PNGAY vs. KBA

Last updated Jun 4, 2026

PNGAY (Ping An Insurance Company of China) is a stock, while KBA (KraneShares Bosera MSCI China A Share ETF) is China Equities fund tracking the MSCI China A Index. Over the past 10 years, PNGAY returned 9.56%/yr vs 10.15%/yr for KBA. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

PNGAY vs. KBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ping An Insurance Company of China (PNGAY) and KraneShares Bosera MSCI China A Share ETF (KBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNGAY achieves a -9.57% return, which is significantly lower than KBA's 12.62% return. Over the past 10 years, PNGAY has underperformed KBA with an annualized return of 9.56%, while KBA has yielded a comparatively higher 10.15% annualized return.

PNGAY

• 1D: -2.04%
• 1M: -5.22%
• YTD: -9.57%
• 6M: 4.79%
• 1Y: 33.00%
• 3Y*: 11.03%
• 5Y*: -1.43%
• 10Y*: 9.56%

KBA

• 1D: 0.14%
• 1M: 4.32%
• YTD: 12.62%
• 6M: 16.80%
• 1Y: 49.12%
• 3Y*: 16.22%
• 5Y*: 6.46%
• 10Y*: 10.15%

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

PNGAY vs. KBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNGAY Ping An Insurance Company of China	-9.57%	52.29%	38.53%	-27.60%	-2.17%	-39.34%	5.51%	39.67%	-15.03%	113.23%
KBA KraneShares Bosera MSCI China A Share ETF	12.62%	33.88%	15.73%	-16.77%	-3.49%	3.17%	41.62%	35.44%	-26.28%	30.69%

Correlation

The correlation between PNGAY and KBA is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 6, 2014	0.60

The correlation between PNGAY and KBA has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

PNGAY vs. KBA — Risk / Return Rank

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

PNGAY

PNGAY Risk / Return Rank: 71
PNGAY Sharpe Ratio Rank: 77
PNGAY Sortino Ratio Rank: 73
PNGAY Omega Ratio Rank: 70
PNGAY Calmar Ratio Rank: 67
PNGAY Martin Ratio Rank: 70

KBA

KBA Risk / Return Rank: 85
KBA Sharpe Ratio Rank: 84
KBA Sortino Ratio Rank: 84
KBA Omega Ratio Rank: 83
KBA Calmar Ratio Rank: 93
KBA Martin Ratio Rank: 84

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.

PNGAY vs. KBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ping An Insurance Company of China (PNGAY) and KraneShares Bosera MSCI China A Share ETF (KBA). 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.

	PNGAY	KBA	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.80	-1.54
Sortino ratio: Return per unit of downside risk	1.89	3.80	-1.91
Omega ratio: Gain probability vs. loss probability	1.23	1.50	-0.28
Calmar ratio: Return relative to maximum drawdown	1.39	6.45	-5.06
Martin ratio: Return relative to average drawdown	3.72	17.29	-13.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNGAY vs. KBA - Sharpe Ratio Comparison

The current PNGAY Sharpe Ratio is 1.26, which is lower than the KBA Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of PNGAY and KBA, 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

	PNGAY	KBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.80	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.24	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.40	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.35	-0.30

Drawdowns

PNGAY vs. KBA - Drawdown Comparison

The maximum PNGAY drawdown since its inception was -78.52%, which is greater than KBA's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for PNGAY and KBA.

Drawdown Indicators

	PNGAY	KBA	Difference
Max Drawdown Largest peak-to-trough decline	-78.52%	-53.24%	-25.28%
Max Drawdown (1Y) Largest decline over 1 year	-23.83%	-7.65%	-16.18%
Max Drawdown (3Y) Largest decline over 3 years	-46.53%	-31.23%	-15.30%
Max Drawdown (5Y) Largest decline over 5 years	-59.12%	-39.95%	-19.17%
Max Drawdown (10Y) Largest decline over 10 years	-66.83%	-45.32%	-21.51%
Current Drawdown Current decline from peak	-27.81%	-1.25%	-26.56%
Average Drawdown Average peak-to-trough decline	-42.82%	-25.81%	-17.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.89%	2.85%	+6.04%

Volatility

PNGAY vs. KBA - Volatility Comparison

The current volatility for Ping An Insurance Company of China (PNGAY) is 6.13%, while KraneShares Bosera MSCI China A Share ETF (KBA) has a volatility of 7.29%. This indicates that PNGAY experiences smaller price fluctuations and is considered to be less risky than KBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNGAY	KBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	7.29%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	20.70%	12.44%	+8.26%
Volatility (1Y) Calculated over the trailing 1-year period	26.42%	17.65%	+8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.86%	27.20%	+13.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.71%	25.32%	+9.39%

Dividends

PNGAY vs. KBA - Dividend Comparison

PNGAY's dividend yield for the trailing twelve months is around 5.32%, more than KBA's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBA KraneShares Bosera MSCI China A Share ETF	1.39%	1.56%	2.18%	2.34%	49.05%	9.07%	0.65%	1.53%	3.77%	1.46%	6.62%	29.08%
PNGAY Ping An Insurance Company of China	5.32%	4.23%	5.81%	7.66%	5.81%	4.47%	2.05%	1.88%	2.35%	1.17%	3.03%	1.99%

Frequently Asked Questions

Can I hold both PNGAY and KBA in my portfolio?

PNGAY and KBA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNGAY or KBA?

KBA has higher volatility (7.29%) compared to PNGAY (6.13%). In terms of maximum drawdown, PNGAY dropped -78.52% vs KBA's -53.24%.

Which has better risk-adjusted returns?

KBA currently has the higher Sharpe Ratio (2.80 vs 1.26), 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.