KWEB vs TAN: Correlation
Measured on weekly returns over the past three years, KraneShares CSI China Internet ETF (KWEB) and Invesco Solar ETF (TAN) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWEB and TAN?
Across a 3-year window, the weekly returns of KWEB and TAN correlate at 0.31, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.31). Stretching to 5 years gives 0.26, with an annualized covariance of 388.1 %².
By 3-year correlation, TAN places #29 of the 40 assets tracked against KWEB. The last year tells two different stories: TAN led by 47.5 percentage points, -26.1% for KWEB against +21.4% for TAN. On a rolling one-year basis the correlation drifted between 0.20 and 0.46, a moderate band.
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 TAN: side by side
| KWEB (KraneShares CSI China Internet ETF) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | -26.1% | +21.4% |
| 5-year return | -36.2% | -41.9% |
| Volatility (ann.) | 33.9% | 37.4% |
| Beta vs S&P 500 | 0.90 | 1.04 |
| Max drawdown (3Y) | -41.6% | -55.4% |
| Sector / category | ETF · Thematic | ETF · Thematic |
Year-by-year returns
| Year | KWEB | TAN |
|---|---|---|
| 2022 | -17.2% | -5.2% |
| 2023 | -9.1% | -26.8% |
| 2024 | +12.0% | -37.6% |
| 2025 | +23.5% | +48.3% |
| 2026 | -23.3% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and TAN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KWEB and TAN?
The KWEB/TAN correlation stands at 0.31 on a 3-year window (1 year: 0.17, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is TAN a good diversifier for KWEB?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kweb-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kweb-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KWEB correlations · TAN correlations
