KLIP vs. GIAX

Last updated Jun 3, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and GIAX (Nicholas Global Equity and Income ETF) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while GIAX is a Derivative Income fund actively managed by Nicholas. Over the past year, KLIP returned 3.54% vs 36.44% for GIAX. At a 0.44 correlation, their price movements are largely independent. KLIP charges 0.95%/yr vs 0.97%/yr for GIAX.

Performance

KLIP vs. GIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Internet and Covered Call Strategy ETF (KLIP) and Nicholas Global Equity and Income ETF (GIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -5.93% return, which is significantly lower than GIAX's 25.75% return.

KLIP

• 1D: 2.16%
• 1M: -0.26%
• YTD: -5.93%
• 6M: -8.29%
• 1Y: 3.54%
• 3Y*: 9.17%
• 5Y*: —
• 10Y*: —

GIAX

• 1D: 0.59%
• 1M: 17.90%
• YTD: 25.75%
• 6M: 24.62%
• 1Y: 36.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KLIP vs. GIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLIP KraneShares China Internet and Covered Call Strategy ETF	-5.93%	16.92%	4.63%
GIAX Nicholas Global Equity and Income ETF	25.75%	11.73%	3.74%

Correlation

The correlation between KLIP and GIAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.44

KLIP vs. GIAX - Sectors Allocation Comparison

Sectors	KLIP	GIAX
Communication Services	40.1%	14.8%
Consumer Cyclical	38.4%	11.8%
Healthcare	6.9%	3.1%
Real Estate	4.8%	2.9%
Consumer Defensive	4.3%	1.4%
Technology	3.6%	36.5%
Financial Services	2.0%	14.0%
Basic Materials	-	4.4%
Energy	-	1.3%
Industrials	-	5.8%
Utilities	-	4.0%

Return for Risk

KLIP vs. GIAX — Risk / Return Rank

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

KLIP

KLIP Risk / Return Rank: 12
KLIP Sharpe Ratio Rank: 12
KLIP Sortino Ratio Rank: 11
KLIP Omega Ratio Rank: 12
KLIP Calmar Ratio Rank: 12
KLIP Martin Ratio Rank: 11

GIAX

GIAX Risk / Return Rank: 47
GIAX Sharpe Ratio Rank: 48
GIAX Sortino Ratio Rank: 46
GIAX Omega Ratio Rank: 48
GIAX Calmar Ratio Rank: 43
GIAX Martin Ratio Rank: 52

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.

KLIP vs. GIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) and Nicholas Global Equity and Income ETF (GIAX). 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.

	KLIP	GIAX	Difference
Sharpe ratio Return per unit of total volatility	0.23	1.70	-1.47
Sortino ratio Return per unit of downside risk	0.42	2.32	-1.90
Omega ratio Gain probability vs. loss probability	1.06	1.31	-0.25
Calmar ratio Return relative to maximum drawdown	0.25	2.10	-1.84
Martin ratio Return relative to average drawdown	0.61	9.09	-8.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLIP vs. GIAX - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is 0.23, which is lower than the GIAX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of KLIP and GIAX, 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

	KLIP	GIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	1.70	-1.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.07	-0.68

Drawdowns

KLIP vs. GIAX - Drawdown Comparison

The maximum KLIP drawdown since its inception was -18.61%, smaller than the maximum GIAX drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for KLIP and GIAX.

Drawdown Indicators

	KLIP	GIAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-20.38%	+1.77%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-17.62%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-18.61%	—	—
Current Drawdown Current decline from peak	-11.33%	0.00%	-11.33%
Average Drawdown Average peak-to-trough decline	-3.78%	-2.99%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	4.06%	+2.59%

Volatility

KLIP vs. GIAX - Volatility Comparison

The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.30%, while Nicholas Global Equity and Income ETF (GIAX) has a volatility of 7.20%. This indicates that KLIP experiences smaller price fluctuations and is considered to be less risky than GIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLIP	GIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	7.20%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	19.58%	-6.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.70%	21.56%	-5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	21.37%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	21.37%	-3.27%

KLIP vs. GIAX - Expense Ratio Comparison

KLIP has a 0.95% expense ratio, which is lower than GIAX's 0.97% expense ratio.

Dividends

KLIP vs. GIAX - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 27.57%, more than GIAX's 21.69% yield.

Position	TTM	2025	2024	2023
GIAX Nicholas Global Equity and Income ETF	21.69%	25.62%	10.58%	0.00%
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.57%	25.14%	54.26%	61.22%

Frequently Asked Questions

Can I hold both KLIP and GIAX in my portfolio?

KLIP and GIAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLIP or GIAX?

GIAX has higher volatility (7.20%) compared to KLIP (5.30%). In terms of maximum drawdown, KLIP dropped -18.61% vs GIAX's -20.38%.

Which ETF is better, KLIP or GIAX?

On 1-year performance, GIAX leads with 36.44% vs 3.54% for KLIP. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or GIAX?

Over the 1-year period, GIAX has performed better with a 36.44% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or GIAX?

KLIP is cheaper with a 0.95% expense ratio, compared with 0.97% for GIAX.

Which ETF pays a higher dividend yield, KLIP or GIAX?

KLIP has the higher dividend yield at 27.57%, compared with 21.69% for GIAX.

What is the main difference between KLIP and GIAX?

KLIP is categorized as Options Trading, while GIAX is Derivative Income. They also come from different issuers: CICC and Nicholas. Their fees differ too: 0.95% for KLIP and 0.97% for GIAX.

Which has better risk-adjusted returns?

GIAX currently has the higher Sharpe Ratio (1.70 vs 0.23), 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.