KBA vs. ECNS

Last updated Jun 4, 2026

KBA (KraneShares Bosera MSCI China A Share ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both exchange-traded funds - KBA is a China Equities fund tracking the MSCI China A Index, while ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index. Both are passively managed. Over the past 10 years, KBA returned 10.15%/yr vs 1.88%/yr for ECNS. A 0.65 correlation means they provide meaningful diversification when combined. KBA charges 0.60%/yr vs 0.59%/yr for ECNS.

Performance

KBA vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Bosera MSCI China A Share ETF (KBA) and iShares MSCI China Small-Cap ETF (ECNS). 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 higher than ECNS's -4.50% return. Over the past 10 years, KBA has outperformed ECNS with an annualized return of 10.15%, while ECNS has yielded a comparatively lower 1.88% 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%

ECNS

• 1D: -2.25%
• 1M: -6.37%
• YTD: -4.50%
• 6M: -7.48%
• 1Y: 13.77%
• 3Y*: 7.43%
• 5Y*: -6.97%
• 10Y*: 1.88%

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

KBA vs. ECNS - 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%
ECNS iShares MSCI China Small-Cap ETF	-4.50%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-18.27%	27.55%

Correlation

The correlation between KBA and ECNS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 6, 2014	0.65

The correlation between KBA and ECNS shifts across timeframes, from 0.57 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

KBA vs. ECNS - Sectors Allocation Comparison

Sectors	KBA	ECNS
Technology	29.8%	16.9%
Financial Services	18.5%	4.4%
Industrials	15.8%	16.2%
Basic Materials	10.9%	7.8%
Consumer Defensive	6.8%	4.0%
Consumer Cyclical	5.7%	8.8%
Healthcare	4.1%	19.8%
Energy	3.2%	3.4%
Utilities	3.2%	2.6%
Communication Services	1.6%	4.5%
Real Estate	0.6%	8.8%

Return for Risk

KBA vs. ECNS — 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

ECNS

ECNS Risk / Return Rank: 19
ECNS Sharpe Ratio Rank: 20
ECNS Sortino Ratio Rank: 19
ECNS Omega Ratio Rank: 20
ECNS Calmar Ratio Rank: 19
ECNS Martin Ratio Rank: 16

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. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Bosera MSCI China A Share ETF (KBA) and iShares MSCI China Small-Cap ETF (ECNS). 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	ECNS	Difference
Sharpe ratio Return per unit of total volatility	2.80	0.66	+2.14
Sortino ratio Return per unit of downside risk	3.80	1.00	+2.79
Omega ratio Gain probability vs. loss probability	1.50	1.13	+0.37
Calmar ratio Return relative to maximum drawdown	6.45	0.76	+5.68
Martin ratio Return relative to average drawdown	17.29	1.51	+15.79
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. ECNS - Sharpe Ratio Comparison

The current KBA Sharpe Ratio is 2.80, which is higher than the ECNS Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of KBA and ECNS, 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	ECNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	0.66	+2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	-0.24	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.07	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.02	+0.33

Drawdowns

KBA vs. ECNS - Drawdown Comparison

The maximum KBA drawdown since its inception was -53.24%, smaller than the maximum ECNS drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for KBA and ECNS.

Drawdown Indicators

	KBA	ECNS	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-63.43%	+10.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-18.08%	+10.43%
Max Drawdown (3Y) Largest decline over 3 years	-31.23%	-31.72%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-39.95%	-59.61%	+19.66%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-63.43%	+18.11%
Current Drawdown Current decline from peak	-1.25%	-38.52%	+37.27%
Average Drawdown Average peak-to-trough decline	-25.81%	-29.39%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	9.14%	-6.29%

Volatility

KBA vs. ECNS - Volatility Comparison

KraneShares Bosera MSCI China A Share ETF (KBA) has a higher volatility of 7.29% compared to iShares MSCI China Small-Cap ETF (ECNS) at 5.64%. This indicates that KBA's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBA	ECNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	5.64%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	12.87%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	20.92%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.20%	29.44%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	25.90%	-0.58%

KBA vs. ECNS - Expense Ratio Comparison

KBA has a 0.60% expense ratio, which is higher than ECNS's 0.59% expense ratio.

Dividends

KBA vs. ECNS - Dividend Comparison

KBA's dividend yield for the trailing twelve months is around 1.39%, less than ECNS's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECNS iShares MSCI China Small-Cap ETF	6.49%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%
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 ECNS in my portfolio?

KBA and ECNS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBA or ECNS?

KBA has higher volatility (7.29%) compared to ECNS (5.64%). In terms of maximum drawdown, KBA dropped -53.24% vs ECNS's -63.43%.

Which ETF is better, KBA or ECNS?

On 10-year performance, KBA leads with 10.15% vs 1.88% for ECNS. On fees, ECNS is cheaper at 0.59% per year. On volatility, ECNS has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBA or ECNS?

Over the 10-year period, KBA has performed better with a 10.15% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBA or ECNS?

ECNS is cheaper with a 0.59% expense ratio, compared with 0.60% for KBA.

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

ECNS has the higher dividend yield at 6.49%, compared with 1.39% for KBA.

What is the main difference between KBA and ECNS?

KBA is categorized as China Equities, while ECNS is Asia Pacific Equities. KBA tracks MSCI China A Index, while ECNS tracks MSCI China Small Cap Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.60% for KBA and 0.59% for ECNS.

Which has better risk-adjusted returns?

KBA currently has the higher Sharpe Ratio (2.80 vs 0.66), 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.