VPL vs. KCAI

Last updated Aug 2, 2026

VPL (Vanguard FTSE Pacific ETF) and KCAI (KraneShares China Alpha Index ETF) are both exchange-traded funds - VPL is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific Index, while KCAI is a China Equities fund tracking the Qi China Alpha Index. Both are passively managed. Over the past year, VPL returned 37.66% vs 39.71% for KCAI. Their 0.31 correlation means their historical movements had little consistent relationship. VPL charges 0.08%/yr vs 0.79%/yr for KCAI.

Performance

VPL vs. KCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Pacific ETF (VPL) 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, VPL achieves a 20.61% return, which is significantly higher than KCAI's 7.38% return.

VPL

• 1D: -1.01%
• 1M: -2.62%
• 6M: 10.34%
• YTD: 20.61%
• 1Y: 37.66%
• 3Y*: 18.88%
• 5Y*: 9.33%
• 10Y*: 9.52%
• ALL TIME*: 6.48%

KCAI

• 1D: -0.50%
• 1M: 4.60%
• 6M: 7.73%
• YTD: 7.38%
• 1Y: 39.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.06%

*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	$42.47K	$26.27K	$160.21K
VPL Vanguard FTSE Pacific ETF	$40.49M	$47.90M	$62.42M

VPL vs. KCAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VPL Vanguard FTSE Pacific ETF	20.61%	32.66%	-6.59%
KCAI KraneShares China Alpha Index ETF	7.38%	53.29%	11.36%

Correlation

The correlation between VPL and KCAI is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Aug 28, 2024	0.31

VPL vs. KCAI - Sectors Allocation Comparison

Sectors	VPL	KCAI
Technology	31.6%	17.8%
Financial Services	17.8%	41.3%
Industrials	17.4%	20.5%
Consumer Cyclical	8.8%	9.4%
Basic Materials	6.5%	11.0%
Communication Services	4.4%	-
Healthcare	4.3%	1.3%
Real Estate	3.6%	-
Consumer Defensive	3.2%	-
Utilities	1.3%	-
Energy	1.1%	-

Return for Risk

VPL vs. KCAI — Risk / Return Rank

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

VPL

VPL Risk / Return Rank: 72
VPL Sharpe Ratio Rank: 71
VPL Sortino Ratio Rank: 65
VPL Omega Ratio Rank: 73
VPL Calmar Ratio Rank: 80
VPL Martin Ratio Rank: 71

KCAI

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

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.

VPL vs. KCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Pacific ETF (VPL) 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.

	VPL	KCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.76	-1.17
Sortino ratio: Return per unit of downside risk	2.16	4.00	-1.84
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	2.84	6.65	-3.81
Martin ratio: Return relative to average drawdown	8.65	19.83	-11.18

VPL vs. KCAI - Sharpe Ratio Comparison

The current VPL Sharpe Ratio is 1.59, which is lower than the KCAI Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of VPL 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

VPL vs. KCAI - Drawdown Comparison

The maximum VPL drawdown since its inception was -55.49%, which is greater than KCAI's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for VPL and KCAI.

Drawdown Indicators

	VPL	KCAI	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-25.48%	-30.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-5.90%	-7.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	—	—
Current Drawdown Current decline from peak	-9.69%	-1.56%	-8.13%
Average Drawdown Average peak-to-trough decline	-11.59%	-6.83%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	1.97%	+2.40%

Volatility

VPL vs. KCAI - Volatility Comparison

Vanguard FTSE Pacific ETF (VPL) has a higher volatility of 9.21% compared to KraneShares China Alpha Index ETF (KCAI) at 5.08%. This indicates that VPL'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

	VPL	KCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	5.08%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	21.74%	9.82%	+11.92%
Volatility (1Y) Calculated over the trailing 1-year period	23.77%	14.22%	+9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	20.80%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	20.80%	-3.07%

VPL vs. KCAI - Expense Ratio Comparison

VPL has a 0.08% expense ratio, which is lower than KCAI's 0.79% expense ratio.

Dividends

VPL vs. KCAI - Dividend Comparison

VPL's dividend yield for the trailing twelve months is around 2.77%, less than KCAI's 32.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCAI KraneShares China Alpha Index ETF	32.99%	35.42%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VPL Vanguard FTSE Pacific ETF	2.77%	4.01%	3.15%	3.12%	2.75%	3.19%	1.81%	2.84%	3.06%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both VPL and KCAI in my portfolio?

VPL and KCAI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPL or KCAI?

VPL has higher volatility (9.21%) compared to KCAI (5.08%). In terms of maximum drawdown, VPL dropped -55.49% vs KCAI's -25.48%.

Which ETF is better, VPL or KCAI?

On 1-year performance, KCAI leads with 39.71% vs 37.66% for VPL. On fees, VPL is cheaper at 0.08% per year. On volatility, KCAI has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPL or KCAI?

Over the 1-year period, KCAI has performed better with a 39.71% return vs 37.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPL or KCAI?

VPL is cheaper with a 0.08% expense ratio, compared with 0.79% for KCAI.

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

KCAI has the higher dividend yield at 32.99%, compared with 2.77% for VPL.

What is the main difference between VPL and KCAI?

VPL is categorized as Asia Pacific Equities, while KCAI is China Equities. VPL tracks FTSE Developed Asia Pacific Index, while KCAI tracks Qi China Alpha Index. They also come from different issuers: Vanguard and KraneShares. Their fees differ too: 0.08% for VPL and 0.79% for KCAI.

Which has better risk-adjusted returns?

KCAI currently has the higher Sharpe Ratio (2.76 vs 1.59), 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.