KWEB vs. FIADX

Last updated Aug 2, 2026

KWEB (KraneShares CSI China Internet ETF) and FIADX (Fidelity Advisor International Discovery Fund Class I) are both funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while FIADX is a Foreign Large Cap Equities fund managed by Fidelity. Over the past 10 years, KWEB returned 0.31%/yr vs 9.26%/yr for FIADX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. KWEB charges 0.70%/yr vs 1.02%/yr for FIADX.

Performance

KWEB vs. FIADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Fidelity Advisor International Discovery Fund Class I (FIADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWEB achieves a -16.33% return, which is significantly lower than FIADX's 11.01% return. Over the past 10 years, KWEB has underperformed FIADX with an annualized return of 0.31%, while FIADX has yielded a comparatively higher 9.26% annualized return.

KWEB

• 1D: 1.53%
• 1M: 14.01%
• 6M: -19.47%
• YTD: -16.33%
• 1Y: -12.39%
• 3Y*: 0.77%
• 5Y*: -7.53%
• 10Y*: 0.31%
• ALL TIME*: 2.65%

FIADX

• 1D: 3.02%
• 1M: -1.45%
• 6M: 4.25%
• YTD: 11.01%
• 1Y: 22.06%
• 3Y*: 16.66%
• 5Y*: 6.60%
• 10Y*: 9.26%
• ALL TIME*: 7.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIADX Fidelity Advisor International Discovery Fund Class I	$0.00	$0.00	$0.00
KWEB KraneShares CSI China Internet ETF	$554.38M	$548.17M	$693.22M

KWEB vs. FIADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KWEB KraneShares CSI China Internet ETF	-16.33%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%
FIADX Fidelity Advisor International Discovery Fund Class I	11.01%	27.54%	10.92%	14.16%	-24.83%	11.05%	21.40%	27.49%	-17.18%	30.29%

Correlation

The correlation between KWEB and FIADX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013	0.52

The correlation between KWEB and FIADX has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

Return for Risk

KWEB vs. FIADX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KWEB

KWEB Risk / Return Rank: 5
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 6
KWEB Martin Ratio Rank: 6

FIADX

FIADX Risk / Return Rank: 33
FIADX Sharpe Ratio Rank: 32
FIADX Sortino Ratio Rank: 32
FIADX Omega Ratio Rank: 31
FIADX Calmar Ratio Rank: 35
FIADX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KWEB vs. FIADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Fidelity Advisor International Discovery Fund Class I (FIADX). 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.

	KWEB	FIADX	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.06	-1.59
Sortino ratio: Return per unit of downside risk	-0.62	1.57	-2.19
Omega ratio: Gain probability vs. loss probability	0.93	1.19	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.35	1.53	-1.89
Martin ratio: Return relative to average drawdown	-0.67	5.62	-6.29

KWEB vs. FIADX - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.53, which is lower than the FIADX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of KWEB and FIADX, 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

KWEB vs. FIADX - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than FIADX's maximum drawdown of -60.44%. Use the drawdown chart below to compare losses from any high point for KWEB and FIADX.

Drawdown Indicators

	KWEB	FIADX	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-60.44%	-20.48%
Max Drawdown (1Y) Largest decline over 1 year	-41.62%	-13.09%	-28.53%
Max Drawdown (3Y) Largest decline over 3 years	-41.62%	-14.65%	-26.97%
Max Drawdown (5Y) Largest decline over 5 years	-63.96%	-36.55%	-27.41%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	-36.55%	-44.37%
Current Drawdown Current decline from peak	-67.05%	-3.31%	-63.74%
Average Drawdown Average peak-to-trough decline	-35.65%	-13.55%	-22.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.98%	3.57%	+18.41%

Volatility

KWEB vs. FIADX - Volatility Comparison

KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 7.76% compared to Fidelity Advisor International Discovery Fund Class I (FIADX) at 6.05%. This indicates that KWEB's price experiences larger fluctuations and is considered to be riskier than FIADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	FIADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	6.05%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	20.68%	16.47%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	27.82%	18.98%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.99%	17.35%	+29.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.04%	16.88%	+23.16%

KWEB vs. FIADX - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is lower than FIADX's 1.02% expense ratio.

Dividends

KWEB vs. FIADX - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.36%, more than FIADX's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIADX Fidelity Advisor International Discovery Fund Class I	6.31%	7.00%	3.00%	1.90%	0.35%	11.29%	3.68%	2.29%	3.83%	4.02%	1.80%	0.01%
KWEB KraneShares CSI China Internet ETF	7.36%	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 FIADX in my portfolio?

KWEB and FIADX have a correlation of 0.47, 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 FIADX?

KWEB has higher volatility (7.76%) compared to FIADX (6.05%). In terms of maximum drawdown, KWEB dropped -80.92% vs FIADX's -60.44%.

Which has better risk-adjusted returns?

FIADX currently has the higher Sharpe Ratio (1.06 vs -0.53), 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.