KSTR vs. SPY

Last updated Jul 14, 2026

KSTR (KraneShares SSE STAR Market 50 Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KSTR is a China Equities fund tracking the SSE Science and Technology Innovation Board 50 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KSTR returned 1.09%/yr vs 12.94%/yr for SPY. At a 0.24 correlation, their price movements are largely independent. KSTR charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

KSTR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares SSE STAR Market 50 Index ETF (KSTR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSTR achieves a 52.98% return, which is significantly higher than SPY's 10.45% return.

KSTR

• 1D: -5.54%
• 1M: 17.74%
• 6M: 33.72%
• YTD: 52.98%
• 1Y: 108.49%
• 3Y*: 24.92%
• 5Y*: 1.09%
• 10Y*: —

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

KSTR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KSTR KraneShares SSE STAR Market 50 Index ETF	52.98%	42.82%	6.12%	-17.93%	-38.51%	-2.01%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	25.40%

Correlation

The correlation between KSTR and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	0.24

The correlation between KSTR and SPY shifts across timeframes, from 0.24 (5 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

KSTR vs. SPY - Sectors Allocation Comparison

Sectors	KSTR	SPY
Technology	86.3%	39.0%
Industrials	6.6%	7.8%
Healthcare	5.7%	8.3%
Consumer Cyclical	0.9%	9.9%
Energy	0.9%	3.1%
Basic Materials	0.6%	1.7%
Communication Services	-	10.6%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

KSTR vs. SPY — Risk / Return Rank

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

KSTR

KSTR Risk / Return Rank: 90
KSTR Sharpe Ratio Rank: 93
KSTR Sortino Ratio Rank: 87
KSTR Omega Ratio Rank: 87
KSTR Calmar Ratio Rank: 95
KSTR Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares SSE STAR Market 50 Index ETF (KSTR) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.67	1.71	+0.95
Sortino ratio: Return per unit of downside risk	3.17	2.37	+0.80
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	6.16	2.43	+3.74
Martin ratio: Return relative to average drawdown	14.79	10.57	+4.22

KSTR vs. SPY - Sharpe Ratio Comparison

The current KSTR Sharpe Ratio is 2.67, which is higher than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of KSTR and SPY, 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. SPY - Drawdown Comparison

The maximum KSTR drawdown since its inception was -66.46%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KSTR and SPY.

Drawdown Indicators

	KSTR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-66.46%	-55.19%	-11.27%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-8.88%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-41.55%	-18.76%	-22.79%
Max Drawdown (5Y) Largest decline over 5 years	-66.31%	-24.50%	-41.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-11.99%	-1.12%	-10.87%
Average Drawdown Average peak-to-trough decline	-38.15%	-9.02%	-29.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	2.03%	+5.33%

Volatility

KSTR vs. SPY - Volatility Comparison

KraneShares SSE STAR Market 50 Index ETF (KSTR) has a higher volatility of 20.33% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that KSTR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSTR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.33%	4.26%	+16.07%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	10.01%	+23.28%
Volatility (1Y) Calculated over the trailing 1-year period	41.01%	12.60%	+28.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.31%	17.17%	+22.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.44%	17.93%	+20.51%

KSTR vs. SPY - Expense Ratio Comparison

KSTR has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KSTR vs. SPY - Dividend Comparison

KSTR has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSTR KraneShares SSE STAR Market 50 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KSTR and SPY in my portfolio?

KSTR and SPY have a correlation of 0.38, 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 SPY?

KSTR has higher volatility (20.33%) compared to SPY (4.26%). In terms of maximum drawdown, KSTR dropped -66.46% vs SPY's -55.19%.

Which ETF is better, KSTR or SPY?

On 5-year performance, SPY leads with 12.94% vs 1.09% for KSTR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSTR or SPY?

Over the 5-year period, SPY has performed better with a 12.94% return vs 1.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSTR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.89% for KSTR.

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

SPY has the higher dividend yield at 1.00%, compared with 0.00% for KSTR.

What is the main difference between KSTR and SPY?

KSTR is categorized as China Equities, while SPY is S&P 500. KSTR tracks SSE Science and Technology Innovation Board 50 Index, while SPY tracks S&P 500 Index. They also come from different issuers: KraneShares and State Street. Their fees differ too: 0.89% for KSTR and 0.09% for SPY.

Which has better risk-adjusted returns?

KSTR currently has the higher Sharpe Ratio (2.67 vs 1.71), 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.