KBUF vs. LITL

Last updated Aug 4, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and LITL (Simplify Piper Sandler US Small-Cap PLUS Income ETF) are both exchange-traded funds - KBUF is a Options Trading fund actively managed by KraneShares, while LITL is a Small Cap Blend Equities fund actively managed by Simplify. Both are actively managed. Over the past year, KBUF returned -3.49% vs 34.58% for LITL. Their 0.32 correlation means their historical movements had little consistent relationship. KBUF charges 0.95%/yr vs 0.91%/yr for LITL.

Performance

KBUF vs. LITL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBUF achieves a -9.39% return, which is significantly lower than LITL's 17.71% return.

KBUF

• 1D: 0.45%
• 1M: 6.29%
• 6M: -11.08%
• YTD: -9.39%
• 1Y: -3.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.02%

LITL

• 1D: 2.32%
• 1M: -0.14%
• 6M: 13.50%
• YTD: 17.71%
• 1Y: 34.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.54%

*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)
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.79K	$35.72K	$167.86K
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	$101.38K	$73.38K	$60.57K

KBUF vs. LITL - Yearly Performance Comparison

	2026 (YTD)	2025
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.39%	11.37%
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	17.71%	18.93%

Correlation

The correlation between KBUF and LITL is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.32

Return for Risk

KBUF vs. LITL — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 7
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

LITL

LITL Risk / Return Rank: 78
LITL Sharpe Ratio Rank: 75
LITL Sortino Ratio Rank: 79
LITL Omega Ratio Rank: 71
LITL Calmar Ratio Rank: 87
LITL Martin Ratio Rank: 80

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.

KBUF vs. LITL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). 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.

	KBUF	LITL	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	1.92	-2.18
Sortino ratio: Return per unit of downside risk	-0.28	2.83	-3.11
Omega ratio: Gain probability vs. loss probability	0.97	1.33	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.17	3.73	-3.89
Martin ratio: Return relative to average drawdown	-0.33	11.66	-11.99

KBUF vs. LITL - Sharpe Ratio Comparison

The current KBUF Sharpe Ratio is -0.26, which is lower than the LITL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of KBUF and LITL, 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

KBUF vs. LITL - Drawdown Comparison

The maximum KBUF drawdown since its inception was -21.14%, which is greater than LITL's maximum drawdown of -9.32%. Use the drawdown chart below to compare losses from any high point for KBUF and LITL.

Drawdown Indicators

	KBUF	LITL	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-9.32%	-11.82%
Max Drawdown (1Y) Largest decline over 1 year	-21.14%	-9.32%	-11.82%
Current Drawdown Current decline from peak	-14.74%	-0.72%	-14.02%
Average Drawdown Average peak-to-trough decline	-5.07%	-2.23%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	2.97%	+7.49%

Volatility

KBUF vs. LITL - Volatility Comparison

The current volatility for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is 3.46%, while Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) has a volatility of 4.27%. This indicates that KBUF experiences smaller price fluctuations and is considered to be less risky than LITL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBUF	LITL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	4.27%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	12.34%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	18.13%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	18.40%	-4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	18.40%	-4.22%

KBUF vs. LITL - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than LITL's 0.91% expense ratio.

Dividends

KBUF vs. LITL - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.29%, more than LITL's 1.63% yield.

Position	TTM	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.29%	7.51%	3.53%
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	1.63%	0.71%	0.00%

Frequently Asked Questions

Can I hold both KBUF and LITL in my portfolio?

KBUF and LITL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBUF or LITL?

LITL has higher volatility (4.27%) compared to KBUF (3.46%). In terms of maximum drawdown, KBUF dropped -21.14% vs LITL's -9.32%.

Which ETF is better, KBUF or LITL?

On 1-year performance, LITL leads with 34.58% vs -3.49% for KBUF. On fees, LITL is cheaper at 0.91% per year. On volatility, KBUF has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBUF or LITL?

Over the 1-year period, LITL has performed better with a 34.58% return vs -3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBUF or LITL?

LITL is cheaper with a 0.91% expense ratio, compared with 0.95% for KBUF.

Which ETF pays a higher dividend yield, KBUF or LITL?

KBUF has the higher dividend yield at 8.29%, compared with 1.63% for LITL.

What is the main difference between KBUF and LITL?

KBUF is categorized as Options Trading, while LITL is Small Cap Blend Equities. They also come from different issuers: KraneShares and Simplify. Their fees differ too: 0.95% for KBUF and 0.91% for LITL.

Which has better risk-adjusted returns?

LITL currently has the higher Sharpe Ratio (1.92 vs -0.26), 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.