China Internet vs the S&P 500 (KWEB): is it outperforming?
Over the past month, KWEB has underperformed the S&P 500 by 7.5 points. Here is where that puts it in the sector rotation — updated daily.
Where KWEB sits on the rotation map
China Internet highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
KWEB vs SPY: head-to-head returns
KWEB (china internet) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means KWEB won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
China Internet (KWEB) is losing its lead. It built a 4.0-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 7.5 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #105 of the 115 groups Zensei tracks — among the market's weakest pockets right now.
On the shorter tape, KWEB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. KWEB's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via KraneShares CSI China Internet ETF, whose 10 tracked holdings are led by PDD HOLDINGS INC ADR, FULL TRUCK ALLIANCE CO LTD ADR and KANZHUN LTD ADR. Weighted by portfolio, the fund's holdings trade at roughly 10.4× earnings and 0.7× sales. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside KWEB
Top 5 of 10 tracked holdings, by portfolio weight.
China Internet vs the market — common questions
Is china internet outperforming the S&P 500?
Right now, no: over the past month KWEB has underperformed the S&P 500 by 7.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is KWEB?
KWEB is KraneShares CSI China Internet ETF, the fund Zensei uses to measure the china internet group against the S&P 500 benchmark (SPY).
Which stocks are in KWEB?
KWEB's largest tracked positions are PDD HOLDINGS INC ADR, FULL TRUCK ALLIANCE CO LTD ADR, KANZHUN LTD ADR, TENCENT MUSIC ENTERTAINMENT GROUP ADR, TAL EDUCATION GROUP ADR — 10 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is china internet in right now?
As of the latest daily data, china internet is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track china internet against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.