OBOR vs. DVYE

Last updated Jun 3, 2026

OBOR (KraneShares MSCI One Belt One Road Index ETF) and DVYE (iShares Emerging Markets Dividend ETF) are both Emerging Markets Equities funds - OBOR tracks the MSCI Global China Infrastructure Exposure while DVYE tracks the Dow Jones Emerging Markets Select Dividend Index. Both are passively managed. Over the past 5 years, OBOR returned 1.31%/yr vs 5.36%/yr for DVYE. A 0.78 correlation means they provide meaningful diversification when combined. OBOR charges 0.79%/yr vs 0.49%/yr for DVYE.

Performance

OBOR vs. DVYE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares MSCI One Belt One Road Index ETF (OBOR) and iShares Emerging Markets Dividend ETF (DVYE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBOR achieves a 4.26% return, which is significantly lower than DVYE's 12.47% return.

OBOR

• 1D: 1.15%
• 1M: -1.00%
• YTD: 4.26%
• 6M: 7.97%
• 1Y: 24.36%
• 3Y*: 12.00%
• 5Y*: 1.31%
• 10Y*: —

DVYE

• 1D: 0.60%
• 1M: -0.14%
• YTD: 12.47%
• 6M: 13.50%
• 1Y: 30.89%
• 3Y*: 22.70%
• 5Y*: 5.36%
• 10Y*: 8.06%

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

OBOR vs. DVYE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OBOR KraneShares MSCI One Belt One Road Index ETF	4.26%	27.86%	8.55%	-7.91%	-21.96%	17.06%	13.47%	16.75%	-15.36%	1.74%
DVYE iShares Emerging Markets Dividend ETF	12.47%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	-0.10%

Correlation

The correlation between OBOR and DVYE is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 11, 2017	0.78

The correlation between OBOR and DVYE shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

OBOR vs. DVYE - Sectors Allocation Comparison

Sectors	OBOR	DVYE
Basic Materials	26.6%	8.6%
Industrials	25.1%	16.8%
Financial Services	23.1%	28.4%
Utilities	14.1%	7.4%
Energy	8.5%	19.1%
Consumer Cyclical	0.4%	4.3%
Healthcare	0.2%	-
Communication Services	0.2%	1.9%
Consumer Defensive	-	2.4%
Real Estate	-	3.7%
Technology	-	7.3%

Return for Risk

OBOR vs. DVYE — Risk / Return Rank

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

OBOR

OBOR Risk / Return Rank: 42
OBOR Sharpe Ratio Rank: 42
OBOR Sortino Ratio Rank: 40
OBOR Omega Ratio Rank: 43
OBOR Calmar Ratio Rank: 46
OBOR Martin Ratio Rank: 38

DVYE

DVYE Risk / Return Rank: 69
DVYE Sharpe Ratio Rank: 65
DVYE Sortino Ratio Rank: 62
DVYE Omega Ratio Rank: 62
DVYE Calmar Ratio Rank: 85
DVYE Martin Ratio Rank: 72

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.

OBOR vs. DVYE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI One Belt One Road Index ETF (OBOR) and iShares Emerging Markets Dividend ETF (DVYE). 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.

	OBOR	DVYE	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.19	-0.66
Sortino ratio Return per unit of downside risk	2.06	2.94	-0.88
Omega ratio Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio Return relative to maximum drawdown	2.33	4.78	-2.45
Martin ratio Return relative to average drawdown	5.96	13.81	-7.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBOR vs. DVYE - Sharpe Ratio Comparison

The current OBOR Sharpe Ratio is 1.52, which is lower than the DVYE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of OBOR and DVYE, 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

	OBOR	DVYE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.19	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.32	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.17	+0.04

Drawdowns

OBOR vs. DVYE - Drawdown Comparison

The maximum OBOR drawdown since its inception was -41.54%, smaller than the maximum DVYE drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for OBOR and DVYE.

Drawdown Indicators

	OBOR	DVYE	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-47.42%	+5.88%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-6.49%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-14.63%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-40.89%	+6.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.89%	—
Current Drawdown Current decline from peak	-8.01%	-2.32%	-5.69%
Average Drawdown Average peak-to-trough decline	-15.98%	-15.38%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	2.25%	+1.83%

Volatility

OBOR vs. DVYE - Volatility Comparison

KraneShares MSCI One Belt One Road Index ETF (OBOR) has a higher volatility of 6.43% compared to iShares Emerging Markets Dividend ETF (DVYE) at 5.46%. This indicates that OBOR's price experiences larger fluctuations and is considered to be riskier than DVYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBOR	DVYE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	5.46%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	11.47%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	14.19%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	16.98%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	18.39%	+0.13%

OBOR vs. DVYE - Expense Ratio Comparison

OBOR has a 0.79% expense ratio, which is higher than DVYE's 0.49% expense ratio.

Dividends

OBOR vs. DVYE - Dividend Comparison

OBOR's dividend yield for the trailing twelve months is around 1.86%, less than DVYE's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	5.03%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
OBOR KraneShares MSCI One Belt One Road Index ETF	1.86%	1.94%	3.87%	3.40%	4.75%	3.26%	2.04%	4.33%	0.02%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBOR and DVYE in my portfolio?

OBOR and DVYE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBOR or DVYE?

OBOR has higher volatility (6.43%) compared to DVYE (5.46%). In terms of maximum drawdown, OBOR dropped -41.54% vs DVYE's -47.42%.

Which ETF is better, OBOR or DVYE?

On 5-year performance, DVYE leads with 5.36% vs 1.31% for OBOR. On fees, DVYE is cheaper at 0.49% per year. On volatility, DVYE has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBOR or DVYE?

Over the 5-year period, DVYE has performed better with a 5.36% return vs 1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBOR or DVYE?

DVYE is cheaper with a 0.49% expense ratio, compared with 0.79% for OBOR.

Which ETF pays a higher dividend yield, OBOR or DVYE?

DVYE has the higher dividend yield at 5.03%, compared with 1.86% for OBOR.

What is the main difference between OBOR and DVYE?

OBOR tracks MSCI Global China Infrastructure Exposure, while DVYE tracks Dow Jones Emerging Markets Select Dividend Index. They also come from different issuers: CICC and iShares. Their fees differ too: 0.79% for OBOR and 0.49% for DVYE.

Which has better risk-adjusted returns?

DVYE currently has the higher Sharpe Ratio (2.19 vs 1.52), 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.