KLIP vs. PMDE

Last updated Jul 17, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). A 0.56 correlation means they provide meaningful diversification when combined. KLIP charges 0.95%/yr vs 0.50%/yr for PMDE.

Performance

KLIP vs. PMDE - 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 PGIM S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -8.71% return, which is significantly lower than PMDE's 3.18% return.

KLIP

• 1D: 0.54%
• 1M: 2.04%
• 6M: -12.92%
• YTD: -8.71%
• 1Y: -5.08%
• 3Y*: 6.03%
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.00%
• 1M: 0.45%
• 6M: 2.80%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KLIP vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
KLIP KraneShares China Internet and Covered Call Strategy ETF	-8.71%	-1.91%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between KLIP and PMDE is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.56

Return for Risk

KLIP vs. PMDE — Risk / Return Rank

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

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 6
KLIP Sortino Ratio Rank: 6
KLIP Omega Ratio Rank: 6
KLIP Calmar Ratio Rank: 7
KLIP Martin Ratio Rank: 7

PMDE

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

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. PMDE - 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 PGIM S&P 500 Max Buffer ETF - December (PMDE). 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	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	—	—
Sortino ratio: Return per unit of downside risk	-0.32	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.24	—	—
Martin ratio: Return relative to average drawdown	-0.58	—	—

Drawdowns

KLIP vs. PMDE - Drawdown Comparison

The maximum KLIP drawdown since its inception was -21.48%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for KLIP and PMDE.

Drawdown Indicators

	KLIP	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-21.48%	-1.59%	-19.89%
Max Drawdown (1Y) Largest decline over 1 year	-21.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	—	—
Current Drawdown Current decline from peak	-13.95%	0.00%	-13.95%
Average Drawdown Average peak-to-trough decline	-4.20%	-0.24%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.74%	—	—

Volatility

Volatility by Period

	KLIP	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	2.37%	+14.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	2.37%	+15.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	2.37%	+15.72%

KLIP vs. PMDE - Expense Ratio Comparison

KLIP has a 0.95% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

KLIP vs. PMDE - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 28.23%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	28.23%	25.14%	54.26%	61.22%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLIP and PMDE in my portfolio?

KLIP and PMDE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KLIP or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KLIP or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.95% for KLIP.

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

KLIP has the higher dividend yield at 28.23%, compared with 0.00% for PMDE.

What is the main difference between KLIP and PMDE?

KLIP is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: CICC and PGIM. Their fees differ too: 0.95% for KLIP and 0.50% for PMDE.