KCAI vs. CAS

Last updated Jul 14, 2026

KCAI (KraneShares China Alpha Index ETF) and CAS (Simplify China A Shares PLUS Income ETF) are both China Equities funds. KCAI is passively managed, while CAS is actively managed. At a 0.47 correlation, their price movements are largely independent. KCAI charges 0.79%/yr vs 0.88%/yr for CAS.

Performance

KCAI vs. CAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Alpha Index ETF (KCAI) and Simplify China A Shares PLUS Income ETF (CAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAS

• 1D: -4.63%
• 1M: -2.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCAI vs. CAS - Yearly Performance Comparison

	2026 (YTD)
KCAI KraneShares China Alpha Index ETF	-2.86%
CAS Simplify China A Shares PLUS Income ETF	-5.99%

Correlation

The correlation between KCAI and CAS is 0.47, 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 May 28, 2026	0.47

KCAI vs. CAS - Sectors Allocation Comparison

Sectors	KCAI	CAS
Financial Services	39.0%	40.5%
Industrials	23.6%	-
Technology	13.2%	-
Consumer Cyclical	11.5%	-
Basic Materials	11.3%	-
Healthcare	1.3%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

KCAI vs. CAS — 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: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

CAS

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

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. CAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and Simplify China A Shares PLUS Income ETF (CAS). 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	CAS	Difference
Sharpe ratio: Return per unit of total volatility	2.88	—	—
Sortino ratio: Return per unit of downside risk	4.15	—	—
Omega ratio: Gain probability vs. loss probability	1.50	—	—
Calmar ratio: Return relative to maximum drawdown	6.74	—	—
Martin ratio: Return relative to average drawdown	21.56	—	—

Drawdowns

KCAI vs. CAS - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, which is greater than CAS's maximum drawdown of -9.35%. Use the drawdown chart below to compare losses from any high point for KCAI and CAS.

Drawdown Indicators

	KCAI	CAS	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-9.35%	-16.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	—	—
Current Drawdown Current decline from peak	-5.37%	-9.35%	+3.98%
Average Drawdown Average peak-to-trough decline	-6.95%	-3.11%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	—	—

Volatility

Volatility by Period

	KCAI	CAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.81%	32.32%	-18.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	32.32%	-11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	32.32%	-11.44%

KCAI vs. CAS - Expense Ratio Comparison

KCAI has a 0.79% expense ratio, which is lower than CAS's 0.88% expense ratio.

Dividends

KCAI vs. CAS - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 34.31%, more than CAS's 0.38% yield.

Position	TTM	2025	2024
CAS Simplify China A Shares PLUS Income ETF	0.38%	0.00%	0.00%
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%

Frequently Asked Questions

Can I hold both KCAI and CAS in my portfolio?

KCAI and CAS have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KCAI or CAS?

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, KCAI or CAS?

KCAI is cheaper with a 0.79% expense ratio, compared with 0.88% for CAS.

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

KCAI has the higher dividend yield at 34.31%, compared with 0.38% for CAS.

What is the main difference between KCAI and CAS?

They also come from different issuers: KraneShares and Simplify. Their fees differ too: 0.79% for KCAI and 0.88% for CAS.