BABX vs. KPDD

Last updated Aug 4, 2026

BABX (GraniteShares 2x Long BABA Daily ETF) and KPDD (KraneShares 2x Long PDD Daily ETF) are both Leveraged Equities funds. BABX is actively managed, while KPDD is passively managed. Over the past year, BABX returned -8.73% vs -46.58% for KPDD. Their 0.59 correlation means they have sometimes moved together and sometimes differently. BABX charges 1.15%/yr vs 1.27%/yr for KPDD.

Performance

BABX vs. KPDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long BABA Daily ETF (BABX) and KraneShares 2x Long PDD Daily ETF (KPDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BABX achieves a -34.41% return, which is significantly higher than KPDD's -45.34% return.

BABX

• 1D: 8.14%
• 1M: 70.32%
• 6M: -48.73%
• YTD: -34.41%
• 1Y: -8.73%
• 3Y*: -1.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.23%

KPDD

• 1D: 3.63%
• 1M: 17.82%
• 6M: -32.91%
• YTD: -45.34%
• 1Y: -46.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -47.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BABX GraniteShares 2x Long BABA Daily ETF	$10.82M	$17.86M	$21.53M
KPDD KraneShares 2x Long PDD Daily ETF	$764.43K	$792.49K	$2.11M

BABX vs. KPDD - Yearly Performance Comparison

	2026 (YTD)	2025
BABX GraniteShares 2x Long BABA Daily ETF	-34.41%	-9.72%
KPDD KraneShares 2x Long PDD Daily ETF	-45.34%	-26.34%

Correlation

The correlation between BABX and KPDD is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.59

The correlation between BABX and KPDD has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

BABX vs. KPDD - Sectors Allocation Comparison

Sectors	BABX	KPDD
Consumer Cyclical	66.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BABX vs. KPDD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BABX

BABX Risk / Return Rank: 12
BABX Sharpe Ratio Rank: 9
BABX Sortino Ratio Rank: 17
BABX Omega Ratio Rank: 16
BABX Calmar Ratio Rank: 9
BABX Martin Ratio Rank: 9

KPDD

KPDD Risk / Return Rank: 4
KPDD Sharpe Ratio Rank: 3
KPDD Sortino Ratio Rank: 4
KPDD Omega Ratio Rank: 4
KPDD Calmar Ratio Rank: 4
KPDD Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BABX vs. KPDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long BABA Daily ETF (BABX) and KraneShares 2x Long PDD Daily ETF (KPDD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BABX	KPDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.70	+0.60
Sortino ratio: Return per unit of downside risk	0.56	-0.80	+1.36
Omega ratio: Gain probability vs. loss probability	1.06	0.90	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.11	-0.62	+0.50
Martin ratio: Return relative to average drawdown	-0.19	-1.05	+0.86

BABX vs. KPDD - Sharpe Ratio Comparison

The current BABX Sharpe Ratio is -0.10, which is higher than the KPDD Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of BABX and KPDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BABX vs. KPDD - Drawdown Comparison

The maximum BABX drawdown since its inception was -78.83%, roughly equal to the maximum KPDD drawdown of -77.47%. Use the drawdown chart below to compare losses from any high point for BABX and KPDD.

Drawdown Indicators

	BABX	KPDD	Difference
Max Drawdown Largest peak-to-trough decline	-78.83%	-77.47%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-78.83%	-75.88%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-78.83%	—	—
Current Drawdown Current decline from peak	-62.98%	-66.76%	+3.78%
Average Drawdown Average peak-to-trough decline	-46.39%	-41.10%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.06%	44.45%	+1.61%

Volatility

BABX vs. KPDD - Volatility Comparison

GraniteShares 2x Long BABA Daily ETF (BABX) has a higher volatility of 27.52% compared to KraneShares 2x Long PDD Daily ETF (KPDD) at 15.80%. This indicates that BABX's price experiences larger fluctuations and is considered to be riskier than KPDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BABX	KPDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.52%	15.80%	+11.72%
Volatility (6M) Calculated over the trailing 6-month period	58.46%	52.87%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	90.46%	67.20%	+23.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.45%	74.03%	+9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.45%	74.03%	+9.42%

BABX vs. KPDD - Expense Ratio Comparison

BABX has a 1.15% expense ratio, which is lower than KPDD's 1.27% expense ratio.

Dividends

BABX vs. KPDD - Dividend Comparison

BABX has not paid dividends to shareholders, while KPDD's dividend yield for the trailing twelve months is around 105.88%.

Position	TTM	2025
BABX GraniteShares 2x Long BABA Daily ETF	0.00%	0.00%
KPDD KraneShares 2x Long PDD Daily ETF	105.88%	57.87%

Frequently Asked Questions

Can I hold both BABX and KPDD in my portfolio?

BABX and KPDD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BABX or KPDD?

BABX has higher volatility (27.52%) compared to KPDD (15.80%). In terms of maximum drawdown, BABX dropped -78.83% vs KPDD's -77.47%.

Which ETF is better, BABX or KPDD?

On 1-year performance, BABX leads with -8.73% vs -46.58% for KPDD. On fees, BABX is cheaper at 1.15% per year. On volatility, KPDD has been the lower-risk option at 15.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BABX or KPDD?

Over the 1-year period, BABX has performed better with a -8.73% return vs -46.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BABX or KPDD?

BABX is cheaper with a 1.15% expense ratio, compared with 1.27% for KPDD.

Which ETF pays a higher dividend yield, BABX or KPDD?

KPDD has the higher dividend yield at 105.88%, compared with 0.00% for BABX.

What is the main difference between BABX and KPDD?

They also come from different issuers: GraniteShares and KraneShares. Their fees differ too: 1.15% for BABX and 1.27% for KPDD.

Which has better risk-adjusted returns?

BABX currently has the higher Sharpe Ratio (-0.10 vs -0.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.