Do KWEB and PNQI hold the same stocks?

By their latest filings, 0% 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 PNQI?

KWEB has 0% of its weight in S&P 500 names and PNQI has 76%, so KWEB differs more from the index.

Which is cheaper, KWEB or PNQI?

KWEB charges 0.69% a year and PNQI charges 0.60%, so PNQI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

KWEB vs PNQI: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, KWEB returned −34.0% to PNQI's −5.8%; 0% of their weight is in the same names.

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Net assets: $4.4bn on Nov 4, 2026 for KraneShares CSI China Internet ETF, and $514m on Nov 3, 2026 for Invesco NASDAQ Internet ETF.

KWEB on its own →PNQI on its own →

At a glance

0.0%

KWEB in the S&P 500

75.9%

PNQI in the S&P 500

−34.0%

KWEB total return, 1 year

−5.8%

PNQI 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.

PNQI · 1 year to Nov 4, 2026 24% of its weight is outside the S&P 500

76% of PNQI's weight is in S&P 500 companies and 24% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

PNQI costs 0.09 points a year less; their one-year returns differ by 28.2 points; KWEB is 8.4 times larger.

KWEB vs PNQI: Holdings Overlap & Returns
Measure	KWEB	PNQI
Return
Measure	KWEB	PNQI
Total return, 1 year	−34.0%	−5.8%
Drawdown
Measure	KWEB	PNQI
Below its all-time high	71.8%, high on Feb 17, 2021	9.3%, high on Sep 19, 2025
Benchmark
Measure	KWEB	PNQI
What it tracks	Internet and e-commerce	Internet and e-commerce
Cost and size
Measure	KWEB	PNQI
Expense ratio	0.69%	0.60%
Net assets, as of Nov 3, 2026	$4.3bn	$514m
Holdings
Measure	KWEB	PNQI
Holdings in common	0%

Method

Risk and return

Aug 9, 2013 to Oct 30, 2026 · 690 weekly returns

KWEB PNQI

Return

Total return edge PNQI +12.8% +336.6%

Annualized edge PNQI +0.9% +11.7%

Price return edge PNQI −12.4% +336.4%

Risk

Volatility edge PNQI 35.3% 23.5%

Max drawdown edge PNQI −79.9% −58.8%

Risk-adjusted

Sharpe edge PNQI 0.14 0.51

Sortino edge PNQI 0.22 0.75

Calmar edge PNQI 0.01 0.20

Reading

From Aug 2013 to Oct 2026, PNQI returned more: +336.6% to +12.8%. PNQI swung less: 23.5% to 35.3%. PNQI fell less at its worst: −58.8% to −79.9%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: KWEB vs PNQI: Holdings Overlap & Returns
Measure	KWEB	PNQI	Edge	How it is measured
Return
Total return	+12.8%	+336.6%	PNQI	Price change plus distributions, reinvested.
Annualized	+0.9%	+11.7%	PNQI	Total return as a yearly rate.
Price return	−12.4%	+336.4%	PNQI	Price change alone, distributions left out.
Risk
Volatility	35.3%	23.5%	PNQI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.5%	15.9%	PNQI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−79.9%	−58.8%	PNQI	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.14	0.51	PNQI	Return above Treasury bills per unit of volatility.
Sortino	0.22	0.75	PNQI	Return above Treasury bills per unit of downside deviation.
Calmar	0.01	0.20	PNQI	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 690 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, KWEB and PNQI hold 0% 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

0% in common

Positions both hold · largest shared weight first KWEB PNQI

VIPSHOP HOLDINGS LTD - ADR 1.74% 0.15%

AUTOHOME INC-ADR 0.70% 0.04%

Only in one fund ↓

Only in KWEB

TENCENT HOLDINGS LTD 9.92%

PDD HOLDINGS INC 8.67%

ALIBABA GROUP HOLDING LTD 8.55%

MEITUAN-CLASS B 7.56%

NETEASE INC 6.57%

KE HOLDINGS INC-CL A 4.92%

JD.COM INC-CLASS A 4.28%

LENOVO GROUP LTD 3.89%

Only in PNQI

Meta Platforms Inc 9.17%

Apple Inc 8.85%

Microsoft Corp 8.68%

Amazon.com Inc 8.15%

Alphabet Inc 7.01%

Walt Disney Co 4.49%

Shopify Inc 4.08%

Uber Technologies Inc 3.72%

Check overlap with more funds →

Window by window

Window by window: KWEB vs PNQI: Holdings Overlap & Returns
	Total return
Window	KWEB	PNQI
3 months	−14.8%	+1.8%
6 months	−18.3%	+5.4%
1 year	−34.0%	−5.8%
3 years	−0.8%	+62.5%
Since launchNot the same days: KWEB Aug 2013 · PNQI Jun 2008	+19.2%	+957.1%

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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 PNQI Invesco NASDAQ Internet ETF · Holds 79 stocks in internet and e-commerce, 76% of its weight in S&P 500 companies

Issuer KraneShares Invesco

Theme Internet and e-commerce Internet and e-commerce

In the S&P 500 0.0% 75.9%

Active share vs the S&P 500 100.0% 78.9%

In the Nasdaq-100 8.7% 65.4%

Holdings 45 79

Top ten, share of the fund 61.4% 61.2%

Expense ratio 0.69% 0.60%

Fee for the differing part 0.69% 0.76%

Total return, 1 year −34.0% −5.8%

vs its benchmark not measured not measured

Below its high −71.8% −9.3%

Net assets, KWEB as of Nov 4, 2026 and PNQI as of Nov 3, 2026 $4.4bn $514m

As of Nov 4, 2026. Source: ETFIQ.

0% 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.

PNQI

By weight, 76% of PNQI's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 79%. The top ten holdings are 61% of the fund across 79 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −5.8% with distributions reinvested. It sits 9.3% below its all-time high of Sep 19, 2025.

Questions people ask

Do KWEB and PNQI hold the same stocks?: By their latest filings, 0% 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 PNQI?: KWEB has 0% of its weight in S&P 500 names and PNQI has 76%, so KWEB differs more from the index.
Which is cheaper, KWEB or PNQI?: KWEB charges 0.69% a year and PNQI charges 0.60%, so PNQI is cheaper. Fees come from each fund's prospectus.

Other comparisons

KWEB vs ARKW KWEB vs ONLN KWEB vs FDN KWEB vs EMQQ PNQI vs FDN PNQI vs ARKW PNQI vs EMQQ PNQI vs IBUY

Where to next

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

Sources and dates

KWEB filings on SEC EDGAR ↗

KWEB prospectus with the expense ratio (SEC) ↗

KraneShares page for KWEB ↗

PNQI filings on SEC EDGAR ↗

PNQI prospectus with the expense ratio (SEC) ↗

Invesco page for PNQI ↗

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 PNQI, data as of Nov 4, 2026. https://etfiq.com/compare/themes/kweb-vs-pnqi

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