KGRN vs. KLIP

Last updated Jun 5, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while KLIP is a Options Trading fund managed by CICC. Over the past 3 years, KGRN returned 2.68%/yr vs 8.47%/yr for KLIP. A 0.69 correlation means they provide meaningful diversification when combined. KGRN charges 0.79%/yr vs 0.95%/yr for KLIP.

Performance

KGRN vs. KLIP - 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 Internet and Covered Call Strategy ETF (KLIP). 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 KLIP's -7.77% return.

KGRN

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

KLIP

• 1D: 0.18%
• 1M: -2.12%
• YTD: -7.77%
• 6M: -9.15%
• 1Y: 0.34%
• 3Y*: 8.47%
• 5Y*: —
• 10Y*: —

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

KGRN vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KGRN KraneShares MSCI China Clean Technology Index ETF	0.04%	21.45%	-1.11%	-23.45%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-7.77%	16.92%	3.37%	10.67%

Correlation

The correlation between KGRN and KLIP is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.69

The correlation between KGRN and KLIP has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

KGRN vs. KLIP - Sectors Allocation Comparison

Sectors	KGRN	KLIP
Consumer Cyclical	36.8%	38.4%
Industrials	26.5%	-
Utilities	21.2%	-
Technology	11.6%	3.6%
Energy	3.6%	-
Basic Materials	-	-
Communication Services	-	40.1%
Consumer Defensive	-	4.3%
Financial Services	-	2.0%
Healthcare	-	6.9%
Real Estate	-	4.8%

Return for Risk

KGRN vs. KLIP — 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

KLIP

KLIP Risk / Return Rank: 9
KLIP Sharpe Ratio Rank: 9
KLIP Sortino Ratio Rank: 9
KLIP Omega Ratio Rank: 9
KLIP Calmar Ratio Rank: 9
KLIP Martin Ratio Rank: 9

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. KLIP - 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 Internet and Covered Call Strategy ETF (KLIP). 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	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	0.20	0.02	+0.18
Sortino ratio: Return per unit of downside risk	0.45	0.14	+0.31
Omega ratio: Gain probability vs. loss probability	1.05	1.02	+0.04
Calmar ratio: Return relative to maximum drawdown	0.27	0.02	+0.25
Martin ratio: Return relative to average drawdown	0.46	0.05	+0.41
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. KLIP - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is 0.20, which is higher than the KLIP Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of KGRN and KLIP, 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	KLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	0.02	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.35	-0.28

Drawdowns

KGRN vs. KLIP - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than KLIP's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KGRN and KLIP.

Drawdown Indicators

	KGRN	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-18.61%	-47.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-15.97%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-18.61%	-23.58%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	—	—
Current Drawdown Current decline from peak	-47.62%	-13.07%	-34.55%
Average Drawdown Average peak-to-trough decline	-33.96%	-3.80%	-30.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	6.75%	+3.38%

Volatility

KGRN vs. KLIP - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 7.36% compared to KraneShares China Internet and Covered Call Strategy ETF (KLIP) at 5.71%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	5.71%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	12.85%	+2.27%
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	15.84%	+7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.75%	18.12%	+16.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.86%	18.12%	+14.74%

KGRN vs. KLIP - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is lower than KLIP's 0.95% expense ratio.

Dividends

KGRN vs. KLIP - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.85%, less than KLIP's 28.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
KLIP KraneShares China Internet and Covered Call Strategy ETF	28.12%	25.14%	54.26%	61.22%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KGRN and KLIP in my portfolio?

KGRN and KLIP have a correlation of 0.63, 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 KLIP?

KGRN has higher volatility (7.36%) compared to KLIP (5.71%). In terms of maximum drawdown, KGRN dropped -66.24% vs KLIP's -18.61%.

Which ETF is better, KGRN or KLIP?

On 3-year performance, KLIP leads with 8.47% vs 2.68% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, KLIP has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or KLIP?

Over the 3-year period, KLIP has performed better with a 8.47% return vs 2.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or KLIP?

KGRN is cheaper with a 0.79% expense ratio, compared with 0.95% for KLIP.

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

KLIP has the higher dividend yield at 28.12%, compared with 0.85% for KGRN.

What is the main difference between KGRN and KLIP?

KGRN is categorized as China Equities, while KLIP is Options Trading. Their fees differ too: 0.79% for KGRN and 0.95% for KLIP.

Which has better risk-adjusted returns?

KGRN currently has the higher Sharpe Ratio (0.20 vs 0.02), 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.