KLIP vs. KWEB

Last updated Aug 2, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and KWEB (KraneShares CSI China Internet ETF) are both China Equities funds from KraneShares. KLIP is actively managed, while KWEB is passively managed. Over the past 3 years, KLIP returned 6.19%/yr vs 0.77%/yr for KWEB. Their correlation of 0.92 means they have usually moved in the same direction. KLIP charges 0.95%/yr vs 0.70%/yr for KWEB.

Performance

KLIP vs. KWEB - 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 KraneShares CSI China Internet ETF (KWEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -7.10% return, which is significantly higher than KWEB's -16.33% return.

KLIP

• 1D: 0.31%
• 1M: 6.50%
• 6M: -11.47%
• YTD: -7.10%
• 1Y: -3.45%
• 3Y*: 6.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.43%

KWEB

• 1D: 1.53%
• 1M: 14.01%
• 6M: -19.47%
• YTD: -16.33%
• 1Y: -12.39%
• 3Y*: 0.77%
• 5Y*: -7.53%
• 10Y*: 0.31%
• ALL TIME*: 2.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KLIP KraneShares China Internet and Covered Call Strategy ETF	$623.83K	$609.30K	$993.79K
KWEB KraneShares CSI China Internet ETF	$554.38M	$548.17M	$693.22M

KLIP vs. KWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	-7.10%	16.92%	3.37%	11.11%
KWEB KraneShares CSI China Internet ETF	-16.33%	23.55%	12.01%	-21.21%

Correlation

The correlation between KLIP and KWEB is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	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.

KLIP vs. KWEB - Sectors Allocation Comparison

Sectors	KLIP	KWEB
Communication Services	45.8%	32.4%
Consumer Cyclical	34.2%	36.4%
Healthcare	6.0%	6.0%
Technology	4.2%	11.8%
Consumer Defensive	4.0%	3.0%
Real Estate	3.9%	4.0%
Financial Services	2.0%	1.8%
Basic Materials	-	-
Energy	-	-
Industrials	-	4.5%
Utilities	-	-

Return for Risk

KLIP vs. KWEB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 7
KLIP Sortino Ratio Rank: 7
KLIP Omega Ratio Rank: 7
KLIP Calmar Ratio Rank: 8
KLIP Martin Ratio Rank: 8

KWEB

KWEB Risk / Return Rank: 5
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 6
KWEB Martin Ratio Rank: 6

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	-0.26	-0.53	+0.27
Sortino ratio: Return per unit of downside risk	-0.25	-0.62	+0.37
Omega ratio: Gain probability vs. loss probability	0.97	0.93	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.20	-0.35	+0.16
Martin ratio: Return relative to average drawdown	-0.46	-0.67	+0.21

KLIP vs. KWEB - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is -0.26, which is higher than the KWEB Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of KLIP and KWEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KLIP vs. KWEB - Drawdown Comparison

The maximum KLIP drawdown since its inception was -21.48%, 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.

Drawdown Indicators

	KLIP	KWEB	Difference
Max Drawdown Largest peak-to-trough decline	-21.48%	-80.92%	+59.44%
Max Drawdown (1Y) Largest decline over 1 year	-21.48%	-41.62%	+20.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	-41.62%	+20.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.92%	—
Current Drawdown Current decline from peak	-12.44%	-67.05%	+54.61%
Average Drawdown Average peak-to-trough decline	-4.32%	-35.65%	+31.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.19%	21.98%	-12.79%

Volatility

KLIP vs. KWEB - Volatility Comparison

The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 2.40%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 7.76%. 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.

Volatility by Period

	KLIP	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	7.76%	-5.36%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	20.68%	-7.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	27.82%	-11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	46.99%	-29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	40.04%	-22.05%

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 27.63%, more than KWEB's 7.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.63%	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	7.36%	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

Can I hold both KLIP and KWEB in my portfolio?

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.

Which is riskier, KLIP or KWEB?

KWEB has higher volatility (7.76%) compared to KLIP (2.40%). In terms of maximum drawdown, KLIP dropped -21.48% vs KWEB's -80.92%.

Which ETF is better, KLIP or KWEB?

On 3-year performance, KLIP leads with 6.19% vs 0.77% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KLIP has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or KWEB?

Over the 3-year period, KLIP has performed better with a 6.19% return vs 0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or KWEB?

KWEB is cheaper with a 0.70% expense ratio, compared with 0.95% for KLIP.

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

KLIP has the higher dividend yield at 27.63%, compared with 7.36% for KWEB.

What is the main difference between KLIP and KWEB?

Their fees differ too: 0.95% for KLIP and 0.70% for KWEB.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (-0.26 vs -0.53), 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.