KWEB vs SPEM: Holdings Overlap
KWEBKraneShares CSI China Internet ETF
KraneShares · 31 holdings · $5.7B · as of 2026-03-31
SPEMState Street® SPDR® Portfolio Emerging Markets ETF
State Street (SPDR) · 2776 holdings · $17.4B · as of 2026-08-06
Holdings snapshots are 128 days apart (KWEB: 2026-03-31, SPEM: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are KWEB and SPEM?
KraneShares CSI China Internet ETF (KWEB, by KraneShares) holds 31 positions; State Street® SPDR® Portfolio Emerging Markets ETF (SPEM, by State Street (SPDR)) holds 2776. They have 23 holdings in common, and by portfolio weight the two funds are 8.2% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 8.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 23KWEB holds 31 · SPEM holds 2776
- Weight in Shared Holdings
- KWEB 83%·SPEM 8%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in KWEB
8 of 31 positions (16.9% of the fund) are not held by SPEM.
Only in SPEM
2753 of 2776 positions (100.7% of the fund) are not held by KWEB. Showing the top 30 by weight.
Sector Breakdown
| Sector | KWEB | SPEM |
|---|---|---|
| Consumer Discretionary | 39.5% | 7.0% |
| Communication Services | 29.3% | 5.4% |
| Information Technology | 0.0% | 25.3% |
| Financials | 0.0% | 15.1% |
| Real Estate | 4.3% | 0.4% |
| Other Sectors | 7.6% | 12.1% |
| Unclassified | 19.2% | 43.5% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (19% of KWEB, 40% of SPEM).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| KWEB | +12.3% | -15.8% | -15.2% | +2.0% | -6.7% | +0.1% | 7.31% |
| SPEM | +2.8% | +13.1% | +22.8% | +17.3% | +7.2% | +8.6% | 2.48% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in KWEB vs SPEM →
Shared Holdings(23)
The top 10 shared positions account for 96% of the overlap, led by 700, 9988 and PDD.
 700Tencent Holdings Ltd. | 10.09% | 3.01% | 3.01% |
|---|---|---|---|
 9988Alibaba Group Holding Ltd | 8.93% | 2.36% | 2.36% |
 PDDPDD Holdings Inc. SPONSORED ADS | 8.78% | 0.54% | 0.54% |
 3690Meituan, B Shares | 7.36% | 0.48% | 0.48% |
 9999NetEase Inc | 5.91% | 0.41% | 0.41% |
 9618JD.com Inc | 4.91% | 0.37% | 0.37% |
 9888Baidu, Inc., A Shares | 4.28% | 0.27% | 0.27% |
 9961Trip.com Group Ltd | 3.56% | 0.21% | 0.21% |
 1024Kuaishou Technology | 3.33% | 0.12% | 0.12% |
 BZKanzhun Ltd | 2.86% | 0.07% | 0.07% |
 JOYYJOYY Inc. ADS REPSTG COM A | 1.04% | 0.06% | 0.06% |
 TALTAL Education Group | 3.24% | 0.05% | 0.05% |
 6618JD Health International Inc | 4.01% | 0.05% | 0.05% |
 TMETencent Music Entertainment Group SPON ADS | 2.50% | 0.04% | 0.04% |
 VIPSVipshop Holdings Ltd | 2.70% | 0.04% | 0.04% |
 3888Kingsoft Corp. Ltd. | 1.82% | 0.03% | 0.03% |
 1060Damai Entertainment Holdings Ltd | 0.55% | 0.02% | 0.02% |
 2400XD Inc | 1.34% | 0.02% | 0.02% |
 780Tongcheng Travel Holdings Ltd | 1.90% | 0.01% | 0.01% |
 QFINQfin Holdings Inc | 0.98% | 0.01% | 0.01% |
 ATHMAutohome Inc. SP ADS RP CL A | 0.72% | 0.01% | 0.01% |
 1797East Buy Holding Ltd | 1.12% | 0.01% | 0.01% |
 6060ZhongAn Online P&C Insurance Co Ltd | 1.10% | 0.01% | 0.01% |
Frequently Asked Questions
How much do KWEB and SPEM overlap?
KWEB and SPEM overlap by 8.2% of portfolio weight. They share 23 holdings (KWEB holds 31 positions and SPEM holds 2776), based on each fund's latest SEC-reported holdings.
Is it redundant to own both KWEB and SPEM?
The two portfolios are 8.2% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of KWEB and SPEM?
The largest positions held by both funds are 700, 9988, PDD, 3690 and 9999. Together the top 10 shared positions account for 96% of the total overlap.
What does KWEB own that SPEM doesn't?
8 positions (16.9% of KWEB) are unique to KWEB, led by 2423, YMM and 9626. In the other direction, 2753 positions (100.7% of SPEM) are unique to SPEM.