KBAB vs. BABX

Last updated Jun 23, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and BABX (GraniteShares 2x Long BABA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, KBAB returned -33.72% vs -32.89% for BABX. With a 1.00 correlation, they move nearly in lockstep. KBAB charges 1.00%/yr vs 1.15%/yr for BABX.

Performance

KBAB vs. BABX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with KBAB having a -54.33% return and BABX slightly higher at -53.86%.

KBAB

• 1D: -4.58%
• 1M: -34.77%
• YTD: -54.33%
• 6M: -57.11%
• 1Y: -33.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BABX

• 1D: -3.98%
• 1M: -34.60%
• YTD: -53.86%
• 6M: -56.67%
• 1Y: -32.89%
• 3Y*: -6.12%
• 5Y*: —
• 10Y*: —

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

KBAB vs. BABX - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-54.33%	-6.56%
BABX GraniteShares 2x Long BABA Daily ETF	-53.86%	-9.72%

Correlation

The correlation between KBAB and BABX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	1.00

The correlation between KBAB and BABX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

KBAB vs. BABX - Sectors Allocation Comparison

Sectors	KBAB	BABX
Consumer Cyclical	100.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBAB vs. BABX — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 6
KBAB Sharpe Ratio Rank: 6
KBAB Sortino Ratio Rank: 7
KBAB Omega Ratio Rank: 7
KBAB Calmar Ratio Rank: 5
KBAB Martin Ratio Rank: 5

BABX

BABX Risk / Return Rank: 6
BABX Sharpe Ratio Rank: 5
BABX Sortino Ratio Rank: 7
BABX Omega Ratio Rank: 7
BABX Calmar Ratio Rank: 5
BABX Martin Ratio Rank: 5

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.

KBAB vs. BABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) and GraniteShares 2x Long BABA Daily ETF (BABX). 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.

	KBAB	BABX	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	-0.38	-0.01
Sortino ratio: Return per unit of downside risk	-0.07	-0.05	-0.02
Omega ratio: Gain probability vs. loss probability	0.99	0.99	0.00
Calmar ratio: Return relative to maximum drawdown	-0.46	-0.45	-0.01
Martin ratio: Return relative to average drawdown	-0.86	-0.84	-0.02

KBAB vs. BABX - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.39, which is comparable to the BABX Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of KBAB and BABX, 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

KBAB vs. BABX - Drawdown Comparison

The maximum KBAB drawdown since its inception was -74.28%, roughly equal to the maximum BABX drawdown of -73.95%. Use the drawdown chart below to compare losses from any high point for KBAB and BABX.

Drawdown Indicators

	KBAB	BABX	Difference
Max Drawdown Largest peak-to-trough decline	-74.28%	-73.95%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-74.28%	-73.95%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-73.95%	—
Current Drawdown Current decline from peak	-74.28%	-73.95%	-0.33%
Average Drawdown Average peak-to-trough decline	-38.47%	-45.55%	+7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.39%	39.17%	+0.22%

Volatility

KBAB vs. BABX - Volatility Comparison

KraneShares 2x Long BABA Daily ETF (KBAB) and GraniteShares 2x Long BABA Daily ETF (BABX) have volatilities of 15.89% and 15.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBAB	BABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.89%	15.92%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	58.17%	58.27%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	87.97%	87.79%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.02%	82.86%	+7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.02%	82.86%	+7.16%

KBAB vs. BABX - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is lower than BABX's 1.15% expense ratio.

Dividends

KBAB vs. BABX - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 131.13%, while BABX has not paid dividends to shareholders.

Position	TTM	2025
BABX GraniteShares 2x Long BABA Daily ETF	0.00%	0.00%
KBAB KraneShares 2x Long BABA Daily ETF	131.13%	59.88%

Frequently Asked Questions

Can I hold both KBAB and BABX in my portfolio?

With a correlation of 1.00, KBAB and BABX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KBAB or BABX?

BABX has higher volatility (15.92%) compared to KBAB (15.89%). In terms of maximum drawdown, KBAB dropped -74.28% vs BABX's -73.95%.

Which ETF is better, KBAB or BABX?

On 1-year performance, BABX leads with -32.89% vs -33.72% for KBAB. On fees, KBAB is cheaper at 1.00% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or BABX?

Over the 1-year period, BABX has performed better with a -32.89% return vs -33.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or BABX?

KBAB is cheaper with a 1.00% expense ratio, compared with 1.15% for BABX.

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

KBAB has the higher dividend yield at 131.13%, compared with 0.00% for BABX.

What is the main difference between KBAB and BABX?

They also come from different issuers: KraneShares and GraniteShares. Their fees differ too: 1.00% for KBAB and 1.15% for BABX.

Which has better risk-adjusted returns?

BABX currently has the higher Sharpe Ratio (-0.38 vs -0.39), 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.