OBOR vs. KGRN

Last updated Jun 3, 2026

OBOR (KraneShares MSCI One Belt One Road Index ETF) and KGRN (KraneShares MSCI China Clean Technology Index ETF) are both exchange-traded funds - OBOR is a Emerging Markets Equities fund tracking the MSCI Global China Infrastructure Exposure, while KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index. Both are passively managed. Over the past 5 years, OBOR returned 1.31%/yr vs -7.04%/yr for KGRN. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

OBOR vs. KGRN - 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 KraneShares MSCI China Clean Technology Index ETF (KGRN). 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 higher than KGRN's 3.37% return.

OBOR

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

KGRN

• 1D: 0.83%
• 1M: -1.59%
• YTD: 3.37%
• 6M: 0.88%
• 1Y: 10.79%
• 3Y*: 3.57%
• 5Y*: -7.04%
• 10Y*: —

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

OBOR vs. KGRN - 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%	1.10%
KGRN KraneShares MSCI China Clean Technology Index ETF	3.37%	21.45%	-1.11%	-14.75%	-40.45%	5.91%	138.49%	12.12%	-29.32%	-0.37%

Correlation

The correlation between OBOR and KGRN is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 16, 2017	0.61

The correlation between OBOR and KGRN shifts across timeframes, from 0.46 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

OBOR vs. KGRN - Sectors Allocation Comparison

Sectors	OBOR	KGRN
Basic Materials	26.6%	-
Industrials	25.1%	26.5%
Financial Services	23.1%	-
Utilities	14.1%	21.2%
Energy	8.5%	3.6%
Consumer Cyclical	0.4%	36.8%
Healthcare	0.2%	-
Communication Services	0.2%	-
Consumer Defensive	-	-
Real Estate	-	-
Technology	-	11.6%

Return for Risk

OBOR vs. KGRN — 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

KGRN

KGRN Risk / Return Rank: 16
KGRN Sharpe Ratio Rank: 16
KGRN Sortino Ratio Rank: 17
KGRN Omega Ratio Rank: 16
KGRN Calmar Ratio Rank: 16
KGRN Martin Ratio Rank: 13

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. KGRN - 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 KraneShares MSCI China Clean Technology Index ETF (KGRN). 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	KGRN	Difference
Sharpe ratio Return per unit of total volatility	1.52	0.47	+1.05
Sortino ratio Return per unit of downside risk	2.06	0.81	+1.25
Omega ratio Gain probability vs. loss probability	1.28	1.10	+0.18
Calmar ratio Return relative to maximum drawdown	2.33	0.63	+1.70
Martin ratio Return relative to average drawdown	5.96	1.08	+4.88
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. KGRN - Sharpe Ratio Comparison

The current OBOR Sharpe Ratio is 1.52, which is higher than the KGRN Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of OBOR and KGRN, 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	KGRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	0.47	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	-0.20	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.08	+0.13

Drawdowns

OBOR vs. KGRN - Drawdown Comparison

The maximum OBOR drawdown since its inception was -41.54%, smaller than the maximum KGRN drawdown of -66.24%. Use the drawdown chart below to compare losses from any high point for OBOR and KGRN.

Drawdown Indicators

	OBOR	KGRN	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-66.24%	+24.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-17.26%	+6.79%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-42.19%	+24.13%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-63.60%	+29.60%
Current Drawdown Current decline from peak	-8.01%	-45.87%	+37.86%
Average Drawdown Average peak-to-trough decline	-15.98%	-33.94%	+17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	10.03%	-5.95%

Volatility

OBOR vs. KGRN - Volatility Comparison

The current volatility for KraneShares MSCI One Belt One Road Index ETF (OBOR) is 6.43%, while KraneShares MSCI China Clean Technology Index ETF (KGRN) has a volatility of 7.10%. This indicates that OBOR experiences smaller price fluctuations and is considered to be less risky than KGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBOR	KGRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	7.10%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	14.94%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	22.94%	-6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	34.73%	-18.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	32.86%	-14.34%

OBOR vs. KGRN - Expense Ratio Comparison

Both OBOR and KGRN have an expense ratio of 0.79%.

Dividends

OBOR vs. KGRN - Dividend Comparison

OBOR's dividend yield for the trailing twelve months is around 1.86%, more than KGRN's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGRN KraneShares MSCI China Clean Technology Index ETF	0.83%	0.85%	1.49%	0.74%	1.98%	0.41%	0.01%	5.88%	2.04%	0.00%
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%

Frequently Asked Questions

Can I hold both OBOR and KGRN in my portfolio?

OBOR and KGRN have a correlation of 0.46, 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 KGRN?

KGRN has higher volatility (7.10%) compared to OBOR (6.43%). In terms of maximum drawdown, OBOR dropped -41.54% vs KGRN's -66.24%.

Which ETF is better, OBOR or KGRN?

On 5-year performance, OBOR leads with 1.31% vs -7.04% for KGRN. Both ETFs have the same 0.79% expense ratio. On volatility, OBOR has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBOR or KGRN?

Over the 5-year period, OBOR has performed better with a 1.31% return vs -7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBOR or KGRN?

OBOR and KGRN have the same expense ratio: 0.79% per year.

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

OBOR has the higher dividend yield at 1.86%, compared with 0.83% for KGRN.

What is the main difference between OBOR and KGRN?

OBOR is categorized as Emerging Markets Equities, while KGRN is China Equities. OBOR tracks MSCI Global China Infrastructure Exposure, while KGRN tracks MSCI China IMI Environment 10/40 Index.

Which has better risk-adjusted returns?

OBOR currently has the higher Sharpe Ratio (1.52 vs 0.47), 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.