KWEB vs. VOO

Last updated Jun 14, 2026

KWEB (KraneShares CSI China Internet ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, KWEB returned 0.12%/yr vs 15.50%/yr for VOO. At a 0.49 correlation, their price movements are largely independent. KWEB charges 0.70%/yr vs 0.03%/yr for VOO.

Performance

KWEB vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) and Vanguard S&P 500 ETF (VOO). 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 VOO's 9.08% return. Over the past 10 years, KWEB has underperformed VOO with an annualized return of 0.12%, while VOO has yielded a comparatively higher 15.50% 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%

VOO

• 1D: 0.55%
• 1M: -0.84%
• YTD: 9.08%
• 6M: 9.44%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.50%

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

KWEB vs. VOO - 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%
VOO Vanguard S&P 500 ETF	9.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between KWEB and VOO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013	0.49

KWEB vs. VOO - Sectors Allocation Comparison

Sectors	KWEB	VOO
Consumer Cyclical	38.2%	10.1%
Communication Services	25.0%	11.1%
Technology	17.4%	35.6%
Healthcare	5.9%	8.5%
Real Estate	5.0%	1.9%
Industrials	3.2%	8.0%
Consumer Defensive	3.0%	4.9%
Financial Services	2.1%	11.6%
Basic Materials	-	1.8%
Energy	-	3.5%
Utilities	-	2.8%

Return for Risk

KWEB vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	1.99	-2.71
Sortino ratio: Return per unit of downside risk	-0.93	2.70	-3.62
Omega ratio: Gain probability vs. loss probability	0.90	1.36	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.55	2.75	-3.30
Martin ratio: Return relative to average drawdown	-1.09	12.42	-13.51

KWEB vs. VOO - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.71, which is lower than the VOO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of KWEB and VOO, 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. VOO - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for KWEB and VOO.

Drawdown Indicators

	KWEB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-33.99%	-46.93%
Max Drawdown (1Y) Largest decline over 1 year	-35.46%	-8.90%	-26.56%
Max Drawdown (3Y) Largest decline over 3 years	-35.46%	-18.69%	-16.77%
Max Drawdown (5Y) Largest decline over 5 years	-72.17%	-24.52%	-47.65%
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	-33.99%	-46.93%
Current Drawdown Current decline from peak	-69.36%	-2.34%	-67.02%
Average Drawdown Average peak-to-trough decline	-35.30%	-3.68%	-31.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.80%	1.97%	+15.83%

Volatility

KWEB vs. VOO - Volatility Comparison

KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 9.39% compared to Vanguard S&P 500 ETF (VOO) at 4.34%. This indicates that KWEB's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWEB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	4.34%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	9.58%	+10.63%
Volatility (1Y) Calculated over the trailing 1-year period	27.20%	12.27%	+14.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.66%	16.88%	+30.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.98%	18.03%	+21.95%

KWEB vs. VOO - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

KWEB vs. VOO - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.91%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both KWEB and VOO in my portfolio?

KWEB and VOO have a correlation of 0.49, 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 VOO?

KWEB has higher volatility (9.39%) compared to VOO (4.34%). In terms of maximum drawdown, KWEB dropped -80.92% vs VOO's -33.99%.

Which ETF is better, KWEB or VOO?

On 10-year performance, VOO leads with 15.50% vs 0.12% for KWEB. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWEB or VOO?

Over the 10-year period, VOO has performed better with a 15.50% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.70% for KWEB.

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

KWEB has the higher dividend yield at 7.91%, compared with 1.05% for VOO.

What is the main difference between KWEB and VOO?

KWEB is categorized as China Equities, while VOO is S&P 500. KWEB tracks CSI Overseas China Internet Index, while VOO tracks S&P 500 Index. They also come from different issuers: KraneShares and Vanguard. Their fees differ too: 0.70% for KWEB and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.99 vs -0.71), 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.