KCAI vs. ADVE

Last updated Jul 17, 2026

KCAI (KraneShares China Alpha Index ETF) and ADVE (Matthews Asia Dividend Active ETF) are both exchange-traded funds - KCAI is a China Equities fund tracking the Qi China Alpha Index, while ADVE is a Asia Pacific Equities fund actively managed by Matthews. KCAI is passively managed, while ADVE is actively managed. Over the past year, KCAI returned 38.58% vs 29.19% for ADVE. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

KCAI vs. ADVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Alpha Index ETF (KCAI) and Matthews Asia Dividend Active ETF (ADVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCAI achieves a 4.38% return, which is significantly lower than ADVE's 15.76% return.

KCAI

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

ADVE

• 1D: -1.10%
• 1M: -3.27%
• 6M: 9.43%
• YTD: 15.76%
• 1Y: 29.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCAI vs. ADVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCAI KraneShares China Alpha Index ETF	4.38%	53.29%	11.36%
ADVE Matthews Asia Dividend Active ETF	15.76%	26.12%	-2.42%

Correlation

The correlation between KCAI and ADVE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.42

KCAI vs. ADVE - Sectors Allocation Comparison

Sectors	KCAI	ADVE
Financial Services	39.0%	27.7%
Industrials	23.6%	12.2%
Technology	13.2%	29.3%
Consumer Cyclical	11.5%	5.8%
Basic Materials	11.3%	4.1%
Healthcare	1.3%	0.9%
Communication Services	-	12.0%
Consumer Defensive	-	2.7%
Energy	-	1.0%
Real Estate	-	3.4%
Utilities	-	0.9%

Return for Risk

KCAI vs. ADVE — Risk / Return Rank

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

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

ADVE

ADVE Risk / Return Rank: 59
ADVE Sharpe Ratio Rank: 55
ADVE Sortino Ratio Rank: 54
ADVE Omega Ratio Rank: 59
ADVE Calmar Ratio Rank: 63
ADVE Martin Ratio Rank: 64

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.

KCAI vs. ADVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and Matthews Asia Dividend Active ETF (ADVE). 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.

	KCAI	ADVE	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.53	+1.24
Sortino ratio: Return per unit of downside risk	3.98	2.14	+1.84
Omega ratio: Gain probability vs. loss probability	1.48	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	6.57	2.50	+4.07
Martin ratio: Return relative to average drawdown	20.62	8.88	+11.74

KCAI vs. ADVE - Sharpe Ratio Comparison

The current KCAI Sharpe Ratio is 2.76, which is higher than the ADVE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of KCAI and ADVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KCAI vs. ADVE - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, which is greater than ADVE's maximum drawdown of -18.41%. Use the drawdown chart below to compare losses from any high point for KCAI and ADVE.

Drawdown Indicators

	KCAI	ADVE	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-18.41%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-11.73%	+5.83%
Current Drawdown Current decline from peak	-4.32%	-5.33%	+1.01%
Average Drawdown Average peak-to-trough decline	-6.93%	-3.21%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	3.29%	-1.41%

Volatility

KCAI vs. ADVE - Volatility Comparison

The current volatility for KraneShares China Alpha Index ETF (KCAI) is 5.43%, while Matthews Asia Dividend Active ETF (ADVE) has a volatility of 6.89%. This indicates that KCAI experiences smaller price fluctuations and is considered to be less risky than ADVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCAI	ADVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	6.89%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	16.97%	-7.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	19.17%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	16.38%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	16.38%	+4.55%

KCAI vs. ADVE - Expense Ratio Comparison

Both KCAI and ADVE have an expense ratio of 0.79%.

Dividends

KCAI vs. ADVE - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.94%, more than ADVE's 2.23% yield.

Position	TTM	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	2.23%	2.97%	6.00%	0.37%
KCAI KraneShares China Alpha Index ETF	33.94%	35.42%	2.19%	0.00%

Frequently Asked Questions

Can I hold both KCAI and ADVE in my portfolio?

KCAI and ADVE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCAI or ADVE?

ADVE has higher volatility (6.89%) compared to KCAI (5.43%). In terms of maximum drawdown, KCAI dropped -25.48% vs ADVE's -18.41%.

Which ETF is better, KCAI or ADVE?

On 1-year performance, KCAI leads with 38.58% vs 29.19% for ADVE. Both ETFs have the same 0.79% expense ratio. On volatility, KCAI has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCAI or ADVE?

Over the 1-year period, KCAI has performed better with a 38.58% return vs 29.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCAI or ADVE?

KCAI and ADVE have the same expense ratio: 0.79% per year.

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

KCAI has the higher dividend yield at 33.94%, compared with 2.23% for ADVE.

What is the main difference between KCAI and ADVE?

KCAI is categorized as China Equities, while ADVE is Asia Pacific Equities. They also come from different issuers: KraneShares and Matthews.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.76 vs 1.53), 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.