KWEB vs. IVOL

Last updated Jun 4, 2026

KWEB (KraneShares CSI China Internet ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. KWEB is passively managed, while IVOL is actively managed. Over the past 5 years, KWEB returned -14.28%/yr vs -5.77%/yr for IVOL. At a 0.01 correlation, their price movements are largely independent. KWEB charges 0.76%/yr vs 0.99%/yr for IVOL.

Performance

KWEB vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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 IVOL's -6.33% 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%

IVOL

• 1D: -0.34%
• 1M: -3.62%
• YTD: -6.33%
• 6M: -7.21%
• 1Y: -5.59%
• 3Y*: -3.54%
• 5Y*: -5.77%
• 10Y*: —

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

KWEB vs. IVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
KWEB KraneShares CSI China Internet ETF	-20.06%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	8.68%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-6.33%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.23%

Correlation

The correlation between KWEB and IVOL is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 15, 2019	0.01

KWEB vs. IVOL - Sectors Allocation Comparison

Sectors	KWEB	IVOL
Consumer Cyclical	37.7%	-
Communication Services	24.8%	-
Technology	17.6%	-
Healthcare	6.0%	-
Real Estate	5.2%	-
Industrials	3.1%	-
Consumer Defensive	3.1%	-
Financial Services	2.2%	77.1%
Basic Materials	-	-
Energy	-	-
Utilities	-	-

Return for Risk

KWEB vs. IVOL — 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

IVOL

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

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. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	-0.81	+0.34
Sortino ratio: Return per unit of downside risk	-0.52	-1.14	+0.62
Omega ratio: Gain probability vs. loss probability	0.94	0.88	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.38	-0.57	+0.20
Martin ratio: Return relative to average drawdown	-0.76	-1.28	+0.52
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. IVOL - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.47, which is higher than the IVOL Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of KWEB and IVOL, 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	IVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	-0.81	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	-0.45	+0.15
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	-0.11	+0.17

Drawdowns

KWEB vs. IVOL - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for KWEB and IVOL.

Drawdown Indicators

	KWEB	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-31.16%	-49.76%
Max Drawdown (1Y) Largest decline over 1 year	-34.13%	-9.81%	-24.32%
Max Drawdown (3Y) Largest decline over 3 years	-34.13%	-16.63%	-17.50%
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	-30.62%	-41.55%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	—	—
Current Drawdown Current decline from peak	-68.52%	-26.33%	-42.19%
Average Drawdown Average peak-to-trough decline	-35.24%	-13.30%	-21.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.85%	4.38%	+12.47%

Volatility

KWEB vs. IVOL - Volatility Comparison

KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 11.52% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 1.07%. This indicates that KWEB's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.52%	1.07%	+10.45%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	4.44%	+15.67%
Volatility (1Y) Calculated over the trailing 1-year period	27.25%	6.89%	+20.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.67%	12.84%	+34.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.99%	11.99%	+28.00%

KWEB vs. IVOL - Expense Ratio Comparison

KWEB has a 0.76% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

KWEB vs. IVOL - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.70%, more than IVOL's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	3.89%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	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 IVOL in my portfolio?

KWEB and IVOL have a correlation of -0.00, 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 IVOL?

KWEB has higher volatility (11.52%) compared to IVOL (1.07%). In terms of maximum drawdown, KWEB dropped -80.92% vs IVOL's -31.16%.

Which ETF is better, KWEB or IVOL?

On 5-year performance, IVOL leads with -5.77% vs -14.28% for KWEB. On fees, KWEB is cheaper at 0.76% per year. On volatility, IVOL has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWEB or IVOL?

Over the 5-year period, IVOL has performed better with a -5.77% return vs -14.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWEB or IVOL?

KWEB is cheaper with a 0.76% expense ratio, compared with 0.99% for IVOL.

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

KWEB has the higher dividend yield at 7.70%, compared with 3.89% for IVOL.

What is the main difference between KWEB and IVOL?

KWEB is categorized as China Equities, while IVOL is Inflation-Protected Bonds. Their fees differ too: 0.76% for KWEB and 0.99% for IVOL.

Which has better risk-adjusted returns?

KWEB currently has the higher Sharpe Ratio (-0.47 vs -0.81), 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.