KGRN vs. IVOL
KGRN (KraneShares MSCI China Clean Technology Index ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. KGRN is passively managed, while IVOL is actively managed. Over the past 5 years, KGRN returned -11.63%/yr vs -5.59%/yr for IVOL. At a correlation of -0.01, they often move in opposite directions. KGRN charges 0.79%/yr vs 0.99%/yr for IVOL.
Performance
KGRN vs. IVOL - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -13.08% return, which is significantly lower than IVOL's -7.77% return.
KGRN
- 1D
- -1.48%
- 1M
- -5.65%
- 6M
- -15.15%
- YTD
- -13.08%
- 1Y
- -14.85%
- 3Y*
- -4.18%
- 5Y*
- -11.63%
- 10Y*
- —
IVOL
- 1D
- -0.14%
- 1M
- 0.97%
- 6M
- -5.96%
- YTD
- -7.77%
- 1Y
- -8.11%
- 3Y*
- -2.57%
- 5Y*
- -5.59%
- 10Y*
- —
KGRN vs. IVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -13.08% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 8.57% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.77% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between KGRN and IVOL 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 | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.01 |
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Return for Risk
KGRN vs. IVOL — Risk / Return Rank
KGRN
IVOL
KGRN vs. IVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 | IVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.81 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | -0.67 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.41 | +0.28 |
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Drawdowns
KGRN vs. IVOL - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for KGRN and IVOL.
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Drawdown Indicators
| KGRN | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -31.16% | -35.08% |
Max Drawdown (1Y)Largest decline over 1 year | -28.36% | -12.08% | -16.28% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -14.48% | -27.71% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | -30.28% | -33.32% |
Current DrawdownCurrent decline from peak | -54.48% | -27.47% | -27.01% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -13.52% | -20.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.20% | 5.78% | +7.42% |
Volatility
KGRN vs. IVOL - Volatility Comparison
KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 5.99% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 2.65%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KGRN | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 2.65% | +3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 15.46% | 4.99% | +10.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.59% | 6.69% | +16.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.60% | 12.85% | +21.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.74% | 11.93% | +20.81% |
KGRN vs. IVOL - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Dividends
KGRN vs. IVOL - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.98%, less than IVOL's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.93% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% |
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% |
Frequently Asked Questions
KGRN and IVOL 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.
KGRN has higher volatility (5.99%) compared to IVOL (2.65%). In terms of maximum drawdown, KGRN dropped -66.24% vs IVOL's -31.16%.
On 5-year performance, IVOL leads with -5.59% vs -11.63% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, IVOL has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IVOL has performed better with a -5.59% return vs -11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.93%, compared with 0.98% for KGRN.
KGRN is categorized as China Equities, while IVOL is Inflation-Protected Bonds. Their fees differ too: 0.79% for KGRN and 0.99% for IVOL.
KGRN currently has the higher Sharpe Ratio (-0.63 vs -1.22), 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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