KSTR vs. KCAI

Last updated Jun 24, 2026

KSTR (KraneShares SSE STAR Market 50 Index ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds from KraneShares - KSTR tracks the SSE Science and Technology Innovation Board 50 Index while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, KSTR returned 108.41% vs 48.99% for KCAI. At a 0.48 correlation, their price movements are largely independent. KSTR charges 0.89%/yr vs 0.79%/yr for KCAI.

Performance

KSTR vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares SSE STAR Market 50 Index ETF (KSTR) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSTR achieves a 47.82% return, which is significantly higher than KCAI's 6.15% return.

KSTR

• 1D: -2.34%
• 1M: 7.54%
• YTD: 47.82%
• 6M: 47.90%
• 1Y: 108.41%
• 3Y*: 23.01%
• 5Y*: 1.10%
• 10Y*: —

KCAI

• 1D: -1.05%
• 1M: 1.41%
• YTD: 6.15%
• 6M: 6.87%
• 1Y: 48.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSTR vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSTR KraneShares SSE STAR Market 50 Index ETF	47.82%	42.82%	34.46%
KCAI KraneShares China Alpha Index ETF	6.15%	53.29%	11.36%

Correlation

The correlation between KSTR and KCAI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.48

The correlation between KSTR and KCAI shifts across timeframes, from 0.36 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

KSTR vs. KCAI - Sectors Allocation Comparison

Sectors	KSTR	KCAI
Technology	86.3%	13.2%
Industrials	6.6%	23.6%
Healthcare	5.7%	1.3%
Consumer Cyclical	0.9%	11.5%
Energy	0.9%	-
Basic Materials	0.6%	11.3%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	39.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

KSTR vs. KCAI — Risk / Return Rank

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

KSTR

KSTR Risk / Return Rank: 86
KSTR Sharpe Ratio Rank: 91
KSTR Sortino Ratio Rank: 84
KSTR Omega Ratio Rank: 83
KSTR Calmar Ratio Rank: 93
KSTR Martin Ratio Rank: 81

KCAI

KCAI Risk / Return Rank: 96
KCAI Sharpe Ratio Rank: 96
KCAI Sortino Ratio Rank: 96
KCAI Omega Ratio Rank: 95
KCAI Calmar Ratio Rank: 98
KCAI 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.

KSTR vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares SSE STAR Market 50 Index ETF (KSTR) and KraneShares China Alpha Index ETF (KCAI). 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.

	KSTR	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	2.93	3.65	-0.72
Sortino ratio: Return per unit of downside risk	3.49	5.19	-1.69
Omega ratio: Gain probability vs. loss probability	1.46	1.64	-0.18
Calmar ratio: Return relative to maximum drawdown	6.16	11.65	-5.49
Martin ratio: Return relative to average drawdown	15.20	32.95	-17.75

KSTR vs. KCAI - Sharpe Ratio Comparison

The current KSTR Sharpe Ratio is 2.93, which is comparable to the KCAI Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of KSTR and KCAI, 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

KSTR vs. KCAI - Drawdown Comparison

The maximum KSTR drawdown since its inception was -66.46%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for KSTR and KCAI.

Drawdown Indicators

	KSTR	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-66.46%	-25.48%	-40.98%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-4.23%	-13.47%
Max Drawdown (3Y) Largest decline over 3 years	-41.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.46%	—	—
Current Drawdown Current decline from peak	-2.34%	-2.69%	+0.35%
Average Drawdown Average peak-to-trough decline	-38.47%	-7.01%	-31.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.16%	1.49%	+5.67%

Volatility

KSTR vs. KCAI - Volatility Comparison

KraneShares SSE STAR Market 50 Index ETF (KSTR) has a higher volatility of 16.10% compared to KraneShares China Alpha Index ETF (KCAI) at 4.27%. This indicates that KSTR's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSTR	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.10%	4.27%	+11.83%
Volatility (6M) Calculated over the trailing 6-month period	28.62%	8.73%	+19.89%
Volatility (1Y) Calculated over the trailing 1-year period	37.27%	13.50%	+23.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.60%	21.01%	+17.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.87%	21.01%	+16.86%

KSTR vs. KCAI - Expense Ratio Comparison

KSTR has a 0.89% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

KSTR vs. KCAI - Dividend Comparison

KSTR has not paid dividends to shareholders, while KCAI's dividend yield for the trailing twelve months is around 33.37%.

Position	TTM	2025	2024
KCAI KraneShares China Alpha Index ETF	33.37%	35.42%	2.19%
KSTR KraneShares SSE STAR Market 50 Index ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSTR and KCAI in my portfolio?

KSTR and KCAI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSTR or KCAI?

KSTR has higher volatility (16.10%) compared to KCAI (4.27%). In terms of maximum drawdown, KSTR dropped -66.46% vs KCAI's -25.48%.

Which ETF is better, KSTR or KCAI?

On 1-year performance, KSTR leads with 108.41% vs 48.99% for KCAI. On fees, KCAI is cheaper at 0.79% per year. On volatility, KCAI has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSTR or KCAI?

Over the 1-year period, KSTR has performed better with a 108.41% return vs 48.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSTR or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 0.89% for KSTR.

Which ETF pays a higher dividend yield, KSTR or KCAI?

KCAI has the higher dividend yield at 33.37%, compared with 0.00% for KSTR.

What is the main difference between KSTR and KCAI?

KSTR tracks SSE Science and Technology Innovation Board 50 Index, while KCAI tracks Qi China Alpha Index. Their fees differ too: 0.89% for KSTR and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (3.65 vs 2.93), 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.