KWEB vs. INDA

Last updated Jun 14, 2026

KWEB (KraneShares CSI China Internet ETF) and INDA (iShares MSCI India ETF) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while INDA is a Asia Pacific Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, KWEB returned 0.12%/yr vs 7.09%/yr for INDA. At a 0.40 correlation, their price movements are largely independent. KWEB charges 0.70%/yr vs 0.69%/yr for INDA.

Performance

KWEB vs. INDA - Performance Comparison

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

Returns By Period

In the year-to-date period, KWEB achieves a -22.20% return, which is significantly lower than INDA's -10.58% return. Over the past 10 years, KWEB has underperformed INDA with an annualized return of 0.12%, while INDA has yielded a comparatively higher 7.09% annualized return.

KWEB

• 1D: -0.30%
• 1M: -9.28%
• YTD: -22.20%
• 6M: -23.82%
• 1Y: -17.34%
• 3Y*: 1.28%
• 5Y*: -14.40%
• 10Y*: 0.12%

INDA

• 1D: 1.13%
• 1M: -0.06%
• YTD: -10.58%
• 6M: -9.05%
• 1Y: -10.57%
• 3Y*: 4.51%
• 5Y*: 2.79%
• 10Y*: 7.09%

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

KWEB vs. INDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KWEB KraneShares CSI China Internet ETF	-22.20%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%
INDA iShares MSCI India ETF	-10.58%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Correlation

The correlation between KWEB and INDA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013	0.40

The correlation between KWEB and INDA shifts across timeframes, from 0.29 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.

KWEB vs. INDA - Sectors Allocation Comparison

Sectors	KWEB	INDA
Consumer Cyclical	38.2%	12.0%
Communication Services	25.0%	5.1%
Technology	17.4%	8.0%
Healthcare	5.9%	6.1%
Real Estate	5.0%	1.3%
Industrials	3.2%	10.6%
Consumer Defensive	3.0%	5.8%
Financial Services	2.1%	28.9%
Basic Materials	-	8.6%
Energy	-	9.1%
Utilities	-	4.4%

Return for Risk

KWEB vs. INDA — 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: 4
KWEB Sortino Ratio Rank: 4
KWEB Omega Ratio Rank: 4
KWEB Calmar Ratio Rank: 5
KWEB Martin Ratio Rank: 5

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

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. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and iShares MSCI India ETF (INDA). 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	INDA	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	-0.80	+0.09
Sortino ratio: Return per unit of downside risk	-0.93	-1.10	+0.17
Omega ratio: Gain probability vs. loss probability	0.90	0.88	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.63	+0.09
Martin ratio: Return relative to average drawdown	-1.09	-1.46	+0.37

KWEB vs. INDA - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.71, which is comparable to the INDA Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of KWEB and INDA, 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. INDA - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for KWEB and INDA.

Drawdown Indicators

	KWEB	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-45.07%	-35.85%
Max Drawdown (1Y) Largest decline over 1 year	-35.46%	-18.69%	-16.77%
Max Drawdown (3Y) Largest decline over 3 years	-35.46%	-22.72%	-12.74%
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	-22.72%	-49.45%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	-45.07%	-35.85%
Current Drawdown Current decline from peak	-69.36%	-17.77%	-51.59%
Average Drawdown Average peak-to-trough decline	-35.30%	-9.59%	-25.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.80%	8.09%	+9.71%

Volatility

KWEB vs. INDA - Volatility Comparison

KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 9.39% compared to iShares MSCI India ETF (INDA) at 4.16%. This indicates that KWEB's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	4.16%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	12.77%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	27.20%	14.79%	+12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.66%	15.40%	+32.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.98%	21.11%	+18.87%

KWEB vs. INDA - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is higher than INDA's 0.69% expense ratio.

Dividends

KWEB vs. INDA - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.91%, while INDA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%
KWEB KraneShares CSI China Internet ETF	7.91%	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 INDA in my portfolio?

KWEB and INDA have a correlation of 0.33, 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 INDA?

KWEB has higher volatility (9.39%) compared to INDA (4.16%). In terms of maximum drawdown, KWEB dropped -80.92% vs INDA's -45.07%.

Which ETF is better, KWEB or INDA?

On 10-year performance, INDA leads with 7.09% vs 0.12% for KWEB. On fees, INDA is cheaper at 0.69% per year. On volatility, INDA has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWEB or INDA?

Over the 10-year period, INDA has performed better with a 7.09% return vs 0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWEB or INDA?

INDA is cheaper with a 0.69% expense ratio, compared with 0.70% for KWEB.

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

KWEB has the higher dividend yield at 7.91%, compared with 0.00% for INDA.

What is the main difference between KWEB and INDA?

KWEB is categorized as China Equities, while INDA is Asia Pacific Equities. KWEB tracks CSI Overseas China Internet Index, while INDA tracks MSCI India Index. They also come from different issuers: KraneShares and iShares. Their fees differ too: 0.70% for KWEB and 0.69% for INDA.

Which has better risk-adjusted returns?

KWEB currently has the higher Sharpe Ratio (-0.71 vs -0.80), 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.