KGRN vs. OBOR

Last updated Jul 17, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and OBOR (KraneShares MSCI One Belt One Road Index ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while OBOR is a Emerging Markets Equities fund tracking the MSCI Global China Infrastructure Exposure. Both are passively managed. Over the past 5 years, KGRN returned -11.37%/yr vs 0.23%/yr for OBOR. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KGRN vs. OBOR - 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 MSCI One Belt One Road Index ETF (OBOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGRN achieves a -11.78% return, which is significantly lower than OBOR's -2.88% return.

KGRN

• 1D: 0.36%
• 1M: -6.12%
• 6M: -15.17%
• YTD: -11.78%
• 1Y: -12.20%
• 3Y*: -4.29%
• 5Y*: -11.37%
• 10Y*: —

OBOR

• 1D: -0.95%
• 1M: -6.09%
• 6M: -7.97%
• YTD: -2.88%
• 1Y: 8.78%
• 3Y*: 8.57%
• 5Y*: 0.23%
• 10Y*: —

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

KGRN vs. OBOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	-11.78%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%
OBOR KraneShares MSCI One Belt One Road Index ETF	-2.88%	27.86%	8.55%	-7.91%	-21.96%	17.06%	13.47%	16.75%	-15.36%	1.66%

Correlation

The correlation between KGRN and OBOR is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.61

The correlation between KGRN and OBOR shifts across timeframes, from 0.48 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

KGRN vs. OBOR - Sectors Allocation Comparison

Sectors	KGRN	OBOR
Industrials	34.2%	24.3%
Consumer Cyclical	27.2%	3.3%
Utilities	19.8%	13.5%
Technology	14.1%	-
Energy	3.8%	7.7%
Basic Materials	-	25.8%
Communication Services	-	0.2%
Consumer Defensive	-	-
Financial Services	-	23.1%
Healthcare	-	0.2%
Real Estate	-	-

Return for Risk

KGRN vs. OBOR — 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: 6
KGRN Martin Ratio Rank: 5

OBOR

OBOR Risk / Return Rank: 18
OBOR Sharpe Ratio Rank: 19
OBOR Sortino Ratio Rank: 18
OBOR Omega Ratio Rank: 19
OBOR Calmar Ratio Rank: 18
OBOR Martin Ratio Rank: 18

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. OBOR - 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 MSCI One Belt One Road Index ETF (OBOR). 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	OBOR	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.52	-1.04
Sortino ratio: Return per unit of downside risk	-0.60	0.80	-1.40
Omega ratio: Gain probability vs. loss probability	0.93	1.10	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.43	0.59	-1.02
Martin ratio: Return relative to average drawdown	-0.93	1.48	-2.41

KGRN vs. OBOR - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.52, which is lower than the OBOR Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of KGRN and OBOR, 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. OBOR - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than OBOR's maximum drawdown of -41.54%. Use the drawdown chart below to compare losses from any high point for KGRN and OBOR.

Drawdown Indicators

	KGRN	OBOR	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-41.54%	-24.70%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-14.95%	-13.41%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-18.06%	-24.13%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-34.00%	-29.60%
Current Drawdown Current decline from peak	-53.80%	-14.31%	-39.49%
Average Drawdown Average peak-to-trough decline	-34.18%	-15.92%	-18.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.09%	5.95%	+7.14%

Volatility

KGRN vs. OBOR - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 5.96% compared to KraneShares MSCI One Belt One Road Index ETF (OBOR) at 4.55%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than OBOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	OBOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	4.55%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	14.90%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	23.60%	17.05%	+6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.61%	16.24%	+18.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.74%	18.53%	+14.21%

KGRN vs. OBOR - Expense Ratio Comparison

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

Dividends

KGRN vs. OBOR - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.97%, less than OBOR's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	0.97%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%	0.00%
OBOR KraneShares MSCI One Belt One Road Index ETF	2.00%	1.94%	3.87%	3.40%	4.75%	3.26%	2.04%	4.33%	0.02%	0.10%

Frequently Asked Questions

Can I hold both KGRN and OBOR in my portfolio?

KGRN and OBOR have a correlation of 0.48, 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 OBOR?

KGRN has higher volatility (5.96%) compared to OBOR (4.55%). In terms of maximum drawdown, KGRN dropped -66.24% vs OBOR's -41.54%.

Which ETF is better, KGRN or OBOR?

On 5-year performance, OBOR leads with 0.23% vs -11.37% for KGRN. Both ETFs have the same 0.79% expense ratio. On volatility, OBOR has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or OBOR?

Over the 5-year period, OBOR has performed better with a 0.23% return vs -11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or OBOR?

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

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

OBOR has the higher dividend yield at 2.00%, compared with 0.97% for KGRN.

What is the main difference between KGRN and OBOR?

KGRN is categorized as China Equities, while OBOR is Emerging Markets Equities. KGRN tracks MSCI China IMI Environment 10/40 Index, while OBOR tracks MSCI Global China Infrastructure Exposure.

Which has better risk-adjusted returns?

OBOR currently has the higher Sharpe Ratio (0.52 vs -0.52), 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.