KGRN vs. CXSE

Last updated Jun 26, 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 -12.17%/yr vs -9.16%/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.

Returns By Period

In the year-to-date period, KGRN achieves a -13.26% return, which is significantly lower than CXSE's -3.41% return.

KGRN

• 1D: -1.22%
• 1M: -13.67%
• YTD: -13.26%
• 6M: -13.39%
• 1Y: -10.47%
• 3Y*: -3.05%
• 5Y*: -12.17%
• 10Y*: —

CXSE

• 1D: 0.79%
• 1M: -4.09%
• YTD: -3.41%
• 6M: -4.78%
• 1Y: 13.70%
• 3Y*: 10.14%
• 5Y*: -9.16%
• 10Y*: 7.10%

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

KGRN vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	-13.26%	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	-3.41%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	5.26%

Correlation

The correlation between KGRN and CXSE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.75

The correlation between KGRN and CXSE has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

KGRN vs. CXSE - Sectors Allocation Comparison

Sectors	KGRN	CXSE
Consumer Cyclical	36.2%	24.6%
Industrials	26.9%	12.7%
Utilities	21.2%	0.2%
Technology	11.6%	27.4%
Energy	3.4%	0.4%
Basic Materials	-	3.2%
Communication Services	-	12.1%
Consumer Defensive	-	4.0%
Financial Services	-	6.2%
Healthcare	-	8.6%
Real Estate	-	0.8%

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: 6
KGRN Sharpe Ratio Rank: 6
KGRN Sortino Ratio Rank: 6
KGRN Omega Ratio Rank: 6
KGRN Calmar Ratio Rank: 6
KGRN Martin Ratio Rank: 5

CXSE

CXSE Risk / Return Rank: 19
CXSE Sharpe Ratio Rank: 20
CXSE Sortino Ratio Rank: 19
CXSE Omega Ratio Rank: 19
CXSE Calmar Ratio Rank: 19
CXSE Martin Ratio Rank: 17

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.

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.

	KGRN	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.63	-1.08
Sortino ratio: Return per unit of downside risk	-0.49	1.01	-1.49
Omega ratio: Gain probability vs. loss probability	0.94	1.13	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.38	0.78	-1.16
Martin ratio: Return relative to average drawdown	-0.92	1.53	-2.44

KGRN vs. CXSE - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.45, which is lower than the CXSE Sharpe Ratio of 0.63. 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.

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.

Drawdown Indicators

	KGRN	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-70.01%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-27.39%	-17.70%	-9.69%
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	-54.58%	-48.33%	-6.25%
Average Drawdown Average peak-to-trough decline	-34.05%	-27.91%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	9.00%	+2.44%

Volatility

KGRN vs. CXSE - Volatility Comparison

The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 6.77%, while WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a volatility of 7.23%. This indicates that KGRN experiences smaller price fluctuations and is considered to be less risky than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	7.23%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	15.57%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	23.48%	21.68%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.67%	32.36%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	28.73%	+4.09%

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 0.98%, less than CXSE's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.50%	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	0.98%	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

Can I hold both KGRN and CXSE in my portfolio?

KGRN and CXSE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGRN or CXSE?

CXSE has higher volatility (7.23%) compared to KGRN (6.77%). In terms of maximum drawdown, KGRN dropped -66.24% vs CXSE's -70.01%.

Which ETF is better, KGRN or CXSE?

On 5-year performance, CXSE leads with -9.16% vs -12.17% for KGRN. On fees, CXSE is cheaper at 0.32% per year. On volatility, KGRN has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or CXSE?

Over the 5-year period, CXSE has performed better with a -9.16% return vs -12.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or CXSE?

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

Which ETF pays a higher dividend yield, KGRN or CXSE?

CXSE has the higher dividend yield at 1.50%, compared with 0.98% for KGRN.

What is the main difference between KGRN and CXSE?

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.

Which has better risk-adjusted returns?

CXSE currently has the higher Sharpe Ratio (0.63 vs -0.45), 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.