KPRO vs. KWEB
KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and KWEB (KraneShares CSI China Internet ETF) are both exchange-traded funds - KPRO is a Options Trading fund actively managed by KraneShares, while KWEB is a China Equities fund tracking the CSI Overseas China Internet Index. KPRO is actively managed, while KWEB is passively managed. Over the past year, KPRO returned -3.07% vs -12.39% for KWEB. Their correlation of 0.88 means they have usually moved in the same direction. KPRO charges 0.95%/yr vs 0.70%/yr for KWEB.
Performance
KPRO vs. KWEB - Performance Comparison
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Returns By Period
In the year-to-date period, KPRO achieves a -4.06% return, which is significantly higher than KWEB's -16.33% return.
KPRO
- 1D
- -0.03%
- 1M
- 1.80%
- 6M
- -5.11%
- YTD
- -4.06%
- 1Y
- -3.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.11%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.77K | $23.76K | $121.31K | |
| $554.38M | $548.17M | $693.22M |
KPRO vs. KWEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF | -4.06% | 7.79% | 11.98% |
KWEB KraneShares CSI China Internet ETF | -16.33% | 23.55% | 23.85% |
Correlation
The correlation between KPRO and KWEB is 0.89, 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. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024 | 0.88 |
The correlation between KPRO and KWEB has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.
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Return for Risk
KPRO vs. KWEB — Risk / Return Rank
KPRO
KWEB
KPRO vs. KWEB - 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 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.
| KPRO | KWEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.93 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.35 | +0.12 |
| Martin ratioReturn relative to average drawdown | -0.41 | -0.67 | +0.26 |
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Drawdowns
KPRO vs. KWEB - Drawdown Comparison
The maximum KPRO drawdown since its inception was -13.34%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for KPRO and KWEB.
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Drawdown Indicators
| KPRO | KWEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.34% | -80.92% | +67.58% |
Max Drawdown (1Y)Largest decline over 1 year | -13.34% | -41.62% | +28.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -41.62% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.92% | — |
Current DrawdownCurrent decline from peak | -10.93% | -67.05% | +56.12% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -35.65% | +32.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.70% | 21.98% | -14.28% |
Volatility
KPRO vs. KWEB - Volatility Comparison
The current volatility for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is 1.40%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 7.76%. This indicates that KPRO 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
| KPRO | KWEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 7.76% | -6.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 20.68% | -15.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.86% | 27.82% | -18.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.67% | 46.99% | -39.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.67% | 40.04% | -32.37% |
KPRO vs. KWEB - Expense Ratio Comparison
KPRO has a 0.95% expense ratio, which is higher than KWEB's 0.70% expense ratio.
Dividends
KPRO vs. KWEB - Dividend Comparison
KPRO's dividend yield for the trailing twelve months is around 2.76%, less than KWEB's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF | 2.76% | 2.65% | 3.70% | 0.00% | 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
KPRO and KWEB have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KWEB has higher volatility (7.76%) compared to KPRO (1.40%). In terms of maximum drawdown, KPRO dropped -13.34% vs KWEB's -80.92%.
On 1-year performance, KPRO leads with -3.07% vs -12.39% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KPRO has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KPRO has performed better with a -3.07% return vs -12.39%. 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 KPRO.
KWEB has the higher dividend yield at 7.36%, compared with 2.76% for KPRO.
KPRO is categorized as Options Trading, while KWEB is China Equities. Their fees differ too: 0.95% for KPRO and 0.70% for KWEB.
KPRO currently has the higher Sharpe Ratio (-0.35 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.
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