China Internet vs the S&P 500 (KWEB): is it outperforming?
Over the past month, KWEB has outperformed the S&P 500 by 4.7 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 2026-07-22 · computed from daily adjusted closes · how we measure
The read
China Internet (KWEB) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 18.9 points, but over the past month it has moved decisively ahead of the market — a 4.7-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #28 of the 115 groups Zensei tracks.
On the shorter tape, KWEB's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. KWEB's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
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 TENCENT MUSIC ENTERTAINMENT GROUP ADR. Weighted by portfolio, the fund's holdings trade at roughly 11.1× earnings and 0.7× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
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, yes: over the past month KWEB has outperformed the S&P 500 by 4.7 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, TENCENT MUSIC ENTERTAINMENT GROUP ADR, KANZHUN LTD 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 improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track china internet against the whole market
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