OBOR vs. IVOL
OBOR (KraneShares MSCI One Belt One Road Index ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - OBOR is a Emerging Markets Equities fund tracking the MSCI Global China Infrastructure Exposure, while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. OBOR is passively managed, while IVOL is actively managed. Over the past 5 years, OBOR returned 1.25%/yr vs -5.80%/yr for IVOL. At a 0.09 correlation, their price movements are largely independent. OBOR charges 0.79%/yr vs 0.99%/yr for IVOL.
Performance
OBOR vs. IVOL - Performance Comparison
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Returns By Period
In the year-to-date period, OBOR achieves a 1.83% return, which is significantly higher than IVOL's -8.68% return.
OBOR
- 1D
- 0.15%
- 1M
- -0.36%
- YTD
- 1.83%
- 6M
- 1.73%
- 1Y
- 19.70%
- 3Y*
- 11.90%
- 5Y*
- 1.25%
- 10Y*
- —
IVOL
- 1D
- -0.42%
- 1M
- -3.37%
- YTD
- -8.68%
- 6M
- -8.41%
- 1Y
- -7.18%
- 3Y*
- -2.75%
- 5Y*
- -5.80%
- 10Y*
- —
OBOR vs. IVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OBOR KraneShares MSCI One Belt One Road Index ETF | 1.83% | 27.86% | 8.55% | -7.91% | -21.96% | 17.06% | 13.47% | 15.26% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.68% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between OBOR and IVOL is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.09 |
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Return for Risk
OBOR vs. IVOL — Risk / Return Rank
OBOR
IVOL
OBOR vs. IVOL - 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 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.
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.
| OBOR | IVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.84 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | -0.60 | +2.08 |
| Martin ratioReturn relative to average drawdown | 4.15 | -1.46 | +5.60 |
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Drawdowns
OBOR vs. IVOL - Drawdown Comparison
The maximum OBOR drawdown since its inception was -41.54%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for OBOR and IVOL.
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Drawdown Indicators
| OBOR | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.54% | -31.16% | -10.38% |
Max Drawdown (1Y)Largest decline over 1 year | -13.38% | -12.08% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | -14.48% | -3.58% |
Max Drawdown (5Y)Largest decline over 5 years | -34.00% | -30.28% | -3.72% |
Current DrawdownCurrent decline from peak | -10.16% | -28.19% | +18.03% |
Average DrawdownAverage peak-to-trough decline | -15.94% | -13.38% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.76% | 4.94% | -0.18% |
Volatility
OBOR vs. IVOL - Volatility Comparison
KraneShares MSCI One Belt One Road Index ETF (OBOR) has a higher volatility of 6.70% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 2.51%. This indicates that OBOR'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.
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Volatility by Period
| OBOR | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 2.51% | +4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.70% | 4.96% | +9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.72% | 7.06% | +9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 12.85% | +3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.54% | 11.98% | +6.56% |
OBOR vs. IVOL - Expense Ratio Comparison
OBOR has a 0.79% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Dividends
OBOR vs. IVOL - Dividend Comparison
OBOR's dividend yield for the trailing twelve months is around 1.91%, less than IVOL's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 4.00% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% |
OBOR KraneShares MSCI One Belt One Road Index ETF | 1.91% | 1.94% | 3.87% | 3.40% | 4.75% | 3.26% | 2.04% | 4.33% | 0.02% | 0.10% |
Frequently Asked Questions
OBOR and IVOL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBOR has higher volatility (6.70%) compared to IVOL (2.51%). In terms of maximum drawdown, OBOR dropped -41.54% vs IVOL's -31.16%.
On 5-year performance, OBOR leads with 1.25% vs -5.80% for IVOL. On fees, OBOR is cheaper at 0.79% per year. On volatility, IVOL has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OBOR has performed better with a 1.25% return vs -5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBOR is cheaper with a 0.79% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 4.00%, compared with 1.91% for OBOR.
OBOR is categorized as Emerging Markets Equities, while IVOL is Inflation-Protected Bonds. Their fees differ too: 0.79% for OBOR and 0.99% for IVOL.
OBOR currently has the higher Sharpe Ratio (1.19 vs -1.02), 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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