KWEB vs NA: Correlation
Measured on weekly returns over the past three years, KraneShares CSI China Internet ETF (KWEB) and Nano Labs Ltd - Class A (NA) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWEB and NA?
Across a 3-year window, the weekly returns of KWEB and NA correlate at 0.40, moderate. The link has loosened recently: the 1-year correlation (-0.04) runs below the 3-year figure (0.40). Stretching to 5 years gives 0.26, with an annualized covariance of 2438.0 %².
Among the 40 assets we track against KWEB, NA ranks #20 by 3-year correlation. The last year tells two different stories: KWEB led by 39.2 percentage points, -26.1% for KWEB against -65.3% for NA. Note the risk asymmetry: NA runs 5.3 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.
KWEB vs NA: side by side
| KWEB (KraneShares CSI China Internet ETF) | NA (Nano Labs Ltd - Class A) | |
|---|---|---|
| 1-year return | -26.1% | -65.3% |
| 5-year return | -36.2% | -98.2% |
| Volatility (ann.) | 33.9% | 181.1% |
| Beta vs S&P 500 | 0.90 | 0.36 |
| Max drawdown (3Y) | -41.6% | -92.7% |
| Market cap | – | – |
| P/E (trailing) | – | 2.1 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | KWEB | NA |
|---|---|---|
| 2022 | -17.2% | – |
| 2023 | -9.1% | +57.4% |
| 2024 | +12.0% | -50.5% |
| 2025 | +23.5% | -64.8% |
| 2026 | -23.3% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and NA good diversifiers for each other?
Reasonably. At 0.40, KWEB and NA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KWEB and NA?
The KWEB/NA correlation stands at 0.40 on a 3-year window (1 year: -0.04, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is NA a good diversifier for KWEB?
Reasonably. At 0.40, KWEB and NA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/kweb-vs-na.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kweb-vs-na/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KWEB correlations · NA correlations
