KPRO vs. CNXT

Last updated Jun 23, 2026

KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) are both exchange-traded funds - KPRO is a Options Trading fund actively managed by KraneShares, while CNXT is a China Equities fund tracking the SME-ChiNext 100 Index. KPRO is actively managed, while CNXT is passively managed. Over the past year, KPRO returned -3.65% vs 133.47% for CNXT. A 0.53 correlation means they provide meaningful diversification when combined. KPRO charges 0.95%/yr vs 0.65%/yr for CNXT.

Performance

KPRO vs. CNXT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPRO achieves a -6.09% return, which is significantly lower than CNXT's 42.18% return.

KPRO

• 1D: -0.22%
• 1M: -1.11%
• YTD: -6.09%
• 6M: -11.80%
• 1Y: -3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNXT

• 1D: 2.79%
• 1M: 12.07%
• YTD: 42.18%
• 6M: 40.51%
• 1Y: 133.47%
• 3Y*: 30.57%
• 5Y*: 5.56%
• 10Y*: 7.89%

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

KPRO vs. CNXT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-6.09%	7.79%	11.98%
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	42.18%	59.31%	26.38%

Correlation

The correlation between KPRO and CNXT 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 Feb 8, 2024	0.53

The correlation between KPRO and CNXT has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

KPRO vs. CNXT — Risk / Return Rank

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

KPRO

KPRO Risk / Return Rank: 5
KPRO Sharpe Ratio Rank: 5
KPRO Sortino Ratio Rank: 5
KPRO Omega Ratio Rank: 4
KPRO Calmar Ratio Rank: 6
KPRO Martin Ratio Rank: 6

CNXT

CNXT Risk / Return Rank: 95
CNXT Sharpe Ratio Rank: 97
CNXT Sortino Ratio Rank: 95
CNXT Omega Ratio Rank: 93
CNXT Calmar Ratio Rank: 97
CNXT Martin Ratio Rank: 96

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.

KPRO vs. CNXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT). 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.

	KPRO	CNXT	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	4.20	-4.61
Sortino ratio: Return per unit of downside risk	-0.45	4.73	-5.18
Omega ratio: Gain probability vs. loss probability	0.92	1.60	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.29	11.00	-11.28
Martin ratio: Return relative to average drawdown	-0.56	32.51	-33.07

KPRO vs. CNXT - Sharpe Ratio Comparison

The current KPRO Sharpe Ratio is -0.41, which is lower than the CNXT Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of KPRO and CNXT, 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

KPRO vs. CNXT - Drawdown Comparison

The maximum KPRO drawdown since its inception was -12.81%, smaller than the maximum CNXT drawdown of -68.98%. Use the drawdown chart below to compare losses from any high point for KPRO and CNXT.

Drawdown Indicators

	KPRO	CNXT	Difference
Max Drawdown Largest peak-to-trough decline	-12.81%	-68.98%	+56.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-12.21%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.60%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-61.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.30%	—
Current Drawdown Current decline from peak	-12.81%	0.00%	-12.81%
Average Drawdown Average peak-to-trough decline	-2.59%	-42.78%	+40.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	4.12%	+2.46%

Volatility

KPRO vs. CNXT - Volatility Comparison

The current volatility for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is 1.54%, while VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a volatility of 11.81%. This indicates that KPRO experiences smaller price fluctuations and is considered to be less risky than CNXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPRO	CNXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	11.81%	-10.27%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	21.89%	-14.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	32.03%	-23.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.78%	35.48%	-27.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.78%	31.76%	-23.98%

KPRO vs. CNXT - Expense Ratio Comparison

KPRO has a 0.95% expense ratio, which is higher than CNXT's 0.65% expense ratio.

Dividends

KPRO vs. CNXT - Dividend Comparison

KPRO's dividend yield for the trailing twelve months is around 2.82%, more than CNXT's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.13%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.82%	2.65%	3.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPRO and CNXT in my portfolio?

KPRO and CNXT 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, KPRO or CNXT?

CNXT has higher volatility (11.81%) compared to KPRO (1.54%). In terms of maximum drawdown, KPRO dropped -12.81% vs CNXT's -68.98%.

Which ETF is better, KPRO or CNXT?

On 1-year performance, CNXT leads with 133.47% vs -3.65% for KPRO. On fees, CNXT is cheaper at 0.65% per year. On volatility, KPRO has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPRO or CNXT?

Over the 1-year period, CNXT has performed better with a 133.47% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPRO or CNXT?

CNXT is cheaper with a 0.65% expense ratio, compared with 0.95% for KPRO.

Which ETF pays a higher dividend yield, KPRO or CNXT?

KPRO has the higher dividend yield at 2.82%, compared with 0.13% for CNXT.

What is the main difference between KPRO and CNXT?

KPRO is categorized as Options Trading, while CNXT is China Equities. They also come from different issuers: KraneShares and VanEck. Their fees differ too: 0.95% for KPRO and 0.65% for CNXT.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (4.20 vs -0.41), 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.