KCAI vs. KHYB

Last updated Jun 6, 2026

KCAI (KraneShares China Alpha Index ETF) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both exchange-traded funds - KCAI is a China Equities fund tracking the Qi China Alpha Index, while KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. Over the past year, KCAI returned 54.64% vs 10.22% for KHYB. At a 0.14 correlation, their price movements are largely independent. KCAI charges 0.79%/yr vs 0.69%/yr for KHYB.

Performance

KCAI vs. KHYB - Performance Comparison

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

Returns By Period

In the year-to-date period, KCAI achieves a 5.79% return, which is significantly higher than KHYB's 2.14% return.

KCAI

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

KHYB

• 1D: -0.37%
• 1M: 0.30%
• YTD: 2.14%
• 6M: 3.02%
• 1Y: 10.22%
• 3Y*: 8.69%
• 5Y*: 0.10%
• 10Y*: —

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

KCAI vs. KHYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCAI KraneShares China Alpha Index ETF	5.79%	53.29%	11.12%
KHYB KraneShares Asia Pacific High Income Bond ETF	2.14%	9.59%	0.87%

Correlation

The correlation between KCAI and KHYB is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.14

Return for Risk

KCAI vs. KHYB — 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

KHYB

KHYB Risk / Return Rank: 80
KHYB Sharpe Ratio Rank: 91
KHYB Sortino Ratio Rank: 94
KHYB Omega Ratio Rank: 95
KHYB Calmar Ratio Rank: 55
KHYB Martin Ratio Rank: 66

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. KHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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	KHYB	Difference
Sharpe ratio: Return per unit of total volatility	4.12	3.00	+1.12
Sortino ratio: Return per unit of downside risk	5.82	4.61	+1.21
Omega ratio: Gain probability vs. loss probability	1.73	1.68	+0.06
Calmar ratio: Return relative to maximum drawdown	13.00	2.59	+10.41
Martin ratio: Return relative to average drawdown	38.98	11.61	+27.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KCAI vs. KHYB - Sharpe Ratio Comparison

The current KCAI Sharpe Ratio is 4.12, which is higher than the KHYB Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of KCAI and KHYB, 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

	KCAI	KHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	3.00	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	0.27	+1.61

Drawdowns

KCAI vs. KHYB - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, smaller than the maximum KHYB drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for KCAI and KHYB.

Drawdown Indicators

	KCAI	KHYB	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-33.63%	+8.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	-3.97%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.86%	—
Current Drawdown Current decline from peak	-3.02%	-0.97%	-2.05%
Average Drawdown Average peak-to-trough decline	-7.15%	-9.70%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	0.88%	+0.53%

Volatility

KCAI vs. KHYB - Volatility Comparison

KraneShares China Alpha Index ETF (KCAI) has a higher volatility of 4.23% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 0.86%. This indicates that KCAI's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCAI	KHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	0.86%	+3.37%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	3.05%	+5.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	3.43%	+9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	6.32%	+14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	5.71%	+15.46%

KCAI vs. KHYB - Expense Ratio Comparison

KCAI has a 0.79% expense ratio, which is higher than KHYB's 0.69% expense ratio.

Dividends

KCAI vs. KHYB - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.48%, more than KHYB's 8.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KCAI KraneShares China Alpha Index ETF	33.48%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KHYB KraneShares Asia Pacific High Income Bond ETF	8.16%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%

Frequently Asked Questions

Can I hold both KCAI and KHYB in my portfolio?

KCAI and KHYB have a correlation of 0.18, 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 KHYB?

KCAI has higher volatility (4.23%) compared to KHYB (0.86%). In terms of maximum drawdown, KCAI dropped -25.48% vs KHYB's -33.63%.

Which ETF is better, KCAI or KHYB?

On 1-year performance, KCAI leads with 54.64% vs 10.22% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCAI or KHYB?

Over the 1-year period, KCAI has performed better with a 54.64% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCAI or KHYB?

KHYB is cheaper with a 0.69% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.48%, compared with 8.16% for KHYB.

What is the main difference between KCAI and KHYB?

KCAI is categorized as China Equities, while KHYB is Emerging Markets Bonds. KCAI tracks Qi China Alpha Index, while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Their fees differ too: 0.79% for KCAI and 0.69% for KHYB.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (4.12 vs 3.00), 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.