OBOR vs. VWO

Last updated Jun 24, 2026

OBOR (KraneShares MSCI One Belt One Road Index ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds - OBOR tracks the MSCI Global China Infrastructure Exposure while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 5 years, OBOR returned 0.71%/yr vs 5.09%/yr for VWO. Their correlation of 0.81 suggests significant overlap in exposure. OBOR charges 0.79%/yr vs 0.08%/yr for VWO.

Performance

OBOR vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBOR achieves a -0.31% return, which is significantly lower than VWO's 10.55% return.

OBOR

• 1D: -2.10%
• 1M: -2.45%
• YTD: -0.31%
• 6M: -1.03%
• 1Y: 16.21%
• 3Y*: 11.11%
• 5Y*: 0.71%
• 10Y*: —

VWO

• 1D: -3.07%
• 1M: 0.76%
• YTD: 10.55%
• 6M: 10.67%
• 1Y: 27.03%
• 3Y*: 17.42%
• 5Y*: 5.09%
• 10Y*: 8.97%

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

OBOR vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OBOR KraneShares MSCI One Belt One Road Index ETF	-0.31%	27.86%	8.55%	-7.91%	-21.96%	17.06%	13.47%	16.75%	-15.36%	1.30%
VWO Vanguard FTSE Emerging Markets ETF	10.55%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	4.13%

Correlation

The correlation between OBOR and VWO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 8, 2017	0.81

Over the past year, the correlation between OBOR and VWO has dropped to 0.61 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

OBOR vs. VWO - Sectors Allocation Comparison

Sectors	OBOR	VWO
Basic Materials	26.6%	7.0%
Industrials	25.1%	6.8%
Financial Services	23.1%	16.8%
Utilities	14.1%	2.4%
Energy	8.5%	3.6%
Consumer Cyclical	0.4%	8.7%
Healthcare	0.2%	3.4%
Communication Services	0.2%	5.8%
Consumer Defensive	-	3.1%
Real Estate	-	1.8%
Technology	-	31.6%

Return for Risk

OBOR vs. VWO — Risk / Return Rank

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

OBOR

OBOR Risk / Return Rank: 27
OBOR Sharpe Ratio Rank: 29
OBOR Sortino Ratio Rank: 26
OBOR Omega Ratio Rank: 28
OBOR Calmar Ratio Rank: 27
OBOR Martin Ratio Rank: 27

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 48
VWO Sortino Ratio Rank: 46
VWO Omega Ratio Rank: 49
VWO Calmar Ratio Rank: 51
VWO Martin Ratio Rank: 51

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. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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	VWO	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.60	-0.64
Sortino ratio: Return per unit of downside risk	1.37	2.22	-0.85
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.22	2.43	-1.22
Martin ratio: Return relative to average drawdown	3.37	8.56	-5.19

OBOR vs. VWO - Sharpe Ratio Comparison

The current OBOR Sharpe Ratio is 0.97, which is lower than the VWO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of OBOR and VWO, 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

OBOR vs. VWO - Drawdown Comparison

The maximum OBOR drawdown since its inception was -41.54%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for OBOR and VWO.

Drawdown Indicators

	OBOR	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-67.68%	+26.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-11.17%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-17.37%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-34.00%	-32.60%	-1.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.39%	—
Current Drawdown Current decline from peak	-12.04%	-3.07%	-8.97%
Average Drawdown Average peak-to-trough decline	-15.94%	-15.79%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	3.17%	+1.65%

Volatility

OBOR vs. VWO - Volatility Comparison

KraneShares MSCI One Belt One Road Index ETF (OBOR) and Vanguard FTSE Emerging Markets ETF (VWO) have volatilities of 7.01% and 7.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBOR	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	7.37%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	14.62%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	16.94%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	17.58%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	19.18%	-0.63%

OBOR vs. VWO - Expense Ratio Comparison

OBOR has a 0.79% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

OBOR vs. VWO - Dividend Comparison

OBOR's dividend yield for the trailing twelve months is around 1.95%, less than VWO's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OBOR KraneShares MSCI One Belt One Road Index ETF	1.95%	1.94%	3.87%	3.40%	4.75%	3.26%	2.04%	4.33%	0.02%	0.10%	0.00%	0.00%
VWO Vanguard FTSE Emerging Markets ETF	2.33%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both OBOR and VWO in my portfolio?

OBOR and VWO have a correlation of 0.61, 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 VWO?

VWO has higher volatility (7.37%) compared to OBOR (7.01%). In terms of maximum drawdown, OBOR dropped -41.54% vs VWO's -67.68%.

Which ETF is better, OBOR or VWO?

On 5-year performance, VWO leads with 5.09% vs 0.71% for OBOR. On fees, VWO is cheaper at 0.08% per year. On volatility, OBOR has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBOR or VWO?

Over the 5-year period, VWO has performed better with a 5.09% return vs 0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBOR or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.79% for OBOR.

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

VWO has the higher dividend yield at 2.33%, compared with 1.95% for OBOR.

What is the main difference between OBOR and VWO?

OBOR tracks MSCI Global China Infrastructure Exposure, while VWO tracks FTSE Emerging Index. They also come from different issuers: CICC and Vanguard. Their fees differ too: 0.79% for OBOR and 0.08% for VWO.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.60 vs 0.97), 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.