China Internet vs the S&P 500 (KWEB): is it outperforming?
Over the past month, KWEB has underperformed the S&P 500 by 2.3 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 2026-07-13 · computed from daily adjusted closes · how we measure
The read
China Internet (KWEB) is out of favor: it trails the S&P 500 on both rotation windows — 2.3 points behind over the past month and 15.9 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #68 of the 115 groups Zensei tracks.
On the shorter tape, KWEB is in a dip window: the last sessions have pulled back while the longer intraday trend remains intact — the pattern rotation traders watch for re-entries. KWEB's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
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 10.7× earnings and 0.6× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
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 2.3 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 lagging quadrant — trailing the S&P 500 on both windows. 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.