KGRN vs. ECLN

Last updated Jun 5, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and ECLN (First Trust EIP Carbon Impact ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while ECLN is a Utilities Equities fund actively managed by First Trust. KGRN is passively managed, while ECLN is actively managed. Over the past 5 years, KGRN returned -7.84%/yr vs 11.98%/yr for ECLN. At a 0.20 correlation, their price movements are largely independent. KGRN charges 0.79%/yr vs 0.97%/yr for ECLN.

Performance

KGRN vs. ECLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and First Trust EIP Carbon Impact ETF (ECLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGRN achieves a 0.04% return, which is significantly lower than ECLN's 12.78% return.

KGRN

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

ECLN

• 1D: 0.56%
• 1M: -2.38%
• YTD: 12.78%
• 6M: 10.71%
• 1Y: 21.20%
• 3Y*: 17.36%
• 5Y*: 11.98%
• 10Y*: —

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

KGRN vs. ECLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KGRN KraneShares MSCI China Clean Technology Index ETF	0.04%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	14.09%
ECLN First Trust EIP Carbon Impact ETF	12.78%	16.78%	22.60%	-3.36%	5.28%	12.26%	8.98%	5.66%

Correlation

The correlation between KGRN and ECLN is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 21, 2019	0.20

The correlation between KGRN and ECLN shifts across timeframes, from 0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

KGRN vs. ECLN - Sectors Allocation Comparison

Sectors	KGRN	ECLN
Consumer Cyclical	36.8%	-
Industrials	26.5%	6.8%
Utilities	21.2%	76.4%
Technology	11.6%	0.5%
Energy	3.6%	16.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

KGRN vs. ECLN — Risk / Return Rank

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

KGRN

KGRN Risk / Return Rank: 12
KGRN Sharpe Ratio Rank: 12
KGRN Sortino Ratio Rank: 13
KGRN Omega Ratio Rank: 12
KGRN Calmar Ratio Rank: 12
KGRN Martin Ratio Rank: 11

ECLN

ECLN Risk / Return Rank: 66
ECLN Sharpe Ratio Rank: 62
ECLN Sortino Ratio Rank: 66
ECLN Omega Ratio Rank: 59
ECLN Calmar Ratio Rank: 82
ECLN Martin Ratio Rank: 64

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. ECLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and First Trust EIP Carbon Impact ETF (ECLN). 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.

	KGRN	ECLN	Difference
Sharpe ratio: Return per unit of total volatility	0.20	2.04	-1.83
Sortino ratio: Return per unit of downside risk	0.45	2.98	-2.53
Omega ratio: Gain probability vs. loss probability	1.05	1.35	-0.30
Calmar ratio: Return relative to maximum drawdown	0.27	4.24	-3.97
Martin ratio: Return relative to average drawdown	0.46	11.40	-10.94
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. ECLN - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is 0.20, which is lower than the ECLN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of KGRN and ECLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KGRN	ECLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	2.04	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.85	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.68	-0.61

Drawdowns

KGRN vs. ECLN - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than ECLN's maximum drawdown of -32.28%. Use the drawdown chart below to compare losses from any high point for KGRN and ECLN.

Drawdown Indicators

	KGRN	ECLN	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-32.28%	-33.96%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-5.02%	-12.24%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-14.68%	-27.51%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-19.88%	-43.72%
Current Drawdown Current decline from peak	-47.62%	-3.11%	-44.51%
Average Drawdown Average peak-to-trough decline	-33.96%	-4.99%	-28.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	1.86%	+8.27%

Volatility

KGRN vs. ECLN - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 7.36% compared to First Trust EIP Carbon Impact ETF (ECLN) at 3.91%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than ECLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	ECLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	3.91%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	8.12%	+7.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	10.52%	+12.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.75%	14.22%	+20.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	17.41%	+15.45%

KGRN vs. ECLN - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is lower than ECLN's 0.97% expense ratio.

Dividends

KGRN vs. ECLN - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.85%, less than ECLN's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ECLN First Trust EIP Carbon Impact ETF	1.82%	1.97%	2.52%	2.54%	1.72%	1.66%	1.68%	0.71%	0.00%
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%

Frequently Asked Questions

Can I hold both KGRN and ECLN in my portfolio?

KGRN and ECLN have a correlation of 0.09, 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 ECLN?

KGRN has higher volatility (7.36%) compared to ECLN (3.91%). In terms of maximum drawdown, KGRN dropped -66.24% vs ECLN's -32.28%.

Which ETF is better, KGRN or ECLN?

On 5-year performance, ECLN leads with 11.98% vs -7.84% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, ECLN has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or ECLN?

Over the 5-year period, ECLN has performed better with a 11.98% return vs -7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or ECLN?

KGRN is cheaper with a 0.79% expense ratio, compared with 0.97% for ECLN.

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

ECLN has the higher dividend yield at 1.82%, compared with 0.85% for KGRN.

What is the main difference between KGRN and ECLN?

KGRN is categorized as China Equities, while ECLN is Utilities Equities. They also come from different issuers: CICC and First Trust. Their fees differ too: 0.79% for KGRN and 0.97% for ECLN.

Which has better risk-adjusted returns?

ECLN currently has the higher Sharpe Ratio (2.04 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.