KBDU vs. KCAI

Last updated Jul 17, 2026

KBDU (KraneShares 2X Long BIDU Daily ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds from KraneShares. KBDU is actively managed, while KCAI is passively managed. At a 0.30 correlation, their price movements are largely independent. KBDU charges 1.26%/yr vs 0.79%/yr for KCAI.

Performance

KBDU vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2X Long BIDU Daily ETF (KBDU) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBDU achieves a -39.04% return, which is significantly lower than KCAI's 4.38% return.

KBDU

• 1D: 2.38%
• 1M: -2.52%
• 6M: -52.02%
• YTD: -39.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KCAI

• 1D: -1.84%
• 1M: -2.62%
• 6M: 4.21%
• YTD: 4.38%
• 1Y: 38.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBDU vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025
KBDU KraneShares 2X Long BIDU Daily ETF	-39.04%	19.79%
KCAI KraneShares China Alpha Index ETF	4.38%	6.60%

Correlation

The correlation between KBDU and KCAI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.30

Return for Risk

KBDU vs. KCAI — Risk / Return Rank

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

KBDU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 94
KCAI Sortino Ratio Rank: 94
KCAI Omega Ratio Rank: 92
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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.

KBDU vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2X Long BIDU Daily ETF (KBDU) and KraneShares China Alpha Index ETF (KCAI). 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.

	KBDU	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.76	—
Sortino ratio: Return per unit of downside risk	—	3.98	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	6.57	—
Martin ratio: Return relative to average drawdown	—	20.62	—

Drawdowns

KBDU vs. KCAI - Drawdown Comparison

The maximum KBDU drawdown since its inception was -64.77%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for KBDU and KCAI.

Drawdown Indicators

	KBDU	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-64.77%	-25.48%	-39.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.90%	—
Current Drawdown Current decline from peak	-59.22%	-4.32%	-54.90%
Average Drawdown Average peak-to-trough decline	-33.76%	-6.93%	-26.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.88%	—

Volatility

Volatility by Period

	KBDU	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	102.68%	14.03%	+88.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.68%	20.93%	+81.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.68%	20.93%	+81.75%

KBDU vs. KCAI - Expense Ratio Comparison

KBDU has a 1.26% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

KBDU vs. KCAI - Dividend Comparison

KBDU has not paid dividends to shareholders, while KCAI's dividend yield for the trailing twelve months is around 33.94%.

Position	TTM	2025	2024
KBDU KraneShares 2X Long BIDU Daily ETF	0.00%	0.00%	0.00%
KCAI KraneShares China Alpha Index ETF	33.94%	35.42%	2.19%

Frequently Asked Questions

Can I hold both KBDU and KCAI in my portfolio?

KBDU and KCAI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBDU or KCAI?

On fees, KCAI is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBDU or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 1.26% for KBDU.

Which ETF pays a higher dividend yield, KBDU or KCAI?

KCAI has the higher dividend yield at 33.94%, compared with 0.00% for KBDU.

What is the main difference between KBDU and KCAI?

Their fees differ too: 1.26% for KBDU and 0.79% for KCAI.