KPHO vs. KHYB

Last updated Jun 5, 2026

KPHO (KraneShares Dragon Capital Vietnam Growth Index ETF) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both exchange-traded funds - KPHO is a Emerging Markets Equities fund tracking the Dragon Capital Merqube Vietnam Growth Index, while KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. A 0.50 correlation means they provide meaningful diversification when combined. KPHO charges 1.03%/yr vs 0.69%/yr for KHYB.

Performance

KPHO vs. KHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and KraneShares Asia Pacific High Income Bond ETF (KHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPHO achieves a -4.20% return, which is significantly lower than KHYB's 2.52% return.

KPHO

• 1D: 2.83%
• 1M: -1.43%
• YTD: -4.20%
• 6M: 5.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHYB

• 1D: 0.02%
• 1M: 1.16%
• YTD: 2.52%
• 6M: 3.51%
• 1Y: 10.48%
• 3Y*: 8.74%
• 5Y*: 0.18%
• 10Y*: —

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

KPHO vs. KHYB - Yearly Performance Comparison

	2026 (YTD)	2025
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	-4.20%	9.78%
KHYB KraneShares Asia Pacific High Income Bond ETF	2.52%	0.97%

Correlation

The correlation between KPHO and KHYB is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 5, 2025	0.50

Return for Risk

KPHO vs. KHYB — Risk / Return Rank

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

KHYB

KHYB Risk / Return Rank: 80
KHYB Sharpe Ratio Rank: 90
KHYB Sortino Ratio Rank: 94
KHYB Omega Ratio Rank: 95
KHYB Calmar Ratio Rank: 54
KHYB Martin Ratio Rank: 66

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.

KPHO vs. KHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KPHO	KHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.09	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.28	+0.10

Drawdowns

KPHO vs. KHYB - Drawdown Comparison

The maximum KPHO drawdown since its inception was -14.34%, smaller than the maximum KHYB drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for KPHO and KHYB.

Drawdown Indicators

	KPHO	KHYB	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-33.63%	+19.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.86%	—
Current Drawdown Current decline from peak	-9.49%	-0.60%	-8.89%
Average Drawdown Average peak-to-trough decline	-5.86%	-9.71%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.88%	—

Volatility

Volatility by Period

	KPHO	KHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.96%	3.40%	+25.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.96%	6.32%	+22.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.96%	5.71%	+23.25%

KPHO vs. KHYB - Expense Ratio Comparison

KPHO has a 1.03% expense ratio, which is higher than KHYB's 0.69% expense ratio.

Dividends

KPHO vs. KHYB - Dividend Comparison

KPHO's dividend yield for the trailing twelve months is around 10.85%, more than KHYB's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	10.85%	10.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPHO and KHYB in my portfolio?

KPHO and KHYB have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPHO or KHYB?

On fees, KHYB is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPHO or KHYB?

KHYB is cheaper with a 0.69% expense ratio, compared with 1.03% for KPHO.

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

KPHO has the higher dividend yield at 10.85%, compared with 8.13% for KHYB.

What is the main difference between KPHO and KHYB?

KPHO is categorized as Emerging Markets Equities, while KHYB is Emerging Markets Bonds. KPHO tracks Dragon Capital Merqube Vietnam Growth Index, while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Their fees differ too: 1.03% for KPHO and 0.69% for KHYB.