KGRN vs. SPY

Last updated Jul 18, 2026

KGRN (KraneShares MSCI China Clean Technology Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KGRN returned -11.63%/yr vs 13.02%/yr for SPY. At a 0.39 correlation, their price movements are largely independent. KGRN charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

KGRN vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI China Clean Technology Index ETF (KGRN) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGRN achieves a -13.08% return, which is significantly lower than SPY's 9.58% return.

KGRN

• 1D: -1.48%
• 1M: -5.65%
• 6M: -15.15%
• YTD: -13.08%
• 1Y: -14.85%
• 3Y*: -4.18%
• 5Y*: -11.63%
• 10Y*: —

SPY

• 1D: -0.99%
• 1M: 0.57%
• 6M: 8.04%
• YTD: 9.58%
• 1Y: 19.66%
• 3Y*: 19.32%
• 5Y*: 13.02%
• 10Y*: 14.97%

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

KGRN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	-13.08%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%
SPY State Street SPDR S&P 500 ETF	9.58%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	5.33%

Correlation

The correlation between KGRN and SPY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 13, 2017	0.39

The correlation between KGRN and SPY shifts across timeframes, from 0.30 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.

KGRN vs. SPY - Sectors Allocation Comparison

Sectors	KGRN	SPY
Industrials	34.2%	7.8%
Consumer Cyclical	27.2%	9.9%
Utilities	19.8%	2.1%
Technology	14.1%	39.0%
Energy	3.8%	3.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%

Return for Risk

KGRN vs. SPY — Risk / Return Rank

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

KGRN

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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 55
SPY Martin Ratio Rank: 68

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.57	-2.20
Sortino ratio: Return per unit of downside risk	-0.77	2.18	-2.95
Omega ratio: Gain probability vs. loss probability	0.91	1.28	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.53	2.22	-2.75
Martin ratio: Return relative to average drawdown	-1.13	9.66	-10.79

KGRN vs. SPY - Sharpe Ratio Comparison

The current KGRN Sharpe Ratio is -0.63, which is lower than the SPY Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of KGRN and SPY, 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. SPY - Drawdown Comparison

The maximum KGRN drawdown since its inception was -66.24%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KGRN and SPY.

Drawdown Indicators

	KGRN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-66.24%	-55.19%	-11.05%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-8.88%	-19.48%
Max Drawdown (3Y) Largest decline over 3 years	-42.19%	-18.76%	-23.43%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-24.50%	-39.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-54.48%	-1.89%	-52.59%
Average Drawdown Average peak-to-trough decline	-34.19%	-9.02%	-25.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.20%	2.04%	+11.16%

Volatility

KGRN vs. SPY - Volatility Comparison

KraneShares MSCI China Clean Technology Index ETF (KGRN) has a higher volatility of 5.99% compared to State Street SPDR S&P 500 ETF (SPY) at 3.67%. This indicates that KGRN's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGRN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	3.67%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	10.06%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.59%	12.63%	+10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.60%	17.17%	+17.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.74%	17.93%	+14.81%

KGRN vs. SPY - Expense Ratio Comparison

KGRN has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KGRN vs. SPY - Dividend Comparison

KGRN's dividend yield for the trailing twelve months is around 0.98%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGRN KraneShares MSCI China Clean Technology Index ETF	0.98%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KGRN and SPY in my portfolio?

KGRN and SPY have a correlation of 0.43, 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 SPY?

KGRN has higher volatility (5.99%) compared to SPY (3.67%). In terms of maximum drawdown, KGRN dropped -66.24% vs SPY's -55.19%.

Which ETF is better, KGRN or SPY?

On 5-year performance, SPY leads with 13.02% vs -11.63% for KGRN. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGRN or SPY?

Over the 5-year period, SPY has performed better with a 13.02% return vs -11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGRN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for KGRN.

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

SPY has the higher dividend yield at 1.01%, compared with 0.98% for KGRN.

What is the main difference between KGRN and SPY?

KGRN is categorized as China Equities, while SPY is S&P 500. KGRN tracks MSCI China IMI Environment 10/40 Index, while SPY tracks S&P 500 Index. They also come from different issuers: CICC and State Street. Their fees differ too: 0.79% for KGRN and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.57 vs -0.63), 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.