PCCE vs. KCAI

Last updated Jun 23, 2026

PCCE (Polen Capital China Growth ETF) and KCAI (KraneShares China Alpha Index ETF) are both China Equities funds. PCCE is actively managed, while KCAI is passively managed. Over the past year, PCCE returned 5.04% vs 50.78% for KCAI. A 0.58 correlation means they provide meaningful diversification when combined. PCCE charges 1.00%/yr vs 0.79%/yr for KCAI.

Performance

PCCE vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital China Growth ETF (PCCE) 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, PCCE achieves a -3.13% return, which is significantly lower than KCAI's 7.28% return.

PCCE

• 1D: 1.36%
• 1M: -2.03%
• YTD: -3.13%
• 6M: -4.19%
• 1Y: 5.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KCAI

• 1D: 1.90%
• 1M: 2.49%
• YTD: 7.28%
• 6M: 8.32%
• 1Y: 50.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCCE vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-3.13%	23.07%	16.38%
KCAI KraneShares China Alpha Index ETF	7.28%	53.29%	11.36%

Correlation

The correlation between PCCE and KCAI is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.58

The correlation between PCCE and KCAI has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

PCCE vs. KCAI - Sectors Allocation Comparison

Sectors	PCCE	KCAI
Communication Services	20.1%	-
Financial Services	19.9%	39.0%
Consumer Cyclical	17.3%	11.5%
Industrials	13.7%	23.6%
Real Estate	8.7%	-
Healthcare	8.0%	1.3%
Technology	6.1%	13.2%
Consumer Defensive	4.3%	-
Basic Materials	1.8%	11.3%
Energy	-	-
Utilities	-	-

Return for Risk

PCCE vs. KCAI — Risk / Return Rank

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

PCCE

PCCE Risk / Return Rank: 12
PCCE Sharpe Ratio Rank: 12
PCCE Sortino Ratio Rank: 12
PCCE Omega Ratio Rank: 12
PCCE Calmar Ratio Rank: 12
PCCE Martin Ratio Rank: 11

KCAI

KCAI Risk / Return Rank: 96
KCAI Sharpe Ratio Rank: 96
KCAI Sortino Ratio Rank: 96
KCAI Omega Ratio Rank: 94
KCAI Calmar Ratio Rank: 98
KCAI Martin Ratio Rank: 96

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.

PCCE vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) 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.

	PCCE	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.27	3.80	-3.53
Sortino ratio: Return per unit of downside risk	0.51	5.39	-4.87
Omega ratio: Gain probability vs. loss probability	1.06	1.67	-0.61
Calmar ratio: Return relative to maximum drawdown	0.31	12.08	-11.77
Martin ratio: Return relative to average drawdown	0.65	34.38	-33.73

PCCE vs. KCAI - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is 0.27, which is lower than the KCAI Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of PCCE 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

PCCE vs. KCAI - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, roughly equal to the maximum KCAI drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for PCCE and KCAI.

Drawdown Indicators

	PCCE	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-25.48%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-4.23%	-12.36%
Current Drawdown Current decline from peak	-11.60%	-1.65%	-9.95%
Average Drawdown Average peak-to-trough decline	-9.99%	-7.02%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	1.48%	+6.32%

Volatility

PCCE vs. KCAI - Volatility Comparison

Polen Capital China Growth ETF (PCCE) has a higher volatility of 5.52% compared to KraneShares China Alpha Index ETF (KCAI) at 4.13%. This indicates that PCCE'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

	PCCE	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	4.13%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	8.71%	+5.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	13.47%	+5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.07%	21.01%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.07%	21.01%	+5.06%

PCCE vs. KCAI - Expense Ratio Comparison

PCCE has a 1.00% expense ratio, which is higher than KCAI's 0.79% expense ratio.

Dividends

PCCE vs. KCAI - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.36%, less than KCAI's 33.02% yield.

Position	TTM	2025	2024
KCAI KraneShares China Alpha Index ETF	33.02%	35.42%	2.19%
PCCE Polen Capital China Growth ETF	2.36%	2.29%	1.95%

Frequently Asked Questions

Can I hold both PCCE and KCAI in my portfolio?

PCCE and KCAI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCCE or KCAI?

PCCE has higher volatility (5.52%) compared to KCAI (4.13%). In terms of maximum drawdown, PCCE dropped -26.38% vs KCAI's -25.48%.

Which ETF is better, PCCE or KCAI?

On 1-year performance, KCAI leads with 50.78% vs 5.04% for PCCE. On fees, KCAI is cheaper at 0.79% per year. On volatility, KCAI has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCCE or KCAI?

Over the 1-year period, KCAI has performed better with a 50.78% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or KCAI?

KCAI is cheaper with a 0.79% expense ratio, compared with 1.00% for PCCE.

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

KCAI has the higher dividend yield at 33.02%, compared with 2.36% for PCCE.

What is the main difference between PCCE and KCAI?

They also come from different issuers: Polen and KraneShares. Their fees differ too: 1.00% for PCCE and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (3.80 vs 0.27), 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.