KCAI vs SPY
KraneShares China Alpha Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KCAI or SPY?
Each has led over a different period.
SPY has a lower expense ratio. KCAI led over 1Y, SPY over the full window. KCAI is less concentrated, with 31.6% of the fund in its ten largest positions against 38.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KCAI | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $3M | $777.9B |
| Dividend Yield | 33.16% | 1.00% |
| Holdings | 40 | 1,011 |
| Volatility (annualized) | 41.7% | 12.2%Best |
| Max Drawdown | -55.5% | -18.8%Best |
| $10,000 over 2.2 years | $8,251 | $14,158Best |
| Top 10 Weight | 31.6%Best | 38.9% |
| Fund Family | KraneShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 28, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 11 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. KCAI has data through Oct 26, 2026 and SPY through Nov 6, 2026.
Volatility and max drawdown, and the $10,000 over 2.2 years row, are measured over the window both funds cover: Aug 28, 2024 to Oct 26, 2026 (2.2 years).
Risk: Volatility and Drawdowns
KCAI has been the more volatile fund, with annualized monthly volatility of 41.7% compared with 12.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -55.5% for KCAI and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.21. They move largely independently of each other.
Fees and Cost Over Time
KCAI charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, KCAI currently yields 33.16% against 1.00% for SPY.
Holdings Overlap
We hold position weights for 38 holdings in KCAI and 504 in SPY, totalling 99.9% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 38 positions we hold weights for in KCAI and 504 in SPY, against full books of 40 and 1,011.
What only one of them owns
Our book lists 499 positions for SPY that do not appear in our book for KCAI (99.7% of the fund), and 0 for KCAI that do not appear in SPY (0.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of KCAI and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KCAI or SPY?
KCAI has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
Which is riskier, KCAI or SPY?
KCAI has been the more volatile fund at 41.7% annualized versus 12.2% for SPY. Worst drawdown: KCAI -55.5% vs SPY -18.8%.
Should I hold both KCAI and SPY?
KCAI and SPY have a monthly-return correlation of 0.21, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, KCAI or SPY?
KCAI yields 33.16% while SPY yields 1.00%, so KCAI currently pays the higher dividend yield.
Is SPY better than KCAI?
SPY has a lower expense ratio. KCAI led over 1Y, SPY over the full window. KCAI is less concentrated, with 31.6% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.