KraneShares MSCI One Belt One Road ETF (OBOR) Performance
OBOR total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.8% since Dec 31, 2025
- 1 year
- +3.6% total return
- 5 years
- −0.6% a year
- Since first price
- +3.3% a year since 2017
OBOR trailing returns vs SPY, QQQ, AGG
| Period | OBOR total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.3% | −5.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.3% | −0.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −7.4% | −7.4% | +7.8% | +8.4% | −1.5% |
| YTD | −1.8% | −1.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +3.6% | +1.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +44.4%+13.0%/yr | +31.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −2.9%−0.6%/yr | −18.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionSep 8, 2017 | +34.6%+3.3%/yr | +3.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: OBOR vs SPY
From Sep 8, 2017: OBOR grew to $13,456, SPY to $35,550.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
OBOR returns by calendar year
5 of 8 full years positive. Best 2025 (+27.9%), worst 2022 (−22.0%). 2026 is year to date.
OBOR annual returns table
| Year | OBOR | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.8% | −15.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +27.9% | −8.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.5% | −13.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −7.9% | −18.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.0% | −30.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +17.1% | −6.4% | +28.7% | +27.4% | −1.8% |
| 2020 | +13.5% | −36.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +16.7% | −12.1% | +31.2% | +39.0% | +8.5% |
| 2018 | −12.9% | −24.2% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
OBOR largest drawdowns
Now 13.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −39.9% | Mar 20, 2020 | Dec 7, 2020 | 2.1 years | 2.9 years |
| Feb 16, 2022 | −34.0% | Oct 25, 2023 | Jan 6, 2026 | 1.7 years | 3.9 years |
| Feb 27, 2026 | −15.0% | Jul 13, 2026 | not yet | 4 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
OBOR risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +12.5% | +0.9% | +4.1% |
| Volatility (annualized) | 12.5% | 14.6% | 16.4% |
| Sharpe ratio | 0.66 | -0.11 | 0.18 |
| Sortino ratio | 1.00 | -0.15 | 0.25 |
| Best month | +7.1% | +11.8% | +13.5% |
| Worst month | −9.0% | −9.0% | −17.4% |
| Best 12 months | +46.2% | +46.2% | +69.7% |
| Worst 12 months | +5.9% | −28.5% | −28.5% |
| Positive months | 69% | 55% | 57% |
| Beta vs S&P 500 | 0.34 | 0.45 | — |
| Correlation with S&P 500 | 0.34 | 0.48 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
OBOR rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 98 | −28.5% | +4.5% | +69.7% | 53% |
| 3-year (a year) | 74 | −7.9% | +5.3% | +16.1% | 70% |
| 5-year (a year) | 50 | −0.5% | +1.9% | +7.9% | 96% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
OBOR performance overview
KraneShares MSCI One Belt One Road ETF (OBOR) returned +3.6% over the past year and −0.6% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +3.3% a year, turning $10,000 into about $13,456. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −39.9%, from Jan 26, 2018 to Mar 20, 2020, and it took 9 months to get back to the old high. OBOR finished 5 of its 8 full calendar years with a gain; the best year was 2025 (+27.9%) and the worst 2022 (−22.0%). Volatility has been 16.4% a year.
Related: OBOR chart, OBOR holdings, OBOR dividends. See the OBOR overview for the latest quote and fund facts.
OBOR performance FAQ
What is the OBOR return over the past year?
OBOR returned +3.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 1.6%.
What is the average annual return of OBOR?
OBOR has returned −0.6% a year over 5 years, +3.3% a year since September 8, 2017 (total return, distributions reinvested).
How much would $10,000 invested in OBOR be worth?
$10,000 invested in OBOR at its first recorded close on September 8, 2017 would be worth about $13,456 on October 23, 2026 with distributions reinvested.
What was the worst year for OBOR?
The worst calendar year was 2022, with a total return of −22.0%. The best was 2025 at +27.9%.
What is the biggest drawdown of OBOR?
The largest peak-to-trough decline was −39.9% between January 26, 2018 and March 20, 2020. It recovered to the old high on December 7, 2020, 9 months after the bottom.
How volatile is OBOR?
Over the past 3 years OBOR had an annualized volatility of 12.5% and a Sharpe ratio of 0.66 (excess return over 1–3 month T-bills per unit of risk).