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 0.23%/yr vs 1.33%/yr for KBWD. At a 0.19 correlation, their price movements are largely independent. 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 2.88% return, which is significantly higher than KBWD's -3.66% return.
KHYB
- 1D
- -0.25%
- 1M
- 0.44%
- 6M
- 2.15%
- YTD
- 2.88%
- 1Y
- 8.87%
- 3Y*
- 8.76%
- 5Y*
- 0.23%
- 10Y*
- —
KBWD
- 1D
- -0.88%
- 1M
- 0.08%
- 6M
- -7.19%
- YTD
- -3.66%
- 1Y
- -1.54%
- 3Y*
- 3.61%
- 5Y*
- 1.33%
- 10Y*
- 4.71%
KHYB vs. KBWD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 2.88% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
KBWD Invesco KBW High Dividend Yield Financial ETF | -3.66% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -10.49% |
Correlation
The correlation between KHYB and KBWD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year 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 (0.46) 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 | +2.68 | ||
| Sortino ratioReturn per unit of downside risk | +4.01 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.00 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | -0.10 | +2.35 |
| Martin ratioReturn relative to average drawdown | 10.05 | -0.23 | +10.27 |
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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 | -32.72% | -30.74% | -1.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -58.63% | — |
Current DrawdownCurrent decline from peak | -0.33% | -10.50% | +10.17% |
Average DrawdownAverage peak-to-trough decline | -9.59% | -7.43% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 6.79% | -5.90% |
Volatility
KHYB vs. KBWD - Volatility Comparison
The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.79%, while Invesco KBW High Dividend Yield Financial ETF (KBWD) has a volatility of 3.93%. 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 | 0.79% | 3.93% | -3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 12.53% | -9.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 15.67% | -12.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 19.79% | -13.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.68% | 23.24% | -17.56% |
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 8.28%, less than KBWD's 14.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 14.21% | 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 | 8.28% | 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 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWD has higher volatility (3.93%) compared to KHYB (0.79%). In terms of maximum drawdown, KHYB dropped -33.63% vs KBWD's -58.63%.
On 5-year performance, KBWD leads with 1.33% vs 0.23% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.79%. 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 1.33% return vs 0.23%. 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 14.21%, compared with 8.28% 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 (2.58 vs -0.10), 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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