KWEB vs. FJPNX

Last updated Jul 18, 2026

KWEB (KraneShares CSI China Internet ETF) and FJPNX (Fidelity Japan Fund) are both funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while FJPNX is a Japan Equities fund managed by Fidelity. Over the past 10 years, KWEB returned -0.22%/yr vs 11.04%/yr for FJPNX. At a 0.43 correlation, their price movements are largely independent. KWEB charges 0.70%/yr vs 1.09%/yr for FJPNX.

Performance

KWEB vs. FJPNX - Performance Comparison

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

Returns By Period

In the year-to-date period, KWEB achieves a -21.26% return, which is significantly lower than FJPNX's 21.04% return. Over the past 10 years, KWEB has underperformed FJPNX with an annualized return of -0.22%, while FJPNX has yielded a comparatively higher 11.04% annualized return.

KWEB

• 1D: -2.44%
• 1M: 5.63%
• 6M: -24.92%
• YTD: -21.26%
• 1Y: -20.35%
• 3Y*: 2.29%
• 5Y*: -12.28%
• 10Y*: -0.22%

FJPNX

• 1D: -2.29%
• 1M: -4.93%
• 6M: 13.36%
• YTD: 21.04%
• 1Y: 38.45%
• 3Y*: 20.12%
• 5Y*: 9.71%
• 10Y*: 11.04%

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

KWEB vs. FJPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KWEB KraneShares CSI China Internet ETF	-21.26%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%
FJPNX Fidelity Japan Fund	21.04%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%

Correlation

The correlation between KWEB and FJPNX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013	0.43

Return for Risk

KWEB vs. FJPNX — Risk / Return Rank

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

KWEB

KWEB Risk / Return Rank: 4
KWEB Sharpe Ratio Rank: 3
KWEB Sortino Ratio Rank: 4
KWEB Omega Ratio Rank: 4
KWEB Calmar Ratio Rank: 5
KWEB Martin Ratio Rank: 5

FJPNX

FJPNX Risk / Return Rank: 63
FJPNX Sharpe Ratio Rank: 56
FJPNX Sortino Ratio Rank: 49
FJPNX Omega Ratio Rank: 51
FJPNX Calmar Ratio Rank: 82
FJPNX Martin Ratio Rank: 76

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. FJPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Fidelity Japan Fund (FJPNX). 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	FJPNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.74	-2.49
Sortino ratio: Return per unit of downside risk	-0.97	2.35	-3.32
Omega ratio: Gain probability vs. loss probability	0.89	1.31	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.49	3.16	-3.65
Martin ratio: Return relative to average drawdown	-0.97	11.24	-12.21

KWEB vs. FJPNX - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.74, which is lower than the FJPNX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of KWEB and FJPNX, 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. FJPNX - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than FJPNX's maximum drawdown of -64.83%. Use the drawdown chart below to compare losses from any high point for KWEB and FJPNX.

Drawdown Indicators

	KWEB	FJPNX	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-64.83%	-16.09%
Max Drawdown (1Y) Largest decline over 1 year	-41.62%	-12.74%	-28.88%
Max Drawdown (3Y) Largest decline over 3 years	-41.62%	-19.19%	-22.43%
Max Drawdown (5Y) Largest decline over 5 years	-67.58%	-36.23%	-31.35%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	-36.23%	-44.69%
Current Drawdown Current decline from peak	-68.99%	-7.32%	-61.67%
Average Drawdown Average peak-to-trough decline	-35.55%	-24.82%	-10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.01%	3.58%	+17.43%

Volatility

KWEB vs. FJPNX - Volatility Comparison

KraneShares CSI China Internet ETF (KWEB) and Fidelity Japan Fund (FJPNX) have volatilities of 8.34% and 8.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	FJPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	8.37%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	18.90%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	27.55%	23.09%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.59%	20.42%	+27.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.01%	18.45%	+21.56%

KWEB vs. FJPNX - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is lower than FJPNX's 1.09% expense ratio.

Dividends

KWEB vs. FJPNX - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.82%, less than FJPNX's 8.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPNX Fidelity Japan Fund	8.22%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%
KWEB KraneShares CSI China Internet ETF	7.82%	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 FJPNX in my portfolio?

KWEB and FJPNX have a correlation of 0.37, 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 FJPNX?

FJPNX has higher volatility (8.37%) compared to KWEB (8.34%). In terms of maximum drawdown, KWEB dropped -80.92% vs FJPNX's -64.83%.

Which has better risk-adjusted returns?

FJPNX currently has the higher Sharpe Ratio (1.74 vs -0.74), 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.