KLIP vs. XPP

Last updated Jul 14, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and XPP (ProShares Ultra FTSE China 50) are both exchange-traded funds - KLIP is a Options Trading fund managed by CICC, while XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%). Over the past 3 years, KLIP returned 5.68%/yr vs 1.14%/yr for XPP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

KLIP vs. XPP - 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 ProShares Ultra FTSE China 50 (XPP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLIP achieves a -9.76% return, which is significantly higher than XPP's -26.96% return.

KLIP

• 1D: 0.17%
• 1M: -0.89%
• 6M: -14.68%
• YTD: -9.76%
• 1Y: -5.38%
• 3Y*: 5.68%
• 5Y*: —
• 10Y*: —

XPP

• 1D: -0.25%
• 1M: -9.77%
• 6M: -34.75%
• YTD: -26.96%
• 1Y: -21.29%
• 3Y*: 1.14%
• 5Y*: -20.34%
• 10Y*: -7.40%

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

KLIP vs. XPP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	-9.76%	16.92%	3.37%	11.11%
XPP ProShares Ultra FTSE China 50	-26.96%	45.84%	38.18%	-48.23%

Correlation

The correlation between KLIP and XPP is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.85

The correlation between KLIP and XPP has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

KLIP vs. XPP — Risk / Return Rank

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

KLIP

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

XPP

XPP Risk / Return Rank: 5
XPP Sharpe Ratio Rank: 5
XPP Sortino Ratio Rank: 5
XPP Omega Ratio Rank: 5
XPP Calmar Ratio Rank: 5
XPP Martin Ratio Rank: 4

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. XPP - 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 ProShares Ultra FTSE China 50 (XPP). 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	XPP	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	-0.54	+0.21
Sortino ratio: Return per unit of downside risk	-0.34	-0.56	+0.22
Omega ratio: Gain probability vs. loss probability	0.96	0.94	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.25	-0.48	+0.23
Martin ratio: Return relative to average drawdown	-0.63	-1.06	+0.43

KLIP vs. XPP - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is -0.33, which is higher than the XPP Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of KLIP and XPP, 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. XPP - Drawdown Comparison

The maximum KLIP drawdown since its inception was -21.48%, smaller than the maximum XPP drawdown of -89.90%. Use the drawdown chart below to compare losses from any high point for KLIP and XPP.

Drawdown Indicators

	KLIP	XPP	Difference
Max Drawdown Largest peak-to-trough decline	-21.48%	-89.90%	+68.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.48%	-44.78%	+23.30%
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	-52.95%	+31.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-83.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.90%	—
Current Drawdown Current decline from peak	-14.94%	-80.67%	+65.73%
Average Drawdown Average peak-to-trough decline	-4.17%	-48.01%	+43.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.59%	20.17%	-11.58%

Volatility

KLIP vs. XPP - Volatility Comparison

The current volatility for KraneShares China Internet and Covered Call Strategy ETF (KLIP) is 5.25%, while ProShares Ultra FTSE China 50 (XPP) has a volatility of 12.70%. This indicates that KLIP experiences smaller price fluctuations and is considered to be less risky than XPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLIP	XPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	12.70%	-7.45%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	29.45%	-16.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	39.94%	-23.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	62.76%	-44.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	54.77%	-36.66%

KLIP vs. XPP - Expense Ratio Comparison

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

Dividends

KLIP vs. XPP - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 28.55%, more than XPP's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KLIP KraneShares China Internet and Covered Call Strategy ETF	28.55%	25.14%	54.26%	61.22%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	2.86%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both KLIP and XPP in my portfolio?

KLIP and XPP have a correlation of 0.82, 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 XPP?

XPP has higher volatility (12.70%) compared to KLIP (5.25%). In terms of maximum drawdown, KLIP dropped -21.48% vs XPP's -89.90%.

Which ETF is better, KLIP or XPP?

On 3-year performance, KLIP leads with 5.68% vs 1.14% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, KLIP has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or XPP?

Over the 3-year period, KLIP has performed better with a 5.68% return vs 1.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or XPP?

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

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

KLIP has the higher dividend yield at 28.55%, compared with 2.86% for XPP.

What is the main difference between KLIP and XPP?

KLIP is categorized as Options Trading, while XPP is China Equities. They also come from different issuers: CICC and ProShares.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (-0.33 vs -0.54), 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.