KURE vs. ECNS

Last updated Jun 4, 2026

KURE (KraneShares MSCI All China Health Care Index ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both exchange-traded funds - KURE is a China Equities fund tracking the MSCI China All Shares Health Care 10/40 Index, while ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index. Both are passively managed. Over the past 5 years, KURE returned -16.33%/yr vs -6.97%/yr for ECNS. A 0.69 correlation means they provide meaningful diversification when combined. KURE charges 0.65%/yr vs 0.59%/yr for ECNS.

Performance

KURE vs. ECNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI All China Health Care Index ETF (KURE) and iShares MSCI China Small-Cap ETF (ECNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KURE achieves a -10.68% return, which is significantly lower than ECNS's -4.50% return.

KURE

• 1D: -2.87%
• 1M: -12.23%
• YTD: -10.68%
• 6M: -15.54%
• 1Y: -5.05%
• 3Y*: -6.04%
• 5Y*: -16.33%
• 10Y*: —

ECNS

• 1D: -2.25%
• 1M: -6.37%
• YTD: -4.50%
• 6M: -7.48%
• 1Y: 13.77%
• 3Y*: 7.43%
• 5Y*: -6.97%
• 10Y*: 1.88%

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

KURE vs. ECNS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KURE KraneShares MSCI All China Health Care Index ETF	-10.68%	24.87%	-17.83%	-17.70%	-25.43%	-16.01%	68.97%	34.30%	-30.07%
ECNS iShares MSCI China Small-Cap ETF	-4.50%	36.49%	5.64%	-23.05%	-24.58%	2.11%	25.42%	7.84%	-23.20%

Correlation

The correlation between KURE and ECNS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018	0.69

The correlation between KURE and ECNS has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

KURE vs. ECNS - Sectors Allocation Comparison

Sectors	KURE	ECNS
Healthcare	99.3%	19.8%
Consumer Defensive	0.7%	4.0%
Basic Materials	-	7.8%
Communication Services	-	4.5%
Consumer Cyclical	-	8.8%
Energy	-	3.4%
Financial Services	-	4.4%
Industrials	-	16.2%
Real Estate	-	8.8%
Technology	-	16.9%
Utilities	-	2.6%

Return for Risk

KURE vs. ECNS — Risk / Return Rank

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

KURE

KURE Risk / Return Rank: 7
KURE Sharpe Ratio Rank: 7
KURE Sortino Ratio Rank: 7
KURE Omega Ratio Rank: 7
KURE Calmar Ratio Rank: 7
KURE Martin Ratio Rank: 7

ECNS

ECNS Risk / Return Rank: 19
ECNS Sharpe Ratio Rank: 20
ECNS Sortino Ratio Rank: 19
ECNS Omega Ratio Rank: 20
ECNS Calmar Ratio Rank: 19
ECNS Martin Ratio Rank: 16

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.

KURE vs. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI All China Health Care Index ETF (KURE) and iShares MSCI China Small-Cap ETF (ECNS). 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.

	KURE	ECNS	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.66	-0.85
Sortino ratio: Return per unit of downside risk	-0.09	1.00	-1.09
Omega ratio: Gain probability vs. loss probability	0.99	1.13	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.18	0.76	-0.95
Martin ratio: Return relative to average drawdown	-0.39	1.51	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KURE vs. ECNS - Sharpe Ratio Comparison

The current KURE Sharpe Ratio is -0.19, which is lower than the ECNS Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of KURE and ECNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KURE	ECNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	0.66	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.52	-0.24	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.02	-0.13

Drawdowns

KURE vs. ECNS - Drawdown Comparison

The maximum KURE drawdown since its inception was -68.53%, which is greater than ECNS's maximum drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for KURE and ECNS.

Drawdown Indicators

	KURE	ECNS	Difference
Max Drawdown Largest peak-to-trough decline	-68.53%	-63.43%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-27.53%	-18.08%	-9.45%
Max Drawdown (3Y) Largest decline over 3 years	-34.05%	-31.72%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-67.94%	-59.61%	-8.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.43%	—
Current Drawdown Current decline from peak	-61.11%	-38.52%	-22.59%
Average Drawdown Average peak-to-trough decline	-38.07%	-29.39%	-8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.13%	9.14%	+3.99%

Volatility

KURE vs. ECNS - Volatility Comparison

KraneShares MSCI All China Health Care Index ETF (KURE) has a higher volatility of 7.23% compared to iShares MSCI China Small-Cap ETF (ECNS) at 5.64%. This indicates that KURE's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KURE	ECNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	5.64%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	12.87%	+4.80%
Volatility (1Y) Calculated over the trailing 1-year period	26.49%	20.92%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.86%	29.44%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.39%	25.90%	+6.49%

KURE vs. ECNS - Expense Ratio Comparison

KURE has a 0.65% expense ratio, which is higher than ECNS's 0.59% expense ratio.

Dividends

KURE vs. ECNS - Dividend Comparison

KURE's dividend yield for the trailing twelve months is around 4.70%, less than ECNS's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECNS iShares MSCI China Small-Cap ETF	6.49%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%
KURE KraneShares MSCI All China Health Care Index ETF	4.70%	4.19%	1.29%	0.65%	0.05%	14.12%	0.00%	0.25%	0.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KURE and ECNS in my portfolio?

KURE and ECNS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KURE or ECNS?

KURE has higher volatility (7.23%) compared to ECNS (5.64%). In terms of maximum drawdown, KURE dropped -68.53% vs ECNS's -63.43%.

Which ETF is better, KURE or ECNS?

On 5-year performance, ECNS leads with -6.97% vs -16.33% for KURE. On fees, ECNS is cheaper at 0.59% per year. On volatility, ECNS has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KURE or ECNS?

Over the 5-year period, ECNS has performed better with a -6.97% return vs -16.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KURE or ECNS?

ECNS is cheaper with a 0.59% expense ratio, compared with 0.65% for KURE.

Which ETF pays a higher dividend yield, KURE or ECNS?

ECNS has the higher dividend yield at 6.49%, compared with 4.70% for KURE.

What is the main difference between KURE and ECNS?

KURE is categorized as China Equities, while ECNS is Asia Pacific Equities. KURE tracks MSCI China All Shares Health Care 10/40 Index, while ECNS tracks MSCI China Small Cap Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.65% for KURE and 0.59% for ECNS.

Which has better risk-adjusted returns?

ECNS currently has the higher Sharpe Ratio (0.66 vs -0.19), 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.