BNDD vs. KPRO

Last updated Jun 25, 2026

BNDD (Quadratic Deflation ETF) and KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) are both exchange-traded funds - BNDD is a Government Bonds fund actively managed by KraneShares, while KPRO is a Options Trading fund actively managed by KraneShares. Both are actively managed. Over the past year, BNDD returned 4.44% vs -5.14% for KPRO. At a 0.03 correlation, their price movements are largely independent. BNDD charges 1.02%/yr vs 0.95%/yr for KPRO.

Performance

BNDD vs. KPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quadratic Deflation ETF (BNDD) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNDD achieves a 7.17% return, which is significantly higher than KPRO's -6.26% return.

BNDD

• 1D: 0.60%
• 1M: 3.67%
• YTD: 7.17%
• 6M: 5.54%
• 1Y: 4.44%
• 3Y*: -4.02%
• 5Y*: —
• 10Y*: —

KPRO

• 1D: -0.07%
• 1M: -1.30%
• YTD: -6.26%
• 6M: -11.97%
• 1Y: -5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDD vs. KPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BNDD Quadratic Deflation ETF	7.17%	-8.17%	-4.15%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-6.26%	7.79%	11.98%

Correlation

The correlation between BNDD and KPRO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.03

Return for Risk

BNDD vs. KPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNDD

BNDD Risk / Return Rank: 16
BNDD Sharpe Ratio Rank: 15
BNDD Sortino Ratio Rank: 14
BNDD Omega Ratio Rank: 14
BNDD Calmar Ratio Rank: 18
BNDD Martin Ratio Rank: 17

KPRO

KPRO Risk / Return Rank: 5
KPRO Sharpe Ratio Rank: 4
KPRO Sortino Ratio Rank: 5
KPRO Omega Ratio Rank: 3
KPRO Calmar Ratio Rank: 6
KPRO Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNDD vs. KPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quadratic Deflation ETF (BNDD) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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.

	BNDD	KPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.59	+1.01
Sortino ratio: Return per unit of downside risk	0.67	-0.66	+1.33
Omega ratio: Gain probability vs. loss probability	1.08	0.89	+0.20
Calmar ratio: Return relative to maximum drawdown	0.73	-0.40	+1.13
Martin ratio: Return relative to average drawdown	1.57	-0.77	+2.35

BNDD vs. KPRO - Sharpe Ratio Comparison

The current BNDD Sharpe Ratio is 0.42, which is higher than the KPRO Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of BNDD and KPRO, 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

BNDD vs. KPRO - Drawdown Comparison

The maximum BNDD drawdown since its inception was -30.87%, which is greater than KPRO's maximum drawdown of -12.98%. Use the drawdown chart below to compare losses from any high point for BNDD and KPRO.

Drawdown Indicators

	BNDD	KPRO	Difference
Max Drawdown Largest peak-to-trough decline	-30.87%	-12.98%	-17.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-12.98%	+6.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	—	—
Current Drawdown Current decline from peak	-24.50%	-12.98%	-11.52%
Average Drawdown Average peak-to-trough decline	-19.39%	-2.63%	-16.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	6.68%	-3.86%

Volatility

BNDD vs. KPRO - Volatility Comparison

Quadratic Deflation ETF (BNDD) has a higher volatility of 2.65% compared to KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) at 1.48%. This indicates that BNDD's price experiences larger fluctuations and is considered to be riskier than KPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDD	KPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.48%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	7.82%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	8.83%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.34%	7.77%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.34%	7.77%	+5.57%

BNDD vs. KPRO - Expense Ratio Comparison

BNDD has a 1.02% expense ratio, which is higher than KPRO's 0.95% expense ratio.

Dividends

BNDD vs. KPRO - Dividend Comparison

BNDD's dividend yield for the trailing twelve months is around 3.51%, more than KPRO's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.51%	3.82%	3.85%	4.30%	43.17%	1.04%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.83%	2.65%	3.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDD and KPRO in my portfolio?

BNDD and KPRO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDD or KPRO?

BNDD has higher volatility (2.65%) compared to KPRO (1.48%). In terms of maximum drawdown, BNDD dropped -30.87% vs KPRO's -12.98%.

Which ETF is better, BNDD or KPRO?

On 1-year performance, BNDD leads with 4.44% vs -5.14% for KPRO. On fees, KPRO is cheaper at 0.95% per year. On volatility, KPRO has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDD or KPRO?

Over the 1-year period, BNDD has performed better with a 4.44% return vs -5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDD or KPRO?

KPRO is cheaper with a 0.95% expense ratio, compared with 1.02% for BNDD.

Which ETF pays a higher dividend yield, BNDD or KPRO?

BNDD has the higher dividend yield at 3.51%, compared with 2.83% for KPRO.

What is the main difference between BNDD and KPRO?

BNDD is categorized as Government Bonds, while KPRO is Options Trading. Their fees differ too: 1.02% for BNDD and 0.95% for KPRO.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.42 vs -0.59), 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.