KCAI vs. KWEB
KCAI (KraneShares China Alpha Index ETF) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds from KraneShares - KCAI tracks the Qi China Alpha Index while KWEB tracks the CSI Overseas China Internet Index. Both are passively managed. Over the past year, KCAI returned 54.64% vs -18.21% for KWEB. A 0.53 correlation means they provide meaningful diversification when combined. KCAI charges 0.79%/yr vs 0.70%/yr for KWEB.
Performance
KCAI vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, KCAI achieves a 5.79% return, which is significantly higher than KWEB's -22.53% return.
KCAI
- 1D
- -0.65%
- 1M
- -1.56%
- YTD
- 5.79%
- 6M
- 9.23%
- 1Y
- 54.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KWEB
- 1D
- -2.76%
- 1M
- -11.36%
- YTD
- -22.53%
- 6M
- -25.55%
- 1Y
- -18.21%
- 3Y*
- 2.02%
- 5Y*
- -14.81%
- 10Y*
- -0.39%
KCAI vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KCAI KraneShares China Alpha Index ETF | 5.79% | 53.29% | 11.12% |
KWEB KraneShares CSI China Internet ETF | -22.53% | 23.55% | 22.30% |
Correlation
The correlation between KCAI and KWEB is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.53 |
The correlation between KCAI and KWEB has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.
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Return for Risk
KCAI vs. KWEB — Risk / Return Rank
KCAI
KWEB
KCAI vs. KWEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and KraneShares CSI China Internet ETF (KWEB). 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 | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.79 | ||
| Sortino ratioReturn per unit of downside risk | +6.68 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 0.90 | +0.83 |
| Calmar ratioReturn relative to maximum drawdown | 13.00 | -0.52 | +13.52 |
| Martin ratioReturn relative to average drawdown | 38.98 | -1.07 | +40.05 |
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 | KWEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | -0.67 | +4.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.31 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.88 | 0.05 | +1.83 |
Drawdowns
KCAI vs. KWEB - Drawdown Comparison
The maximum KCAI drawdown since its inception was -25.48%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for KCAI and KWEB.
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Drawdown Indicators
| KCAI | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.48% | -80.92% | +55.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -34.82% | +30.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -34.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -72.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -3.02% | -69.49% | +66.47% |
Average DrawdownAverage peak-to-trough decline | -7.15% | -35.26% | +28.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 17.12% | -15.71% |
Volatility
KCAI vs. KWEB - Volatility Comparison
The current volatility for KraneShares China Alpha Index ETF (KCAI) is 4.23%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 10.79%. This indicates that KCAI experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCAI | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 10.79% | -6.56% |
Volatility (6M)Calculated over the trailing 6-month period | 8.44% | 20.23% | -11.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 27.27% | -13.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 47.66% | -26.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.17% | 39.99% | -18.82% |
KCAI vs. KWEB - Expense Ratio Comparison
KCAI has a 0.79% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
KCAI vs. KWEB - Dividend Comparison
KCAI's dividend yield for the trailing twelve months is around 33.48%, more than KWEB's 7.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
KWEB KraneShares CSI China Internet ETF | 7.95% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
KCAI and KWEB have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KWEB has higher volatility (10.79%) compared to KCAI (4.23%). In terms of maximum drawdown, KCAI dropped -25.48% vs KWEB's -80.92%.
On 1-year performance, KCAI leads with 54.64% vs -18.21% for KWEB. On fees, KWEB is cheaper at 0.70% 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 -18.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.79% for KCAI.
KCAI has the higher dividend yield at 33.48%, compared with 7.95% for KWEB.
KCAI tracks Qi China Alpha Index, while KWEB tracks CSI Overseas China Internet Index. Their fees differ too: 0.79% for KCAI and 0.70% for KWEB.
KCAI currently has the higher Sharpe Ratio (4.12 vs -0.67), 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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