KWEB vs. YXI
KWEB (KraneShares CSI China Internet ETF) and YXI (ProShares Short FTSE China 50) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while YXI is a Inverse Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, KWEB returned -0.63%/yr vs -7.45%/yr for YXI. At a correlation of -0.78, they often move in opposite directions. KWEB charges 0.70%/yr vs 0.95%/yr for YXI.
Performance
KWEB vs. YXI - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB achieves a -30.60% return, which is significantly lower than YXI's 21.26% return. Over the past 10 years, KWEB has outperformed YXI with an annualized return of -0.63%, while YXI has yielded a comparatively lower -7.45% annualized return.
KWEB
- 1D
- -2.76%
- 1M
- -13.32%
- YTD
- -30.60%
- 6M
- -31.53%
- 1Y
- -27.19%
- 3Y*
- -0.64%
- 5Y*
- -16.73%
- 10Y*
- -0.63%
YXI
- 1D
- 2.00%
- 1M
- 12.62%
- YTD
- 21.26%
- 6M
- 21.92%
- 1Y
- 17.82%
- 3Y*
- -8.51%
- 5Y*
- -0.14%
- 10Y*
- -7.45%
KWEB vs. YXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | -30.60% | 23.55% | 12.01% | -9.06% | -17.24% | -49.01% | 58.23% | 29.92% | -33.80% | 69.73% |
YXI ProShares Short FTSE China 50 | 21.26% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between KWEB and YXI is -0.83, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2013 | -0.78 |
The correlation between KWEB and YXI shifts across timeframes, from -0.91 (5 years) to -0.78 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWEB vs. YXI — Risk / Return Rank
KWEB
YXI
KWEB vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.16 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 1.43 | -2.09 |
| Martin ratioReturn relative to average drawdown | -1.43 | 2.78 | -4.21 |
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Drawdowns
KWEB vs. YXI - Drawdown Comparison
The maximum KWEB drawdown since its inception was -80.92%, roughly equal to the maximum YXI drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for KWEB and YXI.
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Drawdown Indicators
| KWEB | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.92% | -81.15% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -41.62% | -12.48% | -29.14% |
Max Drawdown (3Y)Largest decline over 3 years | -41.62% | -53.12% | +11.50% |
Max Drawdown (5Y)Largest decline over 5 years | -72.17% | -57.65% | -14.52% |
Max Drawdown (10Y)Largest decline over 10 years | -80.92% | -64.07% | -16.85% |
Current DrawdownCurrent decline from peak | -72.67% | -75.24% | +2.57% |
Average DrawdownAverage peak-to-trough decline | -35.39% | -54.38% | +18.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.04% | 6.43% | +12.61% |
Volatility
KWEB vs. YXI - Volatility Comparison
KraneShares CSI China Internet ETF (KWEB) has a higher volatility of 8.14% compared to ProShares Short FTSE China 50 (YXI) at 6.92%. This indicates that KWEB's price experiences larger fluctuations and is considered to be riskier than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KWEB | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.14% | 6.92% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 20.56% | 15.69% | +4.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 20.17% | +6.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.70% | 31.49% | +16.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.00% | 27.43% | +12.57% |
KWEB vs. YXI - Expense Ratio Comparison
KWEB has a 0.70% expense ratio, which is lower than YXI's 0.95% expense ratio.
Dividends
KWEB vs. YXI - Dividend Comparison
KWEB's dividend yield for the trailing twelve months is around 8.87%, more than YXI's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KWEB KraneShares CSI China Internet ETF | 8.87% | 6.16% | 3.51% | 1.71% | 0.00% | 7.07% | 0.29% | 0.08% | 3.40% | 0.58% | 1.19% | 0.46% |
YXI ProShares Short FTSE China 50 | 2.35% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KWEB and YXI have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KWEB has higher volatility (8.14%) compared to YXI (6.92%). In terms of maximum drawdown, KWEB dropped -80.92% vs YXI's -81.15%.
On 10-year performance, KWEB leads with -0.63% vs -7.45% for YXI. On fees, KWEB is cheaper at 0.70% per year. On volatility, YXI has been the lower-risk option at 6.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KWEB has performed better with a -0.63% return vs -7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KWEB is cheaper with a 0.70% expense ratio, compared with 0.95% for YXI.
KWEB has the higher dividend yield at 8.87%, compared with 2.35% for YXI.
KWEB is categorized as China Equities, while YXI is Inverse Equities. KWEB tracks CSI Overseas China Internet Index, while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: KraneShares and ProShares. Their fees differ too: 0.70% for KWEB and 0.95% for YXI.
YXI currently has the higher Sharpe Ratio (0.89 vs -1.01), 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.
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