KBUF vs. KWEB

Last updated Jun 3, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while KWEB is a China Equities fund tracking the CSI Overseas China Internet. KBUF is actively managed, while KWEB is passively managed. Over the past year, KBUF returned -0.75% vs -9.36% for KWEB. Their correlation of 0.94 suggests significant overlap in exposure. KBUF charges 0.95%/yr vs 0.76%/yr for KWEB.

Performance

KBUF vs. KWEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and KraneShares CSI China Internet ETF (KWEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBUF achieves a -9.33% return, which is significantly higher than KWEB's -16.80% return.

KBUF

• 1D: 1.93%
• 1M: -1.24%
• YTD: -9.33%
• 6M: -10.07%
• 1Y: -0.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KWEB

• 1D: 3.55%
• 1M: -1.56%
• YTD: -16.80%
• 6M: -20.06%
• 1Y: -9.36%
• 3Y*: 5.45%
• 5Y*: -13.45%
• 10Y*: 0.42%

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

KBUF vs. KWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.33%	18.04%	16.58%
KWEB KraneShares CSI China Internet ETF	-16.80%	23.55%	26.23%

Correlation

The correlation between KBUF and KWEB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024	0.94

The correlation between KBUF and KWEB has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

KBUF vs. KWEB - Sectors Allocation Comparison

Sectors	KBUF	KWEB
Communication Services	40.1%	24.8%
Consumer Cyclical	38.4%	37.7%
Healthcare	6.9%	6.0%
Real Estate	4.8%	5.2%
Consumer Defensive	4.3%	3.1%
Technology	3.6%	17.6%
Financial Services	2.0%	2.2%
Basic Materials	-	-
Energy	-	-
Industrials	-	3.1%
Utilities	-	-

Return for Risk

KBUF vs. KWEB — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 8
KBUF Sharpe Ratio Rank: 8
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

KWEB

KWEB Risk / Return Rank: 6
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 6
KWEB Martin Ratio Rank: 6

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.

KBUF vs. KWEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and KraneShares CSI China Internet ETF (KWEB). 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.

	KBUF	KWEB	Difference
Sharpe ratio Return per unit of total volatility	-0.06	-0.35	+0.29
Sortino ratio Return per unit of downside risk	0.01	-0.33	+0.34
Omega ratio Gain probability vs. loss probability	1.00	0.96	+0.04
Calmar ratio Return relative to maximum drawdown	-0.02	-0.24	+0.22
Martin ratio Return relative to average drawdown	-0.04	-0.49	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBUF vs. KWEB - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.06, which is higher than the KWEB Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of KBUF and KWEB, 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

	KBUF	KWEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.06	-0.35	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.28	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.07	+0.64

Drawdowns

KBUF vs. KWEB - Drawdown Comparison

The maximum KBUF drawdown since its inception was -17.01%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for KBUF and KWEB.

Drawdown Indicators

	KBUF	KWEB	Difference
Max Drawdown Largest peak-to-trough decline	-17.01%	-80.92%	+63.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.01%	-34.13%	+17.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-72.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.92%	—
Current Drawdown Current decline from peak	-14.68%	-67.23%	+52.55%
Average Drawdown Average peak-to-trough decline	-4.14%	-35.23%	+31.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.43%	16.72%	-9.29%

Volatility

KBUF vs. KWEB - Volatility Comparison

The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 5.77%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 10.84%. This indicates that KBUF experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBUF	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	10.84%	-5.07%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	19.79%	-9.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	27.00%	-14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.27%	47.66%	-33.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	39.98%	-25.71%

KBUF vs. KWEB - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than KWEB's 0.76% expense ratio.

Dividends

KBUF vs. KWEB - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.28%, more than KWEB's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.28%	7.51%	3.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KWEB KraneShares CSI China Internet ETF	7.40%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%

Frequently Asked Questions

Can I hold both KBUF and KWEB in my portfolio?

With a correlation of 0.96, KBUF and KWEB 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, KBUF or KWEB?

KWEB has higher volatility (10.84%) compared to KBUF (5.77%). In terms of maximum drawdown, KBUF dropped -17.01% vs KWEB's -80.92%.

Which ETF is better, KBUF or KWEB?

On 1-year performance, KBUF leads with -0.75% vs -9.36% for KWEB. On fees, KWEB is cheaper at 0.76% per year. On volatility, KBUF has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBUF or KWEB?

Over the 1-year period, KBUF has performed better with a -0.75% return vs -9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBUF or KWEB?

KWEB is cheaper with a 0.76% expense ratio, compared with 0.95% for KBUF.

Which ETF pays a higher dividend yield, KBUF or KWEB?

KBUF has the higher dividend yield at 8.28%, compared with 7.40% for KWEB.

What is the main difference between KBUF and KWEB?

KBUF is categorized as Options Trading, while KWEB is China Equities. They also come from different issuers: KraneShares and CICC. Their fees differ too: 0.95% for KBUF and 0.76% for KWEB.

Which has better risk-adjusted returns?

KBUF currently has the higher Sharpe Ratio (-0.06 vs -0.35), 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.