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KGRN vs. CXSE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KGRN vs. CXSE

Last updated Jun 5, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while CXSE tracks the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 5 years, KGRN returned -7.84%/yr vs -8.14%/yr for CXSE. A 0.75 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.32%/yr for CXSE.

Performance

KGRN vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KGRN achieves a 0.04% return, which is significantly lower than CXSE's 0.56% return.

KGRN

1D
-0.84%
1M
-6.12%
YTD
0.04%
6M
-2.21%
1Y
4.70%
3Y*
2.68%
5Y*
-7.84%
10Y*
—

CXSE

1D
-0.36%
1M
0.50%
YTD
0.56%
6M
-0.29%
1Y
21.07%
3Y*
11.14%
5Y*
-8.14%
10Y*
7.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KGRN vs. CXSE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KGRN
KraneShares MSCI China Clean Technology Index ETF		0.04%21.45%-1.11%-14.75%-40.45%5.91%138.49%12.12%-29.32%-0.37%
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		0.56%37.00%8.56%-18.02%-29.32%-23.67%59.39%37.96%-28.55%4.60%

Correlation

The correlation between KGRN and CXSE is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Oct 16, 2017

0.75

The correlation between KGRN and CXSE has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

KGRN vs. CXSE - Sectors Allocation Comparison

Sectors
KGRN
CXSE

Consumer Cyclical

36.8%
26.2%

Industrials

26.5%
16.6%

Utilities

21.2%
0.3%

Technology

11.6%
22.6%

Energy

3.6%
0.4%

Basic Materials

-

3.4%

Communication Services

-

10.1%

Consumer Defensive

-

3.9%

Financial Services

-

6.2%

Healthcare

-

8.8%

Real Estate

-

0.9%

Consumer Cyclical

KGRN
36.8%
CXSE
26.2%

Industrials

KGRN
26.5%
CXSE
16.6%

Utilities

KGRN
21.2%
CXSE
0.3%

Technology

KGRN
11.6%
CXSE
22.6%

Energy

KGRN
3.6%
CXSE
0.4%

Basic Materials

KGRN

-

CXSE
3.4%

Communication Services

KGRN

-

CXSE
10.1%

Consumer Defensive

KGRN

-

CXSE
3.9%

Financial Services

KGRN

-

CXSE
6.2%

Healthcare

KGRN

-

CXSE
8.8%

Real Estate

KGRN

-

CXSE
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

KraneShares MSCI China Clean Technology Index ETF

WisdomTree China ex-State-Owned Enterprises Fund

Often compared with KGRN:
KGRN vs. KBAKGRN vs. KARSKGRN vs. MCHIKGRN vs. FCAKGRN vs. ASHSKGRN vs. ASHRKGRN vs. CNYA
Often compared with CXSE:
CXSE vs. FLCHCXSE vs. MCHICXSE vs. PGJCXSE vs. CNXTCXSE vs. CHIQCXSE vs. FXICXSE vs. VOO

Return for Risk

KGRN vs. CXSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KGRN
KGRN Risk / Return Rank: 1212
Overall Rank
KGRN Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
KGRN Sortino Ratio Rank: 1313
Sortino Ratio Rank
KGRN Omega Ratio Rank: 1212
Omega Ratio Rank
KGRN Calmar Ratio Rank: 1212
Calmar Ratio Rank
KGRN Martin Ratio Rank: 1111
Martin Ratio Rank
CXSE
CXSE Risk / Return Rank: 2626
Overall Rank
CXSE Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
CXSE Sortino Ratio Rank: 2828
Sortino Ratio Rank
CXSE Omega Ratio Rank: 2727
Omega Ratio Rank
CXSE Calmar Ratio Rank: 2626
Calmar Ratio Rank
CXSE Martin Ratio Rank: 2121
Martin Ratio Rank
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.

KGRN vs. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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.

KGRNCXSEDifference
Sharpe ratioReturn per unit of total volatility
0.20
0.99

-0.79

Sortino ratioReturn per unit of downside risk
0.45
1.48

-1.03

Omega ratioGain probability vs. loss probability

1.05

1.18

-0.13

Calmar ratioReturn relative to maximum drawdown

0.27

1.20

-0.92

Martin ratioReturn relative to average drawdown

0.46

2.50

-2.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGRN vs. CXSE - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is 0.20, which is lower than the CXSE Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of KGRN and CXSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KGRNCXSEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

0.99

-0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.23

-0.25

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.25

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

0.19

-0.12

Drawdowns

KGRN vs. CXSE - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum CXSE drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for KGRN and CXSE.

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Drawdown Indicators

KGRNCXSEDifference

Max Drawdown

Largest peak-to-trough decline

-66.24%

-70.01%

+3.77%

Max Drawdown (1Y)

Largest decline over 1 year

-17.26%

-17.70%

+0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-42.19%

-32.12%

-10.07%

Max Drawdown (5Y)

Largest decline over 5 years

-63.60%

-64.47%

+0.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-70.01%

—

Current Drawdown

Current decline from peak

-47.62%

-46.21%

-1.41%

Average Drawdown

Average peak-to-trough decline

-33.96%

-27.84%

-6.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.13%

8.45%

+1.68%

Volatility

KGRN vs. CXSE - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE) have volatilities of 7.36% and 7.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KGRNCXSEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.36%

7.30%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

15.12%

14.52%

+0.60%

Volatility (1Y)

Calculated over the trailing 1-year period

23.05%

21.39%

+1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.75%

32.29%

+2.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.86%

28.69%

+4.17%

KGRN vs. CXSE - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

KGRN vs. CXSE - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.85%, less than CXSE's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
CXSE
WisdomTree China ex-State-Owned Enterprises Fund		1.99%1.95%1.70%1.71%1.55%0.86%0.54%0.96%1.49%1.24%1.39%2.50%
KGRN
KraneShares MSCI China Clean Technology Index ETF		0.85%0.85%1.49%0.74%1.98%0.41%0.01%5.88%2.04%0.00%0.00%0.00%

Frequently Asked Questions

KGRN and CXSE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KGRN has higher volatility (7.36%) compared to CXSE (7.30%). In terms of maximum drawdown, KGRN dropped -66.24% vs CXSE's -70.01%.

On 5-year performance, KGRN leads with -7.84% vs -8.14% for CXSE. On fees, CXSE is cheaper at 0.32% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, KGRN has performed better with a -7.84% return vs -8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CXSE is cheaper with a 0.32% expense ratio, compared with 0.79% for KGRN.

CXSE has the higher dividend yield at 1.99%, compared with 0.85% for KGRN.

KGRN tracks MSCI China IMI Environment 10/40 Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: CICC and WisdomTree. Their fees differ too: 0.79% for KGRN and 0.32% for CXSE.

CXSE currently has the higher Sharpe Ratio (0.99 vs 0.20), 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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