Do KWEB and ONLN hold the same stocks?

By their latest filings, 8% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, KWEB or ONLN?

KWEB has 0% of its weight in S&P 500 names and ONLN has 41%, so KWEB differs more from the index.

Which is cheaper, KWEB or ONLN?

KWEB charges 0.69% a year and ONLN charges 0.58%, so ONLN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

KWEB vs ONLN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, KWEB returned −34.0% to ONLN's +3.2%; 8% of their weight is in the same names.

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Net assets on Nov 4, 2026: $4.4bn for KraneShares CSI China Internet ETF and $61m for ProShares Online Retail ETF.

KWEB on its own →ONLN on its own →

At a glance

0.0%

KWEB in the S&P 500

41.3%

ONLN in the S&P 500

−34.0%

KWEB total return, 1 year

+3.2%

ONLN total return, 1 year

KWEB · 1 year to Nov 4, 2026 100% of its weight is outside the S&P 500

0% of KWEB's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Nov 4, 2026.

ONLN · 1 year to Nov 4, 2026 59% of its weight is outside the S&P 500

41% of ONLN's weight is in S&P 500 companies and 59% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ONLN costs 0.11 points a year less; their one-year returns differ by 37.2 points; KWEB is far larger, $4.4bn against $61m.

KWEB vs ONLN: Holdings Overlap & Returns
Measure	KWEB	ONLN
Return
Measure	KWEB	ONLN
Total return, 1 year	−34.0%	+3.2%
Drawdown
Measure	KWEB	ONLN
Below its all-time high	71.8%, high on Feb 17, 2021	33.3%, high on Feb 12, 2021
Benchmark
Measure	KWEB	ONLN
What it tracks	Internet and e-commerce	Internet and e-commerce
Cost and size
Measure	KWEB	ONLN
Expense ratio	0.69%	0.58%
Net assets	$4.4bn	$61m
Holdings
Measure	KWEB	ONLN
Holdings in common	8%

Method

Risk and return

Jul 27, 2018 to Oct 30, 2026 · 431 weekly returns

KWEB ONLN

Return

Total return edge ONLN −51.0% +48.2%

Annualized edge ONLN −8.3% +4.9%

Price return edge ONLN −60.7% +44.4%

Risk

Volatility edge ONLN 39.5% 31.2%

Max drawdown edge ONLN −79.9% −70.4%

Risk-adjusted

Sharpe edge ONLN −0.10 0.22

Sortino edge ONLN −0.15 0.32

Calmar edge ONLN −0.10 0.07

Reading

From Jul 2018 to Oct 2026, ONLN returned more: +48.2% to −51.0%. ONLN swung less: 31.2% to 39.5%. ONLN fell less at its worst: −70.4% to −79.9%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: KWEB vs ONLN: Holdings Overlap & Returns
Measure	KWEB	ONLN	Edge	How it is measured
Return
Total return	−51.0%	+48.2%	ONLN	Price change plus distributions, reinvested.
Annualized	−8.3%	+4.9%	ONLN	Total return as a yearly rate.
Price return	−60.7%	+44.4%	ONLN	Price change alone, distributions left out.
Risk
Volatility	39.5%	31.2%	ONLN	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	26.1%	21.1%	ONLN	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−79.9%	−70.4%	ONLN	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.10	0.22	ONLN	Return above Treasury bills per unit of volatility.
Sortino	−0.15	0.32	ONLN	Return above Treasury bills per unit of downside deviation.
Calmar	−0.10	0.07	ONLN	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 431 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, KWEB and ONLN hold 8% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

8% in common

Positions both hold · largest shared weight first KWEB ONLN

PDD HOLDINGS INC 8.67% 5.17%

JD.COM INC-CLASS A 4.28% 2.83%

Only in one fund ↓

Only in KWEB

TENCENT HOLDINGS LTD 9.92%

ALIBABA GROUP HOLDING LTD 8.55%

MEITUAN-CLASS B 7.56%

NETEASE INC 6.57%

KE HOLDINGS INC-CL A 4.92%

LENOVO GROUP LTD 3.89%

TRIP.COM GROUP LTD 3.82%

FULL TRUCK ALLIANCE -SPN ADR 3.24%

Only in ONLN

AMAZON.COM INC 23.35%

EBAY INC 8.83%

ALIBABA GROUP HOLDING-SP ADR 7.76%

CARVANA CO 5.32%

MERCADOLIBRE INC 4.19%

COUPANG INC 3.93%

WILLIAMS-SONOMA INC 3.78%

REALREAL INC 3.30%

Check overlap with more funds →

Window by window

Window by window: KWEB vs ONLN: Holdings Overlap & Returns
	Total return
Window	KWEB	ONLN
3 months	−14.8%	−0.5%
6 months	−18.3%	+1.1%
1 year	−34.0%	+3.2%
3 years	−0.8%	+96.3%
Since launchNot the same days: KWEB Aug 2013 · ONLN Jul 2018	+19.2%	+55.7%

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Side by side

KWEB KraneShares CSI China Internet ETF · Holds 45 stocks in internet and e-commerce, 0% of its weight in S&P 500 companies ONLN ProShares Online Retail ETF · Holds 21 stocks in internet and e-commerce, 41% of its weight in S&P 500 companies

Issuer KraneShares ProShares

Theme Internet and e-commerce Internet and e-commerce

In the S&P 500 0.0% 41.3%

Active share vs the S&P 500 100.0% 96.2%

In the Nasdaq-100 8.7% 32.7%

Holdings 45 21

Top ten, share of the fund 61.4% 68.9%

Expense ratio 0.69% 0.58%

Fee for the differing part 0.69% 0.60%

Total return, 1 year −34.0% +3.2%

vs its benchmark not measured not measured

Below its high −71.8% −33.3%

Net assets $4.4bn $61m

As of Nov 4, 2026. Source: ETFIQ.

8% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

KWEB

By weight, 0% of KWEB's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 61% of the fund across 45 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −34.0% with distributions reinvested. It sits 71.8% below its all-time high of Feb 17, 2021.

ONLN

By weight, 41% of ONLN's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 69% of the fund across 21 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +3.2% with distributions reinvested. It sits 33.3% below its all-time high of Feb 12, 2021.

Questions people ask

Do KWEB and ONLN hold the same stocks?: By their latest filings, 8% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, KWEB or ONLN?: KWEB has 0% of its weight in S&P 500 names and ONLN has 41%, so KWEB differs more from the index.
Which is cheaper, KWEB or ONLN?: KWEB charges 0.69% a year and ONLN charges 0.58%, so ONLN is cheaper. Fees come from each fund's prospectus.

Other comparisons

KWEB vs OGIG KWEB vs SOCL KWEB vs FDNI KWEB vs IBUY ONLN vs FDN ONLN vs ARKW ONLN vs PNQI ONLN vs EMQQ

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →KWEB on its own →ONLN on its own →KWEB dividend history →KWEB holdings →ONLN dividend history →ONLN holdings →Method →Standards and sources →

Sources and dates

KWEB filings on SEC EDGAR ↗

KWEB prospectus with the expense ratio (SEC) ↗

KraneShares page for KWEB ↗

ONLN filings on SEC EDGAR ↗

ONLN prospectus with the expense ratio (SEC) ↗

ProShares page for ONLN ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, KWEB against ONLN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/kweb-vs-onln

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.