KCAI vs. KPRO

Last updated Jun 27, 2026

KCAI (KraneShares China Alpha Index ETF) and KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) are both exchange-traded funds - KCAI is a China Equities fund tracking the Qi China Alpha Index, while KPRO is a Options Trading fund actively managed by KraneShares. KCAI is passively managed, while KPRO is actively managed. Over the past year, KCAI returned 43.55% vs -5.29% for KPRO. At a 0.45 correlation, their price movements are largely independent. KCAI charges 0.79%/yr vs 0.95%/yr for KPRO.

Performance

KCAI vs. KPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Alpha Index ETF (KCAI) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCAI achieves a 4.28% return, which is significantly higher than KPRO's -6.41% return.

KCAI

• 1D: -1.13%
• 1M: -1.87%
• YTD: 4.28%
• 6M: 4.63%
• 1Y: 43.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KPRO

• 1D: 0.26%
• 1M: -1.49%
• YTD: -6.41%
• 6M: -12.28%
• 1Y: -5.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCAI vs. KPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCAI KraneShares China Alpha Index ETF	4.28%	53.29%	11.36%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-6.41%	7.79%	7.47%

Correlation

The correlation between KCAI and KPRO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.45

Return for Risk

KCAI vs. KPRO — Risk / Return Rank

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

KCAI

KCAI Risk / Return Rank: 95
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 97
KCAI Martin Ratio Rank: 96

KPRO

KPRO Risk / Return Rank: 5
KPRO Sharpe Ratio Rank: 5
KPRO Sortino Ratio Rank: 5
KPRO Omega Ratio Rank: 4
KPRO Calmar Ratio Rank: 6
KPRO Martin Ratio Rank: 6

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. KPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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	KPRO	Difference
Sharpe ratio: Return per unit of total volatility	3.20	-0.60	+3.80
Sortino ratio: Return per unit of downside risk	4.57	-0.68	+5.25
Omega ratio: Gain probability vs. loss probability	1.56	0.88	+0.67
Calmar ratio: Return relative to maximum drawdown	9.93	-0.40	+10.33
Martin ratio: Return relative to average drawdown	28.09	-0.78	+28.87

KCAI vs. KPRO - Sharpe Ratio Comparison

The current KCAI Sharpe Ratio is 3.20, which is higher than the KPRO Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of KCAI and KPRO, 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. KPRO - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, which is greater than KPRO's maximum drawdown of -13.34%. Use the drawdown chart below to compare losses from any high point for KCAI and KPRO.

Drawdown Indicators

	KCAI	KPRO	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-13.34%	-12.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-13.34%	+8.93%
Current Drawdown Current decline from peak	-4.41%	-13.11%	+8.70%
Average Drawdown Average peak-to-trough decline	-6.99%	-2.66%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	6.78%	-5.23%

Volatility

KCAI vs. KPRO - Volatility Comparison

KraneShares China Alpha Index ETF (KCAI) has a higher volatility of 4.56% compared to KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) at 1.52%. This indicates that KCAI's price experiences larger fluctuations and is considered to be riskier than KPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCAI	KPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	1.52%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	7.81%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	8.82%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	7.76%	+13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	7.76%	+13.26%

KCAI vs. KPRO - Expense Ratio Comparison

KCAI has a 0.79% expense ratio, which is lower than KPRO's 0.95% expense ratio.

Dividends

KCAI vs. KPRO - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.97%, more than KPRO's 2.83% yield.

Position	TTM	2025	2024
KCAI KraneShares China Alpha Index ETF	33.97%	35.42%	2.19%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.83%	2.65%	3.70%

Frequently Asked Questions

Can I hold both KCAI and KPRO in my portfolio?

KCAI and KPRO have a correlation of 0.36, 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 KPRO?

KCAI has higher volatility (4.56%) compared to KPRO (1.52%). In terms of maximum drawdown, KCAI dropped -25.48% vs KPRO's -13.34%.

Which ETF is better, KCAI or KPRO?

On 1-year performance, KCAI leads with 43.55% vs -5.29% for KPRO. On fees, KCAI is cheaper at 0.79% per year. On volatility, KPRO has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCAI or KPRO?

Over the 1-year period, KCAI has performed better with a 43.55% return vs -5.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCAI or KPRO?

KCAI is cheaper with a 0.79% expense ratio, compared with 0.95% for KPRO.

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

KCAI has the higher dividend yield at 33.97%, compared with 2.83% for KPRO.

What is the main difference between KCAI and KPRO?

KCAI is categorized as China Equities, while KPRO is Options Trading. Their fees differ too: 0.79% for KCAI and 0.95% for KPRO.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (3.20 vs -0.60), 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.