KURE vs. KCAI

Last updated Jul 17, 2026

KURE (KraneShares MSCI All China Health Care Index ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds - KURE tracks the MSCI China All Shares Health Care 10/40 Index while KCAI tracks the Qi China Alpha Index. Both are passively managed. Over the past year, KURE returned 2.10% vs 38.58% for KCAI. At a 0.45 correlation, their price movements are largely independent. KURE charges 0.65%/yr vs 0.79%/yr for KCAI.

Performance

KURE vs. KCAI - 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 KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with KURE having a 4.58% return and KCAI slightly lower at 4.38%.

KURE

• 1D: -0.49%
• 1M: 19.80%
• 6M: -6.46%
• YTD: 4.58%
• 1Y: 2.10%
• 3Y*: 1.22%
• 5Y*: -12.93%
• 10Y*: —

KCAI

• 1D: -1.84%
• 1M: -2.62%
• 6M: 4.21%
• YTD: 4.38%
• 1Y: 38.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KURE vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KURE KraneShares MSCI All China Health Care Index ETF	4.58%	24.87%	7.81%
KCAI KraneShares China Alpha Index ETF	4.38%	53.29%	11.36%

Correlation

The correlation between KURE and KCAI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.45

The correlation between KURE and KCAI shifts across timeframes, from 0.32 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

KURE vs. KCAI - Sectors Allocation Comparison

Sectors	KURE	KCAI
Healthcare	99.3%	1.3%
Consumer Defensive	0.7%	-
Basic Materials	-	11.3%
Communication Services	-	-
Consumer Cyclical	-	11.5%
Energy	-	-
Financial Services	-	39.0%
Industrials	-	23.6%
Real Estate	-	-
Technology	-	13.2%
Utilities	-	-

Return for Risk

KURE vs. KCAI — Risk / Return Rank

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

KURE

KURE Risk / Return Rank: 11
KURE Sharpe Ratio Rank: 11
KURE Sortino Ratio Rank: 11
KURE Omega Ratio Rank: 11
KURE Calmar Ratio Rank: 11
KURE Martin Ratio Rank: 10

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 94
KCAI Sortino Ratio Rank: 94
KCAI Omega Ratio Rank: 92
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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. KCAI - 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 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.

	KURE	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.76	-2.69
Sortino ratio: Return per unit of downside risk	0.31	3.98	-3.67
Omega ratio: Gain probability vs. loss probability	1.04	1.48	-0.45
Calmar ratio: Return relative to maximum drawdown	0.07	6.57	-6.50
Martin ratio: Return relative to average drawdown	0.13	20.62	-20.49

KURE vs. KCAI - Sharpe Ratio Comparison

The current KURE Sharpe Ratio is 0.08, which is lower than the KCAI Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of KURE 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

KURE vs. KCAI - Drawdown Comparison

The maximum KURE drawdown since its inception was -68.53%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for KURE and KCAI.

Drawdown Indicators

	KURE	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-68.53%	-25.48%	-43.05%
Max Drawdown (1Y) Largest decline over 1 year	-30.88%	-5.90%	-24.98%
Max Drawdown (3Y) Largest decline over 3 years	-34.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.18%	—	—
Current Drawdown Current decline from peak	-54.46%	-4.32%	-50.14%
Average Drawdown Average peak-to-trough decline	-38.35%	-6.93%	-31.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.66%	1.88%	+13.78%

Volatility

KURE vs. KCAI - Volatility Comparison

KraneShares MSCI All China Health Care Index ETF (KURE) has a higher volatility of 10.98% compared to KraneShares China Alpha Index ETF (KCAI) at 5.43%. This indicates that KURE'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

	KURE	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.98%	5.43%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	20.06%	9.59%	+10.47%
Volatility (1Y) Calculated over the trailing 1-year period	27.98%	14.03%	+13.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.94%	20.93%	+11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.43%	20.93%	+11.50%

KURE vs. KCAI - Expense Ratio Comparison

KURE has a 0.65% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

KURE vs. KCAI - Dividend Comparison

KURE's dividend yield for the trailing twelve months is around 4.01%, less than KCAI's 33.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KCAI KraneShares China Alpha Index ETF	33.94%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KURE KraneShares MSCI All China Health Care Index ETF	4.01%	4.19%	1.29%	0.65%	0.05%	14.12%	0.00%	0.25%	0.21%

Frequently Asked Questions

Can I hold both KURE and KCAI in my portfolio?

KURE and KCAI have a correlation of 0.32, 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 KCAI?

KURE has higher volatility (10.98%) compared to KCAI (5.43%). In terms of maximum drawdown, KURE dropped -68.53% vs KCAI's -25.48%.

Which ETF is better, KURE or KCAI?

On 1-year performance, KCAI leads with 38.58% vs 2.10% for KURE. On fees, KURE is cheaper at 0.65% per year. On volatility, KCAI has been the lower-risk option at 5.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KURE or KCAI?

Over the 1-year period, KCAI has performed better with a 38.58% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KURE or KCAI?

KURE is cheaper with a 0.65% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.94%, compared with 4.01% for KURE.

What is the main difference between KURE and KCAI?

KURE tracks MSCI China All Shares Health Care 10/40 Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: CICC and KraneShares. Their fees differ too: 0.65% for KURE and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.76 vs 0.08), 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.