KLIP vs. NVDY

Last updated Jun 23, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while NVDY is a Derivative Income fund actively managed by YieldMax. Over the past 3 years, KLIP returned 6.07%/yr vs 52.25%/yr for NVDY. At a 0.29 correlation, their price movements are largely independent. KLIP charges 0.95%/yr vs 0.99%/yr for NVDY.

Performance

KLIP vs. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -12.64% return, which is significantly lower than NVDY's 10.62% return.

KLIP

• 1D: -0.80%
• 1M: -3.96%
• YTD: -12.64%
• 6M: -14.80%
• 1Y: -5.67%
• 3Y*: 6.07%
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -0.76%
• 1M: -2.04%
• YTD: 10.62%
• 6M: 12.42%
• 1Y: 38.81%
• 3Y*: 52.25%
• 5Y*: —
• 10Y*: —

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

KLIP vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	-12.64%	16.92%	3.37%	16.00%
NVDY YieldMax NVDA Option Income Strategy ETF	10.62%	27.38%	114.23%	41.31%

Correlation

The correlation between KLIP and NVDY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.29

Return for Risk

KLIP vs. NVDY — Risk / Return Rank

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

KLIP

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

NVDY

NVDY Risk / Return Rank: 44
NVDY Sharpe Ratio Rank: 40
NVDY Sortino Ratio Rank: 38
NVDY Omega Ratio Rank: 37
NVDY Calmar Ratio Rank: 63
NVDY Martin Ratio Rank: 44

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. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). 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.

	KLIP	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.39	-1.74
Sortino ratio: Return per unit of downside risk	-0.38	1.91	-2.29
Omega ratio: Gain probability vs. loss probability	0.95	1.24	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.32	3.04	-3.37
Martin ratio: Return relative to average drawdown	-0.76	6.98	-7.74

KLIP vs. NVDY - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is -0.35, which is lower than the NVDY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of KLIP and NVDY, 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

KLIP vs. NVDY - Drawdown Comparison

The maximum KLIP drawdown since its inception was -18.61%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for KLIP and NVDY.

Drawdown Indicators

	KLIP	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-34.08%	+15.47%
Max Drawdown (1Y) Largest decline over 1 year	-17.65%	-12.81%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.61%	-34.08%	+15.47%
Current Drawdown Current decline from peak	-17.65%	-8.67%	-8.98%
Average Drawdown Average peak-to-trough decline	-3.95%	-6.19%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.49%	5.57%	+1.92%

Volatility

KLIP vs. NVDY - Volatility Comparison

The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.80%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.68%. This indicates that KLIP experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLIP	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	9.68%	-3.88%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	21.40%	-8.31%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	28.17%	-12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	38.16%	-20.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	38.16%	-20.06%

KLIP vs. NVDY - Expense Ratio Comparison

KLIP has a 0.95% expense ratio, which is lower than NVDY's 0.99% expense ratio.

Dividends

KLIP vs. NVDY - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 29.68%, less than NVDY's 62.22% yield.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	29.68%	25.14%	54.26%	61.22%
NVDY YieldMax NVDA Option Income Strategy ETF	62.22%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both KLIP and NVDY in my portfolio?

KLIP and NVDY have a correlation of 0.30, 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 NVDY?

NVDY has higher volatility (9.68%) compared to KLIP (5.80%). In terms of maximum drawdown, KLIP dropped -18.61% vs NVDY's -34.08%.

Which ETF is better, KLIP or NVDY?

On 3-year performance, NVDY leads with 52.25% vs 6.07% for KLIP. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or NVDY?

Over the 3-year period, NVDY has performed better with a 52.25% return vs 6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or NVDY?

KLIP is cheaper with a 0.95% expense ratio, compared with 0.99% for NVDY.

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

NVDY has the higher dividend yield at 62.22%, compared with 29.68% for KLIP.

What is the main difference between KLIP and NVDY?

KLIP is categorized as Options Trading, while NVDY is Derivative Income. They also come from different issuers: CICC and YieldMax. Their fees differ too: 0.95% for KLIP and 0.99% for NVDY.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.39 vs -0.35), 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.