KCAI vs. YXI

Last updated Jul 17, 2026

KCAI (KraneShares China Alpha Index ETF) and YXI (ProShares Short FTSE China 50) are both China Equities funds - KCAI tracks the Qi China Alpha Index while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past year, KCAI returned 38.58% vs 8.52% for YXI. At a correlation of -0.57, they often move in opposite directions. KCAI charges 0.79%/yr vs 0.95%/yr for YXI.

Performance

KCAI vs. YXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Alpha Index ETF (KCAI) and ProShares Short FTSE China 50 (YXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCAI achieves a 4.38% return, which is significantly lower than YXI's 10.86% return.

KCAI

• 1D: -1.84%
• 1M: -2.62%
• 6M: 4.21%
• YTD: 4.38%
• 1Y: 38.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YXI

• 1D: -1.28%
• 1M: 0.04%
• 6M: 15.92%
• YTD: 10.86%
• 1Y: 8.52%
• 3Y*: -9.98%
• 5Y*: -2.98%
• 10Y*: -7.35%

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

KCAI vs. YXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCAI KraneShares China Alpha Index ETF	4.38%	53.29%	11.36%
YXI ProShares Short FTSE China 50	10.86%	-22.87%	-17.57%

Correlation

The correlation between KCAI and YXI is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	-0.57

The correlation between KCAI and YXI has been stable across timeframes, ranging from -0.57 to -0.47 - a consistent structural relationship.

Return for Risk

KCAI vs. YXI — 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: 94
KCAI Sortino Ratio Rank: 94
KCAI Omega Ratio Rank: 92
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

YXI

YXI Risk / Return Rank: 18
YXI Sharpe Ratio Rank: 17
YXI Sortino Ratio Rank: 17
YXI Omega Ratio Rank: 16
YXI Calmar Ratio Rank: 21
YXI Martin Ratio Rank: 18

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. YXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Alpha Index ETF (KCAI) and ProShares Short FTSE China 50 (YXI). 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	YXI	Difference
Sharpe ratio: Return per unit of total volatility	2.76	0.42	+2.35
Sortino ratio: Return per unit of downside risk	3.98	0.72	+3.26
Omega ratio: Gain probability vs. loss probability	1.48	1.09	+0.40
Calmar ratio: Return relative to maximum drawdown	6.57	0.75	+5.82
Martin ratio: Return relative to average drawdown	20.62	1.50	+19.12

KCAI vs. YXI - Sharpe Ratio Comparison

The current KCAI Sharpe Ratio is 2.76, which is higher than the YXI Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of KCAI and YXI, 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. YXI - Drawdown Comparison

The maximum KCAI drawdown since its inception was -25.48%, smaller than the maximum YXI drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for KCAI and YXI.

Drawdown Indicators

	KCAI	YXI	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-81.15%	+55.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-11.39%	+5.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.79%	—
Current Drawdown Current decline from peak	-4.32%	-77.36%	+73.04%
Average Drawdown Average peak-to-trough decline	-6.93%	-54.45%	+47.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	5.69%	-3.81%

Volatility

KCAI vs. YXI - Volatility Comparison

The current volatility for KraneShares China Alpha Index ETF (KCAI) is 5.43%, while ProShares Short FTSE China 50 (YXI) has a volatility of 7.55%. This indicates that KCAI experiences smaller price fluctuations and is considered to be less risky than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCAI	YXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	7.55%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	15.50%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	20.63%	-6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	31.48%	-10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	27.43%	-6.50%

KCAI vs. YXI - Expense Ratio Comparison

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

Dividends

KCAI vs. YXI - Dividend Comparison

KCAI's dividend yield for the trailing twelve months is around 33.94%, more than YXI's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KCAI KraneShares China Alpha Index ETF	33.94%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YXI ProShares Short FTSE China 50	2.57%	3.60%	4.35%	2.66%	0.27%	0.00%	0.08%	1.01%	0.25%

Frequently Asked Questions

Can I hold both KCAI and YXI in my portfolio?

KCAI and YXI 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 is riskier, KCAI or YXI?

YXI has higher volatility (7.55%) compared to KCAI (5.43%). In terms of maximum drawdown, KCAI dropped -25.48% vs YXI's -81.15%.

Which ETF is better, KCAI or YXI?

On 1-year performance, KCAI leads with 38.58% vs 8.52% for YXI. On fees, KCAI is cheaper at 0.79% per year. On volatility, KCAI has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCAI or YXI?

Over the 1-year period, KCAI has performed better with a 38.58% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCAI or YXI?

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

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

KCAI has the higher dividend yield at 33.94%, compared with 2.57% for YXI.

What is the main difference between KCAI and YXI?

KCAI tracks Qi China Alpha Index, while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.79% for KCAI and 0.95% for YXI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.76 vs 0.41), 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.