KCAI vs. ASHR
KCAI (KraneShares China Alpha Index ETF) and ASHR (Xtrackers Harvest CSI 300 China A-Shares Fund) are both China Equities funds - KCAI tracks the Qi China Alpha Index while ASHR tracks the CSI 300 Index. Both are passively managed. Over the past year, KCAI returned 54.64% vs 32.72% for ASHR. A 0.80 correlation means they provide meaningful diversification when combined. KCAI charges 0.79%/yr vs 0.65%/yr for ASHR.
Performance
KCAI vs. ASHR - Performance Comparison
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Returns By Period
In the year-to-date period, KCAI achieves a 5.79% return, which is significantly lower than ASHR's 6.18% return.
KCAI
- 1D
- -0.65%
- 1M
- -1.56%
- YTD
- 5.79%
- 6M
- 9.23%
- 1Y
- 54.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ASHR
- 1D
- -3.06%
- 1M
- -3.11%
- YTD
- 6.18%
- 6M
- 7.99%
- 1Y
- 32.72%
- 3Y*
- 11.17%
- 5Y*
- -1.95%
- 10Y*
- 5.09%
KCAI vs. ASHR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KCAI KraneShares China Alpha Index ETF | 5.79% | 53.29% | 11.12% |
ASHR Xtrackers Harvest CSI 300 China A-Shares Fund | 6.18% | 27.02% | 15.62% |
Correlation
The correlation between KCAI and ASHR is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.80 |
The correlation between KCAI and ASHR has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
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Return for Risk
KCAI vs. ASHR — Risk / Return Rank
KCAI
ASHR
KCAI vs. ASHR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and Xtrackers Harvest CSI 300 China A-Shares Fund (ASHR). 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.
| KCAI | ASHR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.34 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 13.00 | 4.27 | +8.72 |
| Martin ratioReturn relative to average drawdown | 38.98 | 13.05 | +25.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KCAI | ASHR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | 1.92 | +2.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.08 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.88 | 0.21 | +1.67 |
Drawdowns
KCAI vs. ASHR - Drawdown Comparison
The maximum KCAI drawdown since its inception was -25.48%, smaller than the maximum ASHR drawdown of -51.30%. Use the drawdown chart below to compare losses from any high point for KCAI and ASHR.
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Drawdown Indicators
| KCAI | ASHR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.48% | -51.30% | +25.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -7.69% | +3.46% |
Max Drawdown (3Y)Largest decline over 3 years | — | -33.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.30% | — |
Current DrawdownCurrent decline from peak | -3.02% | -18.64% | +15.62% |
Average DrawdownAverage peak-to-trough decline | -7.15% | -29.18% | +22.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 2.51% | -1.10% |
Volatility
KCAI vs. ASHR - Volatility Comparison
The current volatility for KraneShares China Alpha Index ETF (KCAI) is 4.23%, while Xtrackers Harvest CSI 300 China A-Shares Fund (ASHR) has a volatility of 6.39%. This indicates that KCAI experiences smaller price fluctuations and is considered to be less risky than ASHR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCAI | ASHR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 6.39% | -2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 11.95% | -3.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 17.12% | -3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 23.92% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.17% | 24.07% | -2.90% |
KCAI vs. ASHR - Expense Ratio Comparison
KCAI has a 0.79% expense ratio, which is higher than ASHR's 0.65% expense ratio.
Dividends
KCAI vs. ASHR - Dividend Comparison
KCAI's dividend yield for the trailing twelve months is around 33.48%, more than ASHR's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASHR Xtrackers Harvest CSI 300 China A-Shares Fund | 2.17% | 2.31% | 1.13% | 2.48% | 1.13% | 0.88% | 0.81% | 0.98% | 1.32% | 0.84% | 0.73% | 30.13% |
KCAI KraneShares China Alpha Index ETF | 33.48% | 35.42% | 2.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KCAI and ASHR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASHR has higher volatility (6.39%) compared to KCAI (4.23%). In terms of maximum drawdown, KCAI dropped -25.48% vs ASHR's -51.30%.
On 1-year performance, KCAI leads with 54.64% vs 32.72% for ASHR. On fees, ASHR is cheaper at 0.65% per year. On volatility, KCAI has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KCAI has performed better with a 54.64% return vs 32.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ASHR is cheaper with a 0.65% expense ratio, compared with 0.79% for KCAI.
KCAI has the higher dividend yield at 33.48%, compared with 2.17% for ASHR.
KCAI tracks Qi China Alpha Index, while ASHR tracks CSI 300 Index. They also come from different issuers: KraneShares and DWS. Their fees differ too: 0.79% for KCAI and 0.65% for ASHR.
KCAI currently has the higher Sharpe Ratio (4.12 vs 1.92), 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.
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