KBDU vs. KSPY

Last updated Jun 4, 2026

KBDU (KraneShares 2X Long BIDU Daily ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both exchange-traded funds - KBDU is a Leveraged Equities fund actively managed by KraneShares, while KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index. KBDU is actively managed, while KSPY is passively managed. At a 0.27 correlation, their price movements are largely independent. KBDU charges 1.26%/yr vs 0.78%/yr for KSPY.

Performance

KBDU vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2X Long BIDU Daily ETF (KBDU) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBDU achieves a -11.68% return, which is significantly lower than KSPY's 5.43% return.

KBDU

• 1D: -5.85%
• 1M: 3.94%
• YTD: -11.68%
• 6M: 6.79%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSPY

• 1D: -0.28%
• 1M: 1.96%
• YTD: 5.43%
• 6M: 5.87%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBDU vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025
KBDU KraneShares 2X Long BIDU Daily ETF	-11.68%	34.59%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.43%	3.35%

Correlation

The correlation between KBDU and KSPY is 0.27, 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 21, 2025	0.27

Return for Risk

KBDU vs. KSPY — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 85
KSPY Sharpe Ratio Rank: 80
KSPY Sortino Ratio Rank: 84
KSPY Omega Ratio Rank: 91
KSPY Calmar Ratio Rank: 80
KSPY Martin Ratio Rank: 91

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.

KBDU vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2X Long BIDU Daily ETF (KBDU) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	KBDU	KSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.17	-0.78

Drawdowns

KBDU vs. KSPY - Drawdown Comparison

The maximum KBDU drawdown since its inception was -59.14%, which is greater than KSPY's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for KBDU and KSPY.

Drawdown Indicators

	KBDU	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-59.14%	-11.67%	-47.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.46%	—
Current Drawdown Current decline from peak	-40.93%	-0.28%	-40.65%
Average Drawdown Average peak-to-trough decline	-28.72%	-1.18%	-27.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	KBDU	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	102.15%	7.00%	+95.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.15%	10.53%	+91.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.15%	10.53%	+91.62%

KBDU vs. KSPY - Expense Ratio Comparison

KBDU has a 1.26% expense ratio, which is higher than KSPY's 0.78% expense ratio.

Dividends

KBDU vs. KSPY - Dividend Comparison

KBDU has not paid dividends to shareholders, while KSPY's dividend yield for the trailing twelve months is around 5.85%.

Position	TTM	2025	2024
KBDU KraneShares 2X Long BIDU Daily ETF	0.00%	0.00%	0.00%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.85%	6.16%	1.31%

Frequently Asked Questions

Can I hold both KBDU and KSPY in my portfolio?

KBDU and KSPY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBDU or KSPY?

On fees, KSPY is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBDU or KSPY?

KSPY is cheaper with a 0.78% expense ratio, compared with 1.26% for KBDU.

Which ETF pays a higher dividend yield, KBDU or KSPY?

KSPY has the higher dividend yield at 5.85%, compared with 0.00% for KBDU.

What is the main difference between KBDU and KSPY?

KBDU is categorized as Leveraged Equities, while KSPY is Equity Hedged. Their fees differ too: 1.26% for KBDU and 0.78% for KSPY.