KGRN vs. IVOL

Last updated Jun 5, 2026

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 -7.84%/yr vs -5.75%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 higher than IVOL's -6.22% return.

KGRN

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

IVOL

• 1D: 0.11%
• 1M: -3.28%
• YTD: -6.22%
• 6M: -6.48%
• 1Y: -5.75%
• 3Y*: -3.70%
• 5Y*: -5.75%
• 10Y*: —

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

KGRN vs. IVOL - 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%	7.10%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.22%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.23%

Correlation

The correlation between KGRN and IVOL is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 15, 2019	-0.01

KGRN vs. IVOL - Sectors Allocation Comparison

Sectors	KGRN	IVOL
Consumer Cyclical	36.8%	-
Industrials	26.5%	-
Utilities	21.2%	-
Technology	11.6%	-
Energy	3.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	77.1%
Healthcare	-	-
Real Estate	-	-

Return for Risk

KGRN vs. IVOL — 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

IVOL

IVOL Risk / Return Rank: 3
IVOL Sharpe Ratio Rank: 3
IVOL Sortino Ratio Rank: 3
IVOL Omega Ratio Rank: 3
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 2

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. 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.

	KGRN	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	0.20	-0.84	+1.04
Sortino ratio: Return per unit of downside risk	0.45	-1.18	+1.63
Omega ratio: Gain probability vs. loss probability	1.05	0.87	+0.18
Calmar ratio: Return relative to maximum drawdown	0.27	-0.59	+0.86
Martin ratio: Return relative to average drawdown	0.46	-1.31	+1.77
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. IVOL - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is 0.20, which is higher than the IVOL Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of KGRN and IVOL, 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	IVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	-0.84	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	-0.45	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	-0.11	+0.18

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.

Drawdown Indicators

	KGRN	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-31.16%	-35.08%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-9.81%	-7.45%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-16.02%	-26.17%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-30.62%	-32.98%
Current Drawdown Current decline from peak	-47.62%	-26.25%	-21.37%
Average Drawdown Average peak-to-trough decline	-33.96%	-13.31%	-20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	4.42%	+5.71%

Volatility

KGRN vs. IVOL - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 7.36% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 1.10%. 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.

Volatility by Period

	KGRN	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	1.10%	+6.26%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	4.44%	+10.68%
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	6.90%	+16.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.75%	12.84%	+21.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	11.99%	+20.87%

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 0.85%, less than IVOL's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	0.00%
KGRN KraneShares MSCI China Clean Technology Index ETF	0.85%	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 IVOL in my portfolio?

KGRN and IVOL have a correlation of -0.10, 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 IVOL?

KGRN has higher volatility (7.36%) compared to IVOL (1.10%). In terms of maximum drawdown, KGRN dropped -66.24% vs IVOL's -31.16%.

Which ETF is better, KGRN or IVOL?

On 5-year performance, IVOL leads with -5.75% vs -7.84% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, IVOL has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or IVOL?

Over the 5-year period, IVOL has performed better with a -5.75% 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 IVOL?

KGRN is cheaper with a 0.79% expense ratio, compared with 0.99% for IVOL.

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

IVOL has the higher dividend yield at 3.89%, compared with 0.85% for KGRN.

What is the main difference between KGRN and IVOL?

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.

Which has better risk-adjusted returns?

KGRN currently has the higher Sharpe Ratio (0.20 vs -0.84), 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.