THD vs. KCAI

Last updated Jul 14, 2026

THD (iShares MSCI Thailand ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - THD is a Asia Pacific Equities fund tracking the MSCI Thailand Investable Market Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, THD returned 44.59% vs 39.53% for KCAI. At a 0.31 correlation, their price movements are largely independent. THD charges 0.59%/yr vs 0.79%/yr for KCAI.

Performance

THD vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) 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, THD achieves a 24.07% return, which is significantly higher than KCAI's 3.23% return.

THD

• 1D: -0.25%
• 1M: -0.67%
• 6M: 23.88%
• YTD: 24.07%
• 1Y: 44.59%
• 3Y*: 5.97%
• 5Y*: 2.34%
• 10Y*: 2.94%

KCAI

• 1D: -0.65%
• 1M: -4.13%
• 6M: 2.63%
• YTD: 3.23%
• 1Y: 39.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THD vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THD iShares MSCI Thailand ETF	24.07%	2.36%	-0.90%
KCAI KraneShares China Alpha Index ETF	3.23%	53.29%	11.36%

Correlation

The correlation between THD and KCAI is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.31

THD vs. KCAI - Sectors Allocation Comparison

Sectors	THD	KCAI
Industrials	31.1%	23.6%
Energy	13.5%	-
Financial Services	11.1%	39.0%
Communication Services	9.8%	-
Consumer Defensive	7.5%	-
Utilities	7.0%	-
Healthcare	6.1%	1.3%
Real Estate	5.0%	-
Consumer Cyclical	4.7%	11.5%
Basic Materials	2.9%	11.3%
Technology	1.2%	13.2%

Return for Risk

THD vs. KCAI — Risk / Return Rank

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

THD

THD Risk / Return Rank: 74
THD Sharpe Ratio Rank: 78
THD Sortino Ratio Rank: 75
THD Omega Ratio Rank: 69
THD Calmar Ratio Rank: 81
THD Martin Ratio Rank: 68

KCAI

KCAI Risk / Return Rank: 94
KCAI Sharpe Ratio Rank: 95
KCAI Sortino Ratio Rank: 95
KCAI Omega Ratio Rank: 93
KCAI Calmar Ratio Rank: 96
KCAI Martin Ratio Rank: 94

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.

THD vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) 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.

	THD	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.88	-0.91
Sortino ratio: Return per unit of downside risk	2.68	4.15	-1.48
Omega ratio: Gain probability vs. loss probability	1.32	1.50	-0.18
Calmar ratio: Return relative to maximum drawdown	3.41	6.74	-3.32
Martin ratio: Return relative to average drawdown	9.81	21.56	-11.75

THD vs. KCAI - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.97, which is lower than the KCAI Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of THD 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

THD vs. KCAI - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for THD and KCAI.

Drawdown Indicators

	THD	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-25.48%	-38.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-5.90%	-7.22%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	—	—
Current Drawdown Current decline from peak	-8.89%	-5.37%	-3.52%
Average Drawdown Average peak-to-trough decline	-18.23%	-6.95%	-11.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	1.84%	+2.72%

Volatility

THD vs. KCAI - Volatility Comparison

iShares MSCI Thailand ETF (THD) has a higher volatility of 6.87% compared to KraneShares China Alpha Index ETF (KCAI) at 4.63%. This indicates that THD'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

	THD	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	4.63%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	18.87%	9.15%	+9.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	13.81%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	20.88%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	20.88%	+0.71%

THD vs. KCAI - Expense Ratio Comparison

THD has a 0.59% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

THD vs. KCAI - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.49%, less than KCAI's 34.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCAI KraneShares China Alpha Index ETF	34.31%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
THD iShares MSCI Thailand ETF	3.49%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both THD and KCAI in my portfolio?

THD and KCAI have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THD or KCAI?

THD has higher volatility (6.87%) compared to KCAI (4.63%). In terms of maximum drawdown, THD dropped -64.22% vs KCAI's -25.48%.

Which ETF is better, THD or KCAI?

On 1-year performance, THD leads with 44.59% vs 39.53% for KCAI. On fees, THD is cheaper at 0.59% per year. On volatility, KCAI has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or KCAI?

Over the 1-year period, THD has performed better with a 44.59% return vs 39.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or KCAI?

THD is cheaper with a 0.59% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 34.31%, compared with 3.49% for THD.

What is the main difference between THD and KCAI?

THD is categorized as Asia Pacific Equities, while KCAI is China Equities. THD tracks MSCI Thailand Investable Market Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: iShares and KraneShares. Their fees differ too: 0.59% for THD and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.88 vs 1.97), 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.