KWEB vs. BILI

Last updated Jun 4, 2026

KWEB (KraneShares CSI China Internet ETF) is China Equities fund tracking the CSI Overseas China Internet, while BILI (Bilibili Inc.) is a stock. Over the past 5 years, KWEB returned -14.28%/yr vs -30.35%/yr for BILI. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

KWEB vs. BILI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Bilibili Inc. (BILI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWEB achieves a -20.06% return, which is significantly higher than BILI's -27.41% return.

KWEB

• 1D: -3.92%
• 1M: -4.79%
• YTD: -20.06%
• 6M: -22.24%
• 1Y: -12.78%
• 3Y*: 4.05%
• 5Y*: -14.28%
• 10Y*: 0.02%

BILI

• 1D: -4.29%
• 1M: -17.70%
• YTD: -27.41%
• 6M: -29.19%
• 1Y: -0.83%
• 3Y*: 5.23%
• 5Y*: -30.35%
• 10Y*: —

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

KWEB vs. BILI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KWEB KraneShares CSI China Internet ETF	-20.06%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-35.44%
BILI Bilibili Inc.	-27.41%	35.78%	48.81%	-48.63%	-48.94%	-45.87%	360.37%	27.62%	29.80%

Correlation

The correlation between KWEB and BILI is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 29, 2018	0.75

The correlation between KWEB and BILI has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

Return for Risk

KWEB vs. BILI — Risk / Return Rank

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

KWEB

KWEB Risk / Return Rank: 5
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 4
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 5
KWEB Martin Ratio Rank: 5

BILI

BILI Risk / Return Rank: 38
BILI Sharpe Ratio Rank: 40
BILI Sortino Ratio Rank: 38
BILI Omega Ratio Rank: 37
BILI Calmar Ratio Rank: 39
BILI Martin Ratio Rank: 38

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.

KWEB vs. BILI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Bilibili Inc. (BILI). 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.

	KWEB	BILI	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	-0.02	-0.45
Sortino ratio: Return per unit of downside risk	-0.52	0.34	-0.87
Omega ratio: Gain probability vs. loss probability	0.94	1.04	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.38	-0.02	-0.36
Martin ratio: Return relative to average drawdown	-0.76	-0.04	-0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KWEB vs. BILI - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.47, which is lower than the BILI Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of KWEB and BILI, 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

	KWEB	BILI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.02	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	-0.38	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.08	-0.02

Drawdowns

KWEB vs. BILI - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, smaller than the maximum BILI drawdown of -94.30%. Use the drawdown chart below to compare losses from any high point for KWEB and BILI.

Drawdown Indicators

	KWEB	BILI	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-94.30%	+13.38%
Max Drawdown (1Y) Largest decline over 1 year	-34.13%	-52.06%	+17.93%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-53.12%	+18.99%
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	-92.97%	+20.80%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	—	—
Current Drawdown Current decline from peak	-68.52%	-88.58%	+20.06%
Average Drawdown Average peak-to-trough decline	-35.24%	-57.88%	+22.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.85%	21.77%	-4.92%

Volatility

KWEB vs. BILI - Volatility Comparison

The current volatility for KraneShares CSI China Internet ETF (KWEB) is 11.52%, while Bilibili Inc. (BILI) has a volatility of 18.86%. This indicates that KWEB experiences smaller price fluctuations and is considered to be less risky than BILI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	BILI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.52%	18.86%	-7.34%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	36.33%	-16.22%
Volatility (1Y) Calculated over the trailing 1-year period	27.25%	50.29%	-23.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.67%	79.20%	-31.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.99%	73.87%	-33.88%

Dividends

KWEB vs. BILI - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.70%, while BILI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BILI Bilibili Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KWEB KraneShares CSI China Internet ETF	7.70%	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

Can I hold both KWEB and BILI in my portfolio?

KWEB and BILI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWEB or BILI?

BILI has higher volatility (18.86%) compared to KWEB (11.52%). In terms of maximum drawdown, KWEB dropped -80.92% vs BILI's -94.30%.

Which has better risk-adjusted returns?

BILI currently has the higher Sharpe Ratio (-0.02 vs -0.47), 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.