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KGRN vs. ECNS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KGRN vs. ECNS

Last updated Jul 18, 2026
Documentation

KGRN (KraneShares MSCI China Clean Technology Index ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while ECNS tracks the MSCI China Small Cap Index. Both are passively managed. Over the past 5 years, KGRN returned -11.63%/yr vs -8.38%/yr for ECNS. A 0.72 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.59%/yr for ECNS.

Performance

KGRN vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and iShares MSCI China Small-Cap ETF (ECNS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with KGRN having a -13.08% return and ECNS slightly higher at -12.63%.

KGRN

1D
-1.48%
1M
-5.65%
6M
-15.15%
YTD
-13.08%
1Y
-14.85%
3Y*
-4.18%
5Y*
-11.63%
10Y*
—

ECNS

1D
-2.83%
1M
-5.08%
6M
-17.82%
YTD
-12.63%
1Y
-13.15%
3Y*
4.29%
5Y*
-8.38%
10Y*
0.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KGRN vs. ECNS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KGRN
KraneShares MSCI China Clean Technology Index ETF		-13.08%21.45%-1.11%-14.75%-40.45%5.91%138.49%12.12%-29.32%-0.37%
ECNS
iShares MSCI China Small-Cap ETF		-12.63%36.49%5.64%-23.05%-24.58%2.11%25.42%7.84%-18.27%-1.81%

Correlation

The correlation between KGRN and ECNS is 0.68, 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

0.68

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

0.76

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

0.75

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2017

0.72

The correlation between KGRN and ECNS has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

KGRN vs. ECNS - Sectors Allocation Comparison

Sectors
KGRN
ECNS

Industrials

34.2%
21.9%

Consumer Cyclical

27.2%
7.5%

Utilities

19.8%
1.5%

Technology

14.1%
11.6%

Energy

3.8%
2.4%

Basic Materials

-

8.9%

Communication Services

-

6.0%

Consumer Defensive

-

4.1%

Financial Services

-

5.3%

Healthcare

-

20.5%

Real Estate

-

7.8%

Industrials

KGRN
34.2%
ECNS
21.9%

Consumer Cyclical

KGRN
27.2%
ECNS
7.5%

Utilities

KGRN
19.8%
ECNS
1.5%

Technology

KGRN
14.1%
ECNS
11.6%

Energy

KGRN
3.8%
ECNS
2.4%

Basic Materials

KGRN

-

ECNS
8.9%

Communication Services

KGRN

-

ECNS
6.0%

Consumer Defensive

KGRN

-

ECNS
4.1%

Financial Services

KGRN

-

ECNS
5.3%

Healthcare

KGRN

-

ECNS
20.5%

Real Estate

KGRN

-

ECNS
7.8%

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

iShares MSCI China Small-Cap ETF

Often compared with KGRN:
KGRN vs. KBAKGRN vs. KARSKGRN vs. MCHIKGRN vs. FCAKGRN vs. ASHSKGRN vs. ASHRKGRN vs. CNYA
Often compared with ECNS:
ECNS vs. ASHSECNS vs. MCHIECNS vs. CNXTECNS vs. DFAEECNS vs. CQQQECNS vs. FLCHECNS vs. EWT

Return for Risk

KGRN vs. ECNS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KGRN
KGRN Risk / Return Rank: 44
Overall Rank
KGRN Sharpe Ratio Rank: 44
Sharpe Ratio Rank
KGRN Sortino Ratio Rank: 44
Sortino Ratio Rank
KGRN Omega Ratio Rank: 44
Omega Ratio Rank
KGRN Calmar Ratio Rank: 55
Calmar Ratio Rank
KGRN Martin Ratio Rank: 44
Martin Ratio Rank
ECNS
ECNS Risk / Return Rank: 44
Overall Rank
ECNS Sharpe Ratio Rank: 44
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 44
Sortino Ratio Rank
ECNS Omega Ratio Rank: 44
Omega Ratio Rank
ECNS Calmar Ratio Rank: 55
Calmar Ratio Rank
ECNS Martin Ratio Rank: 44
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. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and iShares MSCI China Small-Cap ETF (ECNS). 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.

KGRNECNSDifference
Sharpe ratioReturn per unit of total volatility
-0.63
-0.63

0.00

Sortino ratioReturn per unit of downside risk
-0.77
-0.74

-0.03

Omega ratioGain probability vs. loss probability

0.91

0.91

0.00

Calmar ratioReturn relative to maximum drawdown

-0.53

-0.51

-0.01

Martin ratioReturn relative to average drawdown

-1.13

-1.10

-0.03

KGRN vs. ECNS - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.63, which is comparable to the ECNS Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of KGRN and ECNS, 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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Drawdowns

KGRN vs. ECNS - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, roughly equal to the maximum ECNS drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for KGRN and ECNS.

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Drawdown Indicators

KGRNECNSDifference

Max Drawdown

Largest peak-to-trough decline

-66.24%

-63.43%

-2.81%

Max Drawdown (1Y)

Largest decline over 1 year

-28.36%

-25.73%

-2.63%

Max Drawdown (3Y)

Largest decline over 3 years

-42.19%

-31.72%

-10.47%

Max Drawdown (5Y)

Largest decline over 5 years

-63.60%

-57.79%

-5.81%

Max Drawdown (10Y)

Largest decline over 10 years

—

-63.43%

—

Current Drawdown

Current decline from peak

-54.48%

-43.76%

-10.72%

Average Drawdown

Average peak-to-trough decline

-34.19%

-29.47%

-4.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.20%

12.03%

+1.17%

Volatility

KGRN vs. ECNS - Volatility Comparison

The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.99%, while iShares MSCI China Small-Cap ETF (ECNS) has a volatility of 6.76%. This indicates that KGRN experiences smaller price fluctuations and is considered to be less risky than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KGRNECNSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.99%

6.76%

-0.77%

Volatility (6M)

Calculated over the trailing 6-month period

15.46%

14.26%

+1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

23.59%

21.10%

+2.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.60%

29.50%

+5.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.74%

25.81%

+6.93%

KGRN vs. ECNS - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is higher than ECNS's 0.59% expense ratio.

Dividends

KGRN vs. ECNS - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.98%, less than ECNS's 6.73% yield.

PositionTTM20252024202320222021202020192018201720162015
ECNS
iShares MSCI China Small-Cap ETF		6.73%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%
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

KGRN and ECNS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ECNS has higher volatility (6.76%) compared to KGRN (5.99%). In terms of maximum drawdown, KGRN dropped -66.24% vs ECNS's -63.43%.

On 5-year performance, ECNS leads with -8.38% vs -11.63% for KGRN. On fees, ECNS is cheaper at 0.59% per year. On volatility, KGRN has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ECNS has performed better with a -8.38% return vs -11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ECNS is cheaper with a 0.59% expense ratio, compared with 0.79% for KGRN.

ECNS has the higher dividend yield at 6.73%, compared with 0.98% for KGRN.

KGRN tracks MSCI China IMI Environment 10/40 Index, while ECNS tracks MSCI China Small Cap Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.79% for KGRN and 0.59% for ECNS.

ECNS currently has the higher Sharpe Ratio (-0.63 vs -0.63), 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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