KGRN vs. SHV
KGRN (KraneShares MSCI China Clean Technology Index ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 5 years, KGRN returned -11.69%/yr vs 3.35%/yr for SHV. At a correlation of -0.04, they often move in opposite directions. KGRN charges 0.79%/yr vs 0.15%/yr for SHV.
Performance
KGRN vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -11.49% return, which is significantly lower than SHV's 1.60% return.
KGRN
- 1D
- -3.11%
- 1M
- -11.29%
- YTD
- -11.49%
- 6M
- -11.71%
- 1Y
- -6.11%
- 3Y*
- -1.94%
- 5Y*
- -11.69%
- 10Y*
- —
SHV
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.70%
- 1Y
- 3.83%
- 3Y*
- 4.61%
- 5Y*
- 3.35%
- 10Y*
- 2.23%
KGRN vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -11.49% | 21.45% | -1.11% | -14.75% | -40.45% | 5.91% | 138.49% | 12.12% | -29.32% | -0.37% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.60% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.16% |
Correlation
The correlation between KGRN and SHV is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017 | -0.04 |
The correlation between KGRN and SHV shifts across timeframes, from -0.10 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
KGRN vs. SHV — Risk / Return Rank
KGRN
SHV
KGRN vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.82 | ||
| Sortino ratioReturn per unit of downside risk | -98.22 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 35.59 | -34.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 141.48 | -141.72 |
| Martin ratioReturn relative to average drawdown | -0.55 | 1,585.41 | -1,585.96 |
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Drawdowns
KGRN vs. SHV - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for KGRN and SHV.
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Drawdown Indicators
| KGRN | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -0.45% | -65.79% |
Max Drawdown (1Y)Largest decline over 1 year | -25.91% | -0.03% | -25.88% |
Max Drawdown (3Y)Largest decline over 3 years | -42.19% | -0.03% | -42.16% |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | -0.38% | -63.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -53.65% | 0.00% | -53.65% |
Average DrawdownAverage peak-to-trough decline | -34.03% | -0.03% | -34.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.19% | 0.00% | +11.19% |
Volatility
KGRN vs. SHV - Volatility Comparison
KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 6.99% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KGRN | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 0.07% | +6.92% |
Volatility (6M)Calculated over the trailing 6-month period | 16.19% | 0.13% | +16.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.64% | 0.21% | +23.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.67% | 0.29% | +34.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.83% | 0.28% | +32.55% |
KGRN vs. SHV - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is higher than SHV's 0.15% expense ratio.
Dividends
KGRN vs. SHV - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.97%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
KGRN and SHV 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.
KGRN has higher volatility (6.99%) compared to SHV (0.07%). In terms of maximum drawdown, KGRN dropped -66.24% vs SHV's -0.45%.
On 5-year performance, SHV leads with 3.35% vs -11.69% for KGRN. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHV has performed better with a 3.35% return vs -11.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.79% for KGRN.
SHV has the higher dividend yield at 3.83%, compared with 0.97% for KGRN.
KGRN is categorized as China Equities, while SHV is Government Bonds. KGRN tracks MSCI China IMI Environment 10/40 Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.79% for KGRN and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (18.56 vs -0.26), 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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