KBAB vs. TERG

Last updated Jun 4, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. KBAB charges 1.00%/yr vs 0.75%/yr for TERG.

Performance

KBAB vs. TERG - Performance Comparison

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

Returns By Period

In the year-to-date period, KBAB achieves a -33.01% return, which is significantly lower than TERG's 229.64% return.

KBAB

• 1D: -4.79%
• 1M: -11.26%
• YTD: -33.01%
• 6M: -43.16%
• 1Y: -3.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBAB vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-33.01%	-15.83%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between KBAB and TERG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.33

Return for Risk

KBAB vs. TERG — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 11
KBAB Sharpe Ratio Rank: 9
KBAB Sortino Ratio Rank: 14
KBAB Omega Ratio Rank: 13
KBAB Calmar Ratio Rank: 8
KBAB Martin Ratio Rank: 8

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) and Leverage Shares 2X Long TER Daily ETF (TERG). 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.

	KBAB	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	—	—
Sortino ratio: Return per unit of downside risk	0.64	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	-0.05	—	—
Martin ratio: Return relative to average drawdown	-0.10	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KBAB	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	9.90	-10.26

Drawdowns

KBAB vs. TERG - Drawdown Comparison

The maximum KBAB drawdown since its inception was -65.23%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for KBAB and TERG.

Drawdown Indicators

	KBAB	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-65.23%	-49.52%	-15.71%
Max Drawdown (1Y) Largest decline over 1 year	-65.23%	—	—
Current Drawdown Current decline from peak	-62.27%	-15.98%	-46.29%
Average Drawdown Average peak-to-trough decline	-37.38%	-13.73%	-23.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.47%	—	—

Volatility

Volatility by Period

	KBAB	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	57.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	87.64%	139.25%	-51.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.00%	139.25%	-48.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.00%	139.25%	-48.25%

KBAB vs. TERG - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

KBAB vs. TERG - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 89.39%, while TERG has not paid dividends to shareholders.

Position	TTM	2025
KBAB KraneShares 2x Long BABA Daily ETF	89.39%	59.88%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KBAB and TERG in my portfolio?

KBAB and TERG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBAB or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBAB or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 1.00% for KBAB.

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

KBAB has the higher dividend yield at 89.39%, compared with 0.00% for TERG.

What is the main difference between KBAB and TERG?

They also come from different issuers: KraneShares and Leverage Shares. Their fees differ too: 1.00% for KBAB and 0.75% for TERG.