KGRN vs. KCAI

Last updated Jul 14, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - KGRN tracks the MSCI China IMI Environment 10/40 Index while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, KGRN returned -13.47% vs 39.53% for KCAI. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KGRN vs. KCAI - Performance Comparison

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

Returns By Period

In the year-to-date period, KGRN achieves a -14.41% return, which is significantly lower than KCAI's 3.23% return.

KGRN

• 1D: -1.95%
• 1M: -9.42%
• 6M: -18.98%
• YTD: -14.41%
• 1Y: -13.47%
• 3Y*: -5.13%
• 5Y*: -12.00%
• 10Y*: —

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KGRN vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KGRN KraneShares MSCI China Clean Technology Index ETF	-14.41%	21.45%	16.10%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between KGRN and KCAI is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.58

The correlation between KGRN and KCAI has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

KGRN vs. KCAI - Sectors Allocation Comparison

Sectors	KGRN	KCAI
Industrials	34.2%	23.6%
Consumer Cyclical	27.2%	11.5%
Utilities	19.8%	-
Technology	14.1%	13.2%
Energy	3.8%	-
Basic Materials	-	11.3%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	39.0%
Healthcare	-	1.3%
Real Estate	-	-

Return for Risk

KGRN vs. KCAI — Risk / Return Rank

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

KGRN

KGRN Risk / Return Rank: 5
KGRN Sharpe Ratio Rank: 5
KGRN Sortino Ratio Rank: 5
KGRN Omega Ratio Rank: 5
KGRN Calmar Ratio Rank: 5
KGRN Martin Ratio Rank: 4

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and KraneShares China Alpha Index ETF (KCAI). 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	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	2.88	-3.45
Sortino ratio: Return per unit of downside risk	-0.68	4.15	-4.83
Omega ratio: Gain probability vs. loss probability	0.92	1.50	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.48	6.74	-7.21
Martin ratio: Return relative to average drawdown	-1.06	21.56	-22.62

KGRN vs. KCAI - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.57, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of KGRN and KCAI, 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. KCAI - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for KGRN and KCAI.

Drawdown Indicators

	KGRN	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-25.48%	-40.76%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-5.90%	-22.46%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	—	—
Current Drawdown Current decline from peak	-55.18%	-5.37%	-49.81%
Average Drawdown Average peak-to-trough decline	-34.15%	-6.95%	-27.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.76%	1.84%	+10.92%

Volatility

KGRN vs. KCAI - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 5.59% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	4.63%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	9.15%	+6.42%
Volatility (1Y) Calculated over the trailing 1-year period	23.68%	13.81%	+9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	20.88%	+13.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.76%	20.88%	+11.88%

KGRN vs. KCAI - Expense Ratio Comparison

Both KGRN and KCAI have an expense ratio of 0.79%.

Dividends

KGRN vs. KCAI - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 1.00%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KGRN KraneShares MSCI China Clean Technology Index ETF	1.00%	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 KCAI in my portfolio?

KGRN and KCAI have a correlation of 0.53, 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 KCAI?

KGRN has higher volatility (5.59%) compared to KCAI (4.63%). In terms of maximum drawdown, KGRN dropped -66.24% vs KCAI's -25.48%.

Which ETF is better, KGRN or KCAI?

On 1-year performance, KCAI leads with 39.53% vs -13.47% for KGRN. Both ETFs have the same 0.79% expense ratio. On volatility, KCAI has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or KCAI?

Over the 1-year period, KCAI has performed better with a 39.53% return vs -13.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or KCAI?

KGRN and KCAI have the same expense ratio: 0.79% per year.

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

KCAI has the higher dividend yield at 34.31%, compared with 1.00% for KGRN.

What is the main difference between KGRN and KCAI?

KGRN tracks MSCI China IMI Environment 10/40 Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: CICC and KraneShares.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs -0.57), 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.