VNM vs. KCAI

Last updated Aug 4, 2026

VNM (VanEck Vectors Vietnam ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, VNM returned 9.95% vs 39.39% for KCAI. Their 0.04 correlation means their historical movements had little consistent relationship. VNM charges 0.68%/yr vs 0.79%/yr for KCAI.

Performance

VNM vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) 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, VNM achieves a -8.28% return, which is significantly lower than KCAI's 7.14% return.

VNM

• 1D: 3.06%
• 1M: -5.35%
• 6M: -6.77%
• YTD: -8.28%
• 1Y: 9.95%
• 3Y*: 7.02%
• 5Y*: -1.14%
• 10Y*: 3.26%
• ALL TIME*: -0.96%

KCAI

• 1D: -0.23%
• 1M: 4.36%
• 6M: 7.96%
• YTD: 7.14%
• 1Y: 39.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KCAI KraneShares China Alpha Index ETF	$43.18K	$26.02K	$162.46K
VNM VanEck Vectors Vietnam ETF	$13.14M	$11.75M	$11.73M

VNM vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VNM VanEck Vectors Vietnam ETF	-8.28%	66.55%	-9.32%
KCAI KraneShares China Alpha Index ETF	7.14%	53.29%	11.36%

Correlation

The correlation between VNM and KCAI is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.04

VNM vs. KCAI - Sectors Allocation Comparison

Sectors	VNM	KCAI
Financial Services	32.7%	41.3%
Real Estate	24.8%	-
Industrials	14.3%	20.5%
Consumer Defensive	14.3%	-
Basic Materials	7.0%	11.0%
Technology	2.5%	17.8%
Consumer Cyclical	2.2%	9.4%
Energy	1.4%	-
Utilities	0.9%	-
Communication Services	-	-
Healthcare	-	1.3%

Return for Risk

VNM vs. KCAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VNM

VNM Risk / Return Rank: 20
VNM Sharpe Ratio Rank: 19
VNM Sortino Ratio Rank: 21
VNM Omega Ratio Rank: 19
VNM Calmar Ratio Rank: 21
VNM Martin Ratio Rank: 20

KCAI

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VNM vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.

	VNM	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	0.37	2.79	-2.42
Sortino ratio: Return per unit of downside risk	0.74	4.03	-3.30
Omega ratio: Gain probability vs. loss probability	1.08	1.49	-0.40
Calmar ratio: Return relative to maximum drawdown	0.57	6.71	-6.14
Martin ratio: Return relative to average drawdown	1.25	19.98	-18.73

VNM vs. KCAI - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 0.37, which is lower than the KCAI Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of VNM 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

VNM vs. KCAI - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for VNM and KCAI.

Drawdown Indicators

	VNM	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-25.48%	-37.71%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-5.90%	-11.57%
Max Drawdown (3Y) Largest decline over 3 years	-31.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.67%	—	—
Current Drawdown Current decline from peak	-28.57%	-1.79%	-26.78%
Average Drawdown Average peak-to-trough decline	-37.73%	-6.82%	-30.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	1.98%	+6.00%

Volatility

VNM vs. KCAI - Volatility Comparison

VanEck Vectors Vietnam ETF (VNM) has a higher volatility of 8.83% compared to KraneShares China Alpha Index ETF (KCAI) at 4.81%. This indicates that VNM'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

	VNM	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	4.81%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	9.80%	+8.83%
Volatility (1Y) Calculated over the trailing 1-year period	26.88%	14.20%	+12.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	20.78%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	20.78%	+2.75%

VNM vs. KCAI - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

VNM vs. KCAI - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.22%, less than KCAI's 33.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCAI KraneShares China Alpha Index ETF	33.06%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNM VanEck Vectors Vietnam ETF	0.22%	0.20%	0.00%	5.21%	0.96%	0.49%	0.40%	0.76%	0.83%	1.14%	2.44%	3.69%

Frequently Asked Questions

Can I hold both VNM and KCAI in my portfolio?

VNM and KCAI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNM or KCAI?

VNM has higher volatility (8.83%) compared to KCAI (4.81%). In terms of maximum drawdown, VNM dropped -63.19% vs KCAI's -25.48%.

Which ETF is better, VNM or KCAI?

On 1-year performance, KCAI leads with 39.39% vs 9.95% for VNM. On fees, VNM is cheaper at 0.68% per year. On volatility, KCAI has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNM or KCAI?

Over the 1-year period, KCAI has performed better with a 39.39% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNM or KCAI?

VNM is cheaper with a 0.68% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 33.06%, compared with 0.22% for VNM.

What is the main difference between VNM and KCAI?

VNM is categorized as Asia Pacific Equities, while KCAI is China Equities. VNM tracks MVIS Vietnam Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: VanEck and KraneShares. Their fees differ too: 0.68% for VNM and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.79 vs 0.37), 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.