KLIP vs. KWEB
KLIP (KraneShares China Internet and Covered Call Strategy ETF) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while KWEB is a China Equities fund tracking the CSI Overseas China Internet Index. Over the past 3 years, KLIP returned 6.07%/yr vs 1.48%/yr for KWEB. Their correlation of 0.92 suggests significant overlap in exposure. KLIP charges 0.95%/yr vs 0.70%/yr for KWEB.
Performance
KLIP vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, KLIP achieves a -12.64% return, which is significantly higher than KWEB's -26.43% return.
KLIP
- 1D
- -0.80%
- 1M
- -3.96%
- YTD
- -12.64%
- 6M
- -14.80%
- 1Y
- -5.67%
- 3Y*
- 6.07%
- 5Y*
- —
- 10Y*
- —
KWEB
- 1D
- -0.75%
- 1M
- -6.91%
- YTD
- -26.43%
- 6M
- -27.93%
- 1Y
- -20.19%
- 3Y*
- 1.48%
- 5Y*
- -15.02%
- 10Y*
- -0.35%
KLIP vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | -12.64% | 16.92% | 3.37% | 11.11% |
KWEB KraneShares CSI China Internet ETF | -26.43% | 23.55% | 12.01% | -21.21% |
Correlation
The correlation between KLIP and KWEB is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.92 |
The correlation between KLIP and KWEB has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
KLIP vs. KWEB — Risk / Return Rank
KLIP
KWEB
KLIP vs. KWEB - 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 KraneShares CSI China Internet ETF (KWEB). 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.
| KLIP | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.89 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | -0.53 | +0.21 |
| Martin ratioReturn relative to average drawdown | -0.76 | -1.09 | +0.33 |
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Drawdowns
KLIP vs. KWEB - Drawdown Comparison
The maximum KLIP drawdown since its inception was -18.61%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for KLIP and KWEB.
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Drawdown Indicators
| KLIP | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -80.92% | +62.31% |
Max Drawdown (1Y)Largest decline over 1 year | -17.65% | -38.11% | +20.46% |
Max Drawdown (3Y)Largest decline over 3 years | -18.61% | -38.11% | +19.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -72.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -17.65% | -71.03% | +53.38% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -35.35% | +31.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.49% | 18.53% | -11.04% |
Volatility
KLIP vs. KWEB - Volatility Comparison
The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.80%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 8.24%. This indicates that KLIP experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KLIP | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 8.24% | -2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 20.40% | -7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 27.13% | -11.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.10% | 47.70% | -29.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 40.01% | -21.91% |
KLIP vs. KWEB - Expense Ratio Comparison
KLIP has a 0.95% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
KLIP vs. KWEB - Dividend Comparison
KLIP's dividend yield for the trailing twelve months is around 29.68%, more than KWEB's 8.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KLIP KraneShares China Internet and Covered Call Strategy ETF | 29.68% | 25.14% | 54.26% | 61.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KWEB KraneShares CSI China Internet ETF | 8.37% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
Frequently Asked Questions
With a correlation of 0.92, KLIP and KWEB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
KWEB has higher volatility (8.24%) compared to KLIP (5.80%). In terms of maximum drawdown, KLIP dropped -18.61% vs KWEB's -80.92%.
On 3-year performance, KLIP leads with 6.07% vs 1.48% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KLIP has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, KLIP has performed better with a 6.07% return vs 1.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.95% for KLIP.
KLIP has the higher dividend yield at 29.68%, compared with 8.37% for KWEB.
KLIP is categorized as Options Trading, while KWEB is China Equities. They also come from different issuers: CICC and KraneShares. Their fees differ too: 0.95% for KLIP and 0.70% for KWEB.
KLIP currently has the higher Sharpe Ratio (-0.35 vs -0.75), 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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