KWEB vs. DRGN

Last updated Jun 4, 2026

KWEB (KraneShares CSI China Internet ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. A 0.66 correlation means they provide meaningful diversification when combined. KWEB charges 0.76%/yr vs 0.39%/yr for DRGN.

Performance

KWEB vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Themes China Generative Artificial Intelligence ETF (DRGN). 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 lower than DRGN's 16.56% 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%

DRGN

• 1D: 0.42%
• 1M: 5.53%
• YTD: 16.56%
• 6M: 18.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KWEB vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
KWEB KraneShares CSI China Internet ETF	-20.06%	1.36%
DRGN Themes China Generative Artificial Intelligence ETF	16.56%	26.41%

Correlation

The correlation between KWEB and DRGN is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.66

Return for Risk

KWEB vs. DRGN — 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

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. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Themes China Generative Artificial Intelligence ETF (DRGN). 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	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	—	—
Sortino ratio: Return per unit of downside risk	-0.52	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.38	—	—
Martin ratio: Return relative to average drawdown	-0.76	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KWEB	DRGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	—	—
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	1.58	-1.52

Drawdowns

KWEB vs. DRGN - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for KWEB and DRGN.

Drawdown Indicators

	KWEB	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-20.86%	-60.06%
Max Drawdown (1Y) Largest decline over 1 year	-34.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	—	—
Current Drawdown Current decline from peak	-68.52%	-7.05%	-61.47%
Average Drawdown Average peak-to-trough decline	-35.24%	-7.93%	-27.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.85%	—	—

Volatility

Volatility by Period

	KWEB	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.25%	34.85%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.67%	34.85%	+12.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.99%	34.85%	+5.14%

KWEB vs. DRGN - Expense Ratio Comparison

KWEB has a 0.76% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

KWEB vs. DRGN - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.70%, more than DRGN's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGN Themes China Generative Artificial Intelligence ETF	1.04%	1.22%	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 DRGN in my portfolio?

KWEB and DRGN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWEB or DRGN?

On fees, DRGN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWEB or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.76% for KWEB.

Which ETF pays a higher dividend yield, KWEB or DRGN?

KWEB has the higher dividend yield at 7.70%, compared with 1.04% for DRGN.

What is the main difference between KWEB and DRGN?

KWEB is categorized as China Equities, while DRGN is Technology Equities. KWEB tracks CSI Overseas China Internet, while DRGN tracks BITA China Generative AI Select Index. They also come from different issuers: CICC and Themes. Their fees differ too: 0.76% for KWEB and 0.39% for DRGN.