EH vs KWEB: Correlation
Measured on weekly returns over the past three years, EHang Holdings Limited (EH) and KraneShares CSI China Internet ETF (KWEB) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and KWEB?
Over the past 3 years, EH and KWEB moved with a correlation of 0.54, which is moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.54). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1323.5 %².
In EH's tracked universe of 11 assets, KWEB sits right near the top at #2. The last year tells two different stories: KWEB led by 44.6 percentage points, -70.7% for EH against -26.1% for KWEB. Note the risk asymmetry: EH runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EH vs KWEB: side by side
| EH (EHang Holdings Limited) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | -70.7% | -26.1% |
| 5-year return | -81.9% | -36.2% |
| Volatility (ann.) | 72.3% | 33.9% |
| Beta vs S&P 500 | 1.92 | 0.90 |
| Max drawdown (3Y) | -82.4% | -41.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | EH | KWEB |
|---|---|---|
| 2022 | -42.5% | -17.2% |
| 2023 | +95.8% | -9.1% |
| 2024 | -6.3% | +12.0% |
| 2025 | -16.3% | +23.5% |
| 2026 | -64.6% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and KWEB good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EH and KWEB?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.42 over the last year and 0.57 over 5 years.
Is KWEB a good diversifier for EH?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eh-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eh-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EH correlations · KWEB correlations
