DUO vs KWEB: Correlation
Fangdd Network Group Ltd. - Class A (DUO) and KraneShares CSI China Internet ETF (KWEB) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUO and KWEB?
Over the past 3 years, DUO and KWEB moved with a correlation of 0.44, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.44). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 4117.2 %².
By 3-year correlation, KWEB places #4 of the 15 assets tracked against DUO. The last year tells two different stories: KWEB led by 27.7 percentage points, -53.8% for DUO against -26.1% for KWEB. Risk is not evenly split, since DUO carries 8.2 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DUO vs KWEB: side by side
| DUO (Fangdd Network Group Ltd. - Class A) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | -53.8% | -26.1% |
| 5-year return | -100.0% | -36.2% |
| Volatility (ann.) | 278.7% | 33.9% |
| Beta vs S&P 500 | 1.68 | 0.90 |
| Max drawdown (3Y) | -99.2% | -41.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | DUO | KWEB |
|---|---|---|
| 2022 | -89.0% | -17.2% |
| 2023 | -94.2% | -9.1% |
| 2024 | -11.1% | +12.0% |
| 2025 | -84.7% | +23.5% |
| 2026 | -52.2% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUO and KWEB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DUO and KWEB?
As of 2026-08-27, the correlation of weekly returns between DUO and KWEB is 0.44 over 3 years, 0.17 over 1 year and 0.27 over 5 years.
Is KWEB a good diversifier for DUO?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/duo-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/duo-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DUO correlations · KWEB correlations
