KWEB’s worst drop since 2013 was 81%
KraneShares CSI China Internet ETF (KWEB) fell 81% from Feb 2021 to Oct 2022. It has not closed above that Feb 2021 peak since, 5.6 years later. Over the same years the S&P 500 fell as much as 34%.
That drop ranks 20th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2013 to now
How KWEB held up in each crash
| Crash | Years | KWEB | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | −26.0% | −33.7% |
| 2022 rate shock | 2022 | −52.7% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was KWEB’s maximum drawdown?
KWEB’s deepest fall since 2013 was 80.9%, from its high on February 17, 2021 to its low on October 24, 2022. The figure uses daily prices with dividends reinvested.
How long did KWEB take to recover?
It has not recovered yet. As of October 13, 2026 it sits 71.4% below that Feb 2021 high.
Was KWEB riskier than the S&P 500?
Over the same years, KWEB’s worst drop was 80.9% against 33.7% for the S&P 500 (SPY), and its worst 12 months were −73.1% against −19.7%.
Compare with
Daily adjusted closes from Yahoo Finance, August 2, 2013 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.