KHYB vs. VOO

Last updated Jun 4, 2026

KHYB (KraneShares Asia Pacific High Income Bond ETF) and VOO (Vanguard S&P 500 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KHYB returned 0.17%/yr vs 13.90%/yr for VOO. At a 0.24 correlation, their price movements are largely independent. KHYB charges 0.69%/yr vs 0.03%/yr for VOO.

Performance

KHYB vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Asia Pacific High Income Bond ETF (KHYB) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHYB achieves a 2.50% return, which is significantly lower than VOO's 10.91% return.

KHYB

• 1D: -0.04%
• 1M: 1.41%
• YTD: 2.50%
• 6M: 3.54%
• 1Y: 10.54%
• 3Y*: 9.02%
• 5Y*: 0.17%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

KHYB vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KHYB KraneShares Asia Pacific High Income Bond ETF	2.50%	9.59%	10.79%	3.50%	-10.15%	-12.32%	2.00%	8.87%	0.45%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-6.74%

Correlation

The correlation between KHYB and VOO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.24

Over the past year, KHYB and VOO have become more correlated (0.56) than their long-term average of 0.24, meaning their price movements have been converging.

KHYB vs. VOO - Sectors Allocation Comparison

Sectors	KHYB	VOO
Consumer Defensive	100.0%	4.9%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Energy	-	3.5%
Financial Services	-	11.6%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.7%
Utilities	-	2.4%

Return for Risk

KHYB vs. VOO — Risk / Return Rank

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

KHYB

KHYB Risk / Return Rank: 79
KHYB Sharpe Ratio Rank: 90
KHYB Sortino Ratio Rank: 93
KHYB Omega Ratio Rank: 94
KHYB Calmar Ratio Rank: 54
KHYB Martin Ratio Rank: 66

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	3.11	2.39	+0.73
Sortino ratio Return per unit of downside risk	4.81	3.25	+1.56
Omega ratio Gain probability vs. loss probability	1.71	1.43	+0.27
Calmar ratio Return relative to maximum drawdown	2.67	3.16	-0.50
Martin ratio Return relative to average drawdown	11.98	14.73	-2.75
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. VOO - Sharpe Ratio Comparison

The current KHYB Sharpe Ratio is 3.11, which is higher than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of KHYB and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.39	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.83	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.89	-0.61

Drawdowns

KHYB vs. VOO - Drawdown Comparison

The maximum KHYB drawdown since its inception was -33.63%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for KHYB and VOO.

Drawdown Indicators

	KHYB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.63%	-33.99%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-8.90%	+4.93%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-18.69%	+12.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.86%	-24.52%	-8.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.62%	-0.70%	+0.08%
Average Drawdown Average peak-to-trough decline	-9.71%	-3.69%	-6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.91%	-1.03%

Volatility

KHYB vs. VOO - Volatility Comparison

The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.90%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that KHYB experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHYB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	2.84%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	8.90%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	11.80%	-8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	16.81%	-10.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	18.01%	-12.30%

KHYB vs. VOO - Expense Ratio Comparison

KHYB has a 0.69% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

KHYB vs. VOO - Dividend Comparison

KHYB's dividend yield for the trailing twelve months is around 8.13%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both KHYB and VOO in my portfolio?

KHYB and VOO have a correlation of 0.56, 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 VOO?

VOO has higher volatility (2.84%) compared to KHYB (0.90%). In terms of maximum drawdown, KHYB dropped -33.63% vs VOO's -33.99%.

Which ETF is better, KHYB or VOO?

On 5-year performance, VOO leads with 13.90% vs 0.17% for KHYB. On fees, VOO is cheaper at 0.03% per year. On volatility, KHYB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHYB or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHYB or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.69% for KHYB.

Which ETF pays a higher dividend yield, KHYB or VOO?

KHYB has the higher dividend yield at 8.13%, compared with 1.03% for VOO.

What is the main difference between KHYB and VOO?

KHYB is categorized as Emerging Markets Bonds, while VOO is S&P 500. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while VOO tracks S&P 500 Index. They also come from different issuers: KraneShares and Vanguard. Their fees differ too: 0.69% for KHYB and 0.03% for VOO.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (3.11 vs 2.39), 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.