KHYB vs. GAIN

Last updated Jun 3, 2026

KHYB (KraneShares Asia Pacific High Income Bond ETF) is Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while GAIN (Gladstone Investment Corporation) is a stock. Over the past 5 years, KHYB returned 0.12%/yr vs 14.16%/yr for GAIN. At a 0.11 correlation, their price movements are largely independent.

Performance

KHYB vs. GAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Asia Pacific High Income Bond ETF (KHYB) and Gladstone Investment Corporation (GAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHYB achieves a 2.54% return, which is significantly lower than GAIN's 17.76% return.

KHYB

• 1D: 0.10%
• 1M: 1.08%
• YTD: 2.54%
• 6M: 3.66%
• 1Y: 10.48%
• 3Y*: 9.03%
• 5Y*: 0.12%
• 10Y*: —

GAIN

• 1D: 0.69%
• 1M: -4.34%
• YTD: 17.76%
• 6M: 18.02%
• 1Y: 16.35%
• 3Y*: 21.80%
• 5Y*: 14.16%
• 10Y*: 19.79%

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

KHYB vs. GAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KHYB KraneShares Asia Pacific High Income Bond ETF	2.54%	9.59%	10.79%	3.50%	-10.15%	-12.32%	2.00%	8.87%	0.45%
GAIN Gladstone Investment Corporation	17.76%	17.11%	5.33%	31.01%	-17.55%	82.14%	-16.56%	53.31%	-18.28%

Correlation

The correlation between KHYB and GAIN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.11

The correlation between KHYB and GAIN shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KHYB vs. GAIN — Risk / Return Rank

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

KHYB

KHYB Risk / Return Rank: 78
KHYB Sharpe Ratio Rank: 89
KHYB Sortino Ratio Rank: 93
KHYB Omega Ratio Rank: 94
KHYB Calmar Ratio Rank: 50
KHYB Martin Ratio Rank: 62

GAIN

GAIN Risk / Return Rank: 69
GAIN Sharpe Ratio Rank: 68
GAIN Sortino Ratio Rank: 61
GAIN Omega Ratio Rank: 61
GAIN Calmar Ratio Rank: 76
GAIN Martin Ratio Rank: 78

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.

KHYB vs. GAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and Gladstone Investment Corporation (GAIN). 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.

	KHYB	GAIN	Difference
Sharpe ratio Return per unit of total volatility	3.09	0.88	+2.21
Sortino ratio Return per unit of downside risk	4.78	1.33	+3.44
Omega ratio Gain probability vs. loss probability	1.70	1.18	+0.52
Calmar ratio Return relative to maximum drawdown	2.51	2.18	+0.33
Martin ratio Return relative to average drawdown	11.29	5.97	+5.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KHYB vs. GAIN - Sharpe Ratio Comparison

The current KHYB Sharpe Ratio is 3.09, which is higher than the GAIN Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of KHYB and GAIN, 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

	KHYB	GAIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	0.88	+2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.64	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.25	+0.03

Drawdowns

KHYB vs. GAIN - Drawdown Comparison

The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum GAIN drawdown of -80.87%. Use the drawdown chart below to compare losses from any high point for KHYB and GAIN.

Drawdown Indicators

	KHYB	GAIN	Difference
Max Drawdown Largest peak-to-trough decline	-33.63%	-80.87%	+47.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-8.12%	+4.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-14.76%	+8.82%
Max Drawdown (5Y) Largest decline over 5 years	-32.86%	-26.26%	-6.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.28%	—
Current Drawdown Current decline from peak	-0.58%	-5.36%	+4.78%
Average Drawdown Average peak-to-trough decline	-9.71%	-15.92%	+6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.01%	-2.13%

Volatility

KHYB vs. GAIN - Volatility Comparison

The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 1.00%, while Gladstone Investment Corporation (GAIN) has a volatility of 10.75%. This indicates that KHYB experiences smaller price fluctuations and is considered to be less risky than GAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHYB	GAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	10.75%	-9.75%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	15.84%	-12.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	18.72%	-15.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	22.28%	-15.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	25.66%	-19.95%

Dividends

KHYB vs. GAIN - Dividend Comparison

KHYB's dividend yield for the trailing twelve months is around 8.13%, less than GAIN's 9.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAIN Gladstone Investment Corporation	9.37%	10.74%	12.53%	17.24%	9.88%	6.06%	9.22%	7.06%	9.24%	7.94%	8.87%	9.68%
KHYB KraneShares Asia Pacific High Income Bond ETF	8.13%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHYB and GAIN in my portfolio?

KHYB and GAIN have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHYB or GAIN?

GAIN has higher volatility (10.75%) compared to KHYB (1.00%). In terms of maximum drawdown, KHYB dropped -33.63% vs GAIN's -80.87%.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (3.09 vs 0.88), 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.