KHYB vs. KBWD
KHYB (KraneShares Asia Pacific High Income Bond ETF) and KBWD (Invesco KBW High Dividend Yield Financial ETF) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index. Both are passively managed. Over the past 5 years, KHYB returned 0.87%/yr vs 0.90%/yr for KBWD. Their 0.19 correlation means their historical movements had little consistent relationship. KHYB charges 0.69%/yr vs 5.39%/yr for KBWD.
Performance
KHYB vs. KBWD - Performance Comparison
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Returns By Period
In the year-to-date period, KHYB achieves a 3.58% return, which is significantly higher than KBWD's -5.22% return.
KHYB
- 1D
- 0.00%
- 1M
- 0.62%
- 6M
- 1.80%
- YTD
- 3.58%
- 1Y
- 8.25%
- 3Y*
- 9.30%
- 5Y*
- 0.87%
- 10Y*
- —
- ALL TIME*
- 1.67%
KBWD
- 1D
- -0.75%
- 1M
- -2.41%
- 6M
- -7.83%
- YTD
- -5.22%
- 1Y
- 0.00%
- 3Y*
- 1.98%
- 5Y*
- 0.90%
- 10Y*
- 4.42%
- ALL TIME*
- 5.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.79M | $4.78M | $4.61M | |
| $38.74K | $65.31K | $87.15K |
KHYB vs. KBWD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 3.58% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
KBWD Invesco KBW High Dividend Yield Financial ETF | -5.22% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -10.49% |
Correlation
The correlation between KHYB and KBWD is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018 | 0.19 |
Over the past year, KHYB and KBWD have become more correlated (0.45) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
KHYB vs. KBWD — Risk / Return Rank
KHYB
KBWD
KHYB vs. KBWD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and Invesco KBW High Dividend Yield Financial ETF (KBWD). 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.
| KHYB | KBWD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.45 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.01 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.04 | +2.15 |
| Martin ratioReturn relative to average drawdown | 9.42 | -0.08 | +9.50 |
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Drawdowns
KHYB vs. KBWD - Drawdown Comparison
The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum KBWD drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for KHYB and KBWD.
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Drawdown Indicators
| KHYB | KBWD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -58.63% | +25.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -15.05% | +11.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -19.65% | +14.76% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -30.74% | -1.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -58.63% | — |
Current DrawdownCurrent decline from peak | 0.00% | -11.95% | +11.95% |
Average DrawdownAverage peak-to-trough decline | -9.52% | -7.44% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 7.19% | -6.30% |
Volatility
KHYB vs. KBWD - Volatility Comparison
The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.82%, while Invesco KBW High Dividend Yield Financial ETF (KBWD) has a volatility of 4.54%. This indicates that KHYB experiences smaller price fluctuations and is considered to be less risky than KBWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KHYB | KBWD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 4.54% | -3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 12.49% | -9.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 15.87% | -12.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.30% | 19.78% | -13.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 23.26% | -17.59% |
KHYB vs. KBWD - Expense Ratio Comparison
KHYB has a 0.69% expense ratio, which is lower than KBWD's 5.39% expense ratio.
Dividends
KHYB vs. KBWD - Dividend Comparison
KHYB's dividend yield for the trailing twelve months is around 8.38%, less than KBWD's 14.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.50% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.38% | 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
KHYB and KBWD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWD has higher volatility (4.54%) compared to KHYB (0.82%). In terms of maximum drawdown, KHYB dropped -33.63% vs KBWD's -58.63%.
On 5-year performance, KBWD leads with 0.90% vs 0.87% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KBWD has performed better with a 0.90% return vs 0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KHYB is cheaper with a 0.69% expense ratio, compared with 5.39% for KBWD.
KBWD has the higher dividend yield at 14.50%, compared with 8.38% for KHYB.
KHYB is categorized as Emerging Markets Bonds, while KBWD is Financials Equities. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 0.69% for KHYB and 5.39% for KBWD.
KHYB currently has the higher Sharpe Ratio (2.41 vs -0.04), 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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