KCAI vs. DRAG

Last updated Jun 6, 2026

KCAI (KraneShares China Alpha Index ETF) and DRAG (Roundhill China Dragons ETF) are both China Equities funds. KCAI is passively managed, while DRAG is actively managed. KCAI charges 0.79%/yr vs 0.59%/yr for DRAG.

Performance

KCAI vs. DRAG - Performance Comparison

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

Returns By Period

KCAI

• 1D: -0.65%
• 1M: -1.56%
• YTD: 5.79%
• 6M: 9.23%
• 1Y: 54.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DRAG

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCAI vs. DRAG - Yearly Performance Comparison

	2026 (YTD)
KCAI KraneShares China Alpha Index ETF	5.40%
DRAG Roundhill China Dragons ETF	0.00%

Return for Risk

KCAI vs. DRAG — Risk / Return Rank

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

KCAI

KCAI Risk / Return Rank: 97
KCAI Sharpe Ratio Rank: 97
KCAI Sortino Ratio Rank: 97
KCAI Omega Ratio Rank: 96
KCAI Calmar Ratio Rank: 98
KCAI Martin Ratio Rank: 97

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. DRAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and Roundhill China Dragons ETF (DRAG). 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	DRAG	Difference
Sharpe ratio: Return per unit of total volatility	4.12	—	—
Sortino ratio: Return per unit of downside risk	5.82	—	—
Omega ratio: Gain probability vs. loss probability	1.73	—	—
Calmar ratio: Return relative to maximum drawdown	13.00	—	—
Martin ratio: Return relative to average drawdown	38.98	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KCAI	DRAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	—	—

Drawdowns

KCAI vs. DRAG - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, which is greater than DRAG's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for KCAI and DRAG.

Drawdown Indicators

	KCAI	DRAG	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	0.00%	-25.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	—	—
Current Drawdown Current decline from peak	-3.02%	0.00%	-3.02%
Average Drawdown Average peak-to-trough decline	-7.15%	0.00%	-7.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	—	—

Volatility

Volatility by Period

	KCAI	DRAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	0.00%	+13.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	0.00%	+21.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	0.00%	+21.17%

KCAI vs. DRAG - Expense Ratio Comparison

KCAI has a 0.79% expense ratio, which is higher than DRAG's 0.59% expense ratio.

Dividends

KCAI vs. DRAG - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.48%, while DRAG has not paid dividends to shareholders.

Position	TTM	2025	2024
DRAG Roundhill China Dragons ETF	0.00%	0.00%	0.00%
KCAI KraneShares China Alpha Index ETF	33.48%	35.42%	2.19%

Frequently Asked Questions

Which ETF is better, KCAI or DRAG?

On fees, DRAG is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KCAI or DRAG?

DRAG is cheaper with a 0.59% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.48%, compared with 0.00% for DRAG.

What is the main difference between KCAI and DRAG?

They also come from different issuers: KraneShares and Roundhill. Their fees differ too: 0.79% for KCAI and 0.59% for DRAG.