MINV vs. KCAI

Last updated Jul 15, 2026

MINV (Matthews Asia Innovators Active ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - MINV is a Asia Pacific Equities fund actively managed by Matthews, while KCAI is a China Equities fund tracking the Qi China Alpha Index. MINV is actively managed, while KCAI is passively managed. Over the past year, MINV returned 64.97% vs 41.59% for KCAI. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

MINV vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Innovators Active ETF (MINV) and KraneShares China Alpha Index ETF (KCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MINV achieves a 44.25% return, which is significantly higher than KCAI's 5.63% return.

MINV

• 1D: 0.43%
• 1M: -4.89%
• 6M: 33.76%
• YTD: 44.25%
• 1Y: 64.97%
• 3Y*: 28.60%
• 5Y*: —
• 10Y*: —

KCAI

• 1D: 2.32%
• 1M: -1.90%
• 6M: 5.73%
• YTD: 5.63%
• 1Y: 41.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MINV vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MINV Matthews Asia Innovators Active ETF	44.25%	30.85%	2.65%
KCAI KraneShares China Alpha Index ETF	5.63%	53.29%	11.36%

Correlation

The correlation between MINV and KCAI is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.46

MINV vs. KCAI - Sectors Allocation Comparison

Sectors	MINV	KCAI
Technology	67.2%	13.2%
Industrials	19.2%	23.6%
Healthcare	4.6%	1.3%
Consumer Cyclical	3.7%	11.5%
Communication Services	2.3%	-
Energy	1.7%	-
Financial Services	1.4%	39.0%
Basic Materials	0.8%	11.3%
Consumer Defensive	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MINV vs. KCAI — Risk / Return Rank

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

MINV

MINV Risk / Return Rank: 82
MINV Sharpe Ratio Rank: 84
MINV Sortino Ratio Rank: 73
MINV Omega Ratio Rank: 81
MINV Calmar Ratio Rank: 91
MINV Martin Ratio Rank: 84

KCAI

KCAI Risk / Return Rank: 95
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 94
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 95

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.

MINV vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Innovators Active ETF (MINV) and KraneShares China Alpha Index ETF (KCAI). 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.

	MINV	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	2.13	3.00	-0.87
Sortino ratio: Return per unit of downside risk	2.62	4.33	-1.71
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.15
Calmar ratio: Return relative to maximum drawdown	4.46	7.09	-2.63
Martin ratio: Return relative to average drawdown	13.35	22.55	-9.20

MINV vs. KCAI - Sharpe Ratio Comparison

The current MINV Sharpe Ratio is 2.13, which is comparable to the KCAI Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of MINV and KCAI, 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

MINV vs. KCAI - Drawdown Comparison

The maximum MINV drawdown since its inception was -23.49%, smaller than the maximum KCAI drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for MINV and KCAI.

Drawdown Indicators

	MINV	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-23.49%	-25.48%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-5.90%	-8.75%
Max Drawdown (3Y) Largest decline over 3 years	-19.82%	—	—
Current Drawdown Current decline from peak	-14.28%	-3.17%	-11.11%
Average Drawdown Average peak-to-trough decline	-8.04%	-6.94%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	1.85%	+3.03%

Volatility

MINV vs. KCAI - Volatility Comparison

Matthews Asia Innovators Active ETF (MINV) has a higher volatility of 15.48% compared to KraneShares China Alpha Index ETF (KCAI) at 5.22%. This indicates that MINV's price experiences larger fluctuations and is considered to be riskier than KCAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MINV	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.48%	5.22%	+10.26%
Volatility (6M) Calculated over the trailing 6-month period	27.72%	9.42%	+18.30%
Volatility (1Y) Calculated over the trailing 1-year period	30.68%	13.96%	+16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.13%	20.92%	+4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.13%	20.92%	+4.21%

MINV vs. KCAI - Expense Ratio Comparison

Both MINV and KCAI have an expense ratio of 0.79%.

Dividends

MINV vs. KCAI - Dividend Comparison

MINV's dividend yield for the trailing twelve months is around 1.05%, less than KCAI's 33.54% yield.

Position	TTM	2025	2024	2023
KCAI KraneShares China Alpha Index ETF	33.54%	35.42%	2.19%	0.00%
MINV Matthews Asia Innovators Active ETF	1.05%	1.51%	0.25%	1.00%

Frequently Asked Questions

Can I hold both MINV and KCAI in my portfolio?

MINV and KCAI have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINV or KCAI?

MINV has higher volatility (15.48%) compared to KCAI (5.22%). In terms of maximum drawdown, MINV dropped -23.49% vs KCAI's -25.48%.

Which ETF is better, MINV or KCAI?

On 1-year performance, MINV leads with 64.97% vs 41.59% for KCAI. Both ETFs have the same 0.79% expense ratio. On volatility, KCAI has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MINV or KCAI?

Over the 1-year period, MINV has performed better with a 64.97% return vs 41.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MINV or KCAI?

MINV and KCAI have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, MINV or KCAI?

KCAI has the higher dividend yield at 33.54%, compared with 1.05% for MINV.

What is the main difference between MINV and KCAI?

MINV is categorized as Asia Pacific Equities, while KCAI is China Equities. They also come from different issuers: Matthews and KraneShares.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (3.00 vs 2.13), 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.