%	1.73%	0.09%	0.58%	0.83%	0.00%	0.00%	0.00%
KBA KraneShares Bosera MSCI China A Share ETF	1.39%	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

Can I hold both KBA and CHAU in my portfolio?

With a correlation of 0.93, KBA and CHAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KBA or CHAU?

CHAU has higher volatility (11.70%) compared to KBA (7.29%). In terms of maximum drawdown, KBA dropped -53.24% vs CHAU's -79.21%.

Which ETF is better, KBA or CHAU?

On 10-year performance, KBA leads with 10.15% vs 4.54% for CHAU. On fees, KBA is cheaper at 0.60% per year. On volatility, KBA has been the lower-risk option at 7.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBA or CHAU?

Over the 10-year period, KBA has performed better with a 10.15% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBA or CHAU?

KBA is cheaper with a 0.60% expense ratio, compared with 1.21% for CHAU.

Which ETF pays a higher dividend yield, KBA or CHAU?

CHAU has the higher dividend yield at 1.73%, compared with 1.39% for KBA.

What is the main difference between KBA and CHAU?

KBA is categorized as China Equities, while CHAU is Leveraged Equities. KBA tracks MSCI China A Index, while CHAU tracks CSI 300 Index (200%). They also come from different issuers: CICC and Direxion. Their fees differ too: 0.60% for KBA and 1.21% for CHAU.

Which has better risk-adjusted returns?

KBA currently has the higher Sharpe Ratio (2.80 vs 2.42), 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.