KLIP vs. KBUF

Last updated Jun 3, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) are both Options Trading funds. Over the past year, KLIP returned 3.54% vs -0.75% for KBUF. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

KLIP vs. KBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Internet and Covered Call Strategy ETF (KLIP) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -5.93% return, which is significantly higher than KBUF's -9.33% return.

KLIP

• 1D: 2.16%
• 1M: -0.26%
• YTD: -5.93%
• 6M: -8.29%
• 1Y: 3.54%
• 3Y*: 9.17%
• 5Y*: —
• 10Y*: —

KBUF

• 1D: 1.93%
• 1M: -1.24%
• YTD: -9.33%
• 6M: -10.07%
• 1Y: -0.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KLIP vs. KBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLIP KraneShares China Internet and Covered Call Strategy ETF	-5.93%	16.92%	10.56%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.33%	18.04%	16.58%

Correlation

The correlation between KLIP and KBUF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024	0.86

The correlation between KLIP and KBUF has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

KLIP vs. KBUF - Sectors Allocation Comparison

Sectors	KLIP	KBUF
Communication Services	40.1%	40.1%
Consumer Cyclical	38.4%	38.4%
Healthcare	6.9%	6.9%
Real Estate	4.8%	4.8%
Consumer Defensive	4.3%	4.3%
Technology	3.6%	3.6%
Financial Services	2.0%	2.0%
Basic Materials	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

KLIP vs. KBUF — Risk / Return Rank

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

KLIP

KLIP Risk / Return Rank: 12
KLIP Sharpe Ratio Rank: 12
KLIP Sortino Ratio Rank: 11
KLIP Omega Ratio Rank: 12
KLIP Calmar Ratio Rank: 12
KLIP Martin Ratio Rank: 11

KBUF

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

KLIP vs. KBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). 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.

	KLIP	KBUF	Difference
Sharpe ratio Return per unit of total volatility	0.23	-0.06	+0.29
Sortino ratio Return per unit of downside risk	0.42	0.01	+0.41
Omega ratio Gain probability vs. loss probability	1.06	1.00	+0.06
Calmar ratio Return relative to maximum drawdown	0.25	-0.02	+0.27
Martin ratio Return relative to average drawdown	0.61	-0.04	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLIP vs. KBUF - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is 0.23, which is higher than the KBUF Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of KLIP and KBUF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KLIP	KBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	-0.06	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.71	-0.32

Drawdowns

KLIP vs. KBUF - Drawdown Comparison

The maximum KLIP drawdown since its inception was -18.61%, which is greater than KBUF's maximum drawdown of -17.01%. Use the drawdown chart below to compare losses from any high point for KLIP and KBUF.

Drawdown Indicators

	KLIP	KBUF	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-17.01%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-17.01%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.61%	—	—
Current Drawdown Current decline from peak	-11.33%	-14.68%	+3.35%
Average Drawdown Average peak-to-trough decline	-3.78%	-4.14%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	7.43%	-0.78%

Volatility

KLIP vs. KBUF - Volatility Comparison

The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.30%, while KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a volatility of 5.77%. This indicates that KLIP experiences smaller price fluctuations and is considered to be less risky than KBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLIP	KBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.77%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	10.30%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.70%	12.89%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	14.27%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	14.27%	+3.83%

KLIP vs. KBUF - Expense Ratio Comparison

Both KLIP and KBUF have an expense ratio of 0.95%.

Dividends

KLIP vs. KBUF - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 27.57%, more than KBUF's 8.28% yield.

Position	TTM	2025	2024	2023
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.28%	7.51%	3.53%	0.00%
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.57%	25.14%	54.26%	61.22%

Frequently Asked Questions

Can I hold both KLIP and KBUF in my portfolio?

KLIP and KBUF have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLIP or KBUF?

KBUF has higher volatility (5.77%) compared to KLIP (5.30%). In terms of maximum drawdown, KLIP dropped -18.61% vs KBUF's -17.01%.

Which ETF is better, KLIP or KBUF?

On 1-year performance, KLIP leads with 3.54% vs -0.75% for KBUF. Both ETFs have the same 0.95% expense ratio. On volatility, KLIP has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or KBUF?

Over the 1-year period, KLIP has performed better with a 3.54% return vs -0.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or KBUF?

KLIP and KBUF have the same expense ratio: 0.95% per year.

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

KLIP has the higher dividend yield at 27.57%, compared with 8.28% for KBUF.

What is the main difference between KLIP and KBUF?

They also come from different issuers: CICC and KraneShares.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (0.23 vs -0.06), 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.