KLMN vs. MSDD

Last updated Jun 24, 2026

KLMN (Invesco MSCI North America Climate ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both exchange-traded funds - KLMN is a Large Cap Blend Equities fund tracking the MSCI Global Climate 500 North America Selection Index, while MSDD is a Inverse Equities fund actively managed by GraniteShares. KLMN is passively managed, while MSDD is actively managed. Over the past year, KLMN returned 23.71% vs 69.58% for MSDD. At a correlation of -0.46, they often move in opposite directions. KLMN charges 0.09%/yr vs 1.50%/yr for MSDD.

Performance

KLMN vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) and GraniteShares 2x Short MSTR Daily ETF (MSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLMN achieves a 8.37% return, which is significantly higher than MSDD's -48.72% return.

KLMN

• 1D: -1.03%
• 1M: -0.90%
• YTD: 8.37%
• 6M: 7.60%
• 1Y: 23.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -45.00%
• 1Y: 69.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KLMN vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
KLMN Invesco MSCI North America Climate ETF	8.37%	14.50%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between KLMN and MSDD is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.46

Return for Risk

KLMN vs. MSDD — Risk / Return Rank

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

KLMN

KLMN Risk / Return Rank: 62
KLMN Sharpe Ratio Rank: 63
KLMN Sortino Ratio Rank: 61
KLMN Omega Ratio Rank: 60
KLMN Calmar Ratio Rank: 59
KLMN Martin Ratio Rank: 69

MSDD

MSDD Risk / Return Rank: 24
MSDD Sharpe Ratio Rank: 17
MSDD Sortino Ratio Rank: 32
MSDD Omega Ratio Rank: 33
MSDD Calmar Ratio Rank: 20
MSDD Martin Ratio Rank: 16

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.

KLMN vs. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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.

	KLMN	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.50	+1.38
Sortino ratio: Return per unit of downside risk	2.59	1.61	+0.98
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.66	0.82	+1.84
Martin ratio: Return relative to average drawdown	11.65	1.63	+10.02

KLMN vs. MSDD - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 1.88, which is higher than the MSDD Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of KLMN and MSDD, 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

KLMN vs. MSDD - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for KLMN and MSDD.

Drawdown Indicators

	KLMN	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-84.91%	+65.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-84.91%	+75.95%
Current Drawdown Current decline from peak	-2.92%	-68.63%	+65.71%
Average Drawdown Average peak-to-trough decline	-2.52%	-31.26%	+28.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	43.14%	-41.10%

Volatility

KLMN vs. MSDD - Volatility Comparison

The current volatility for Invesco MSCI North America Climate ETF (KLMN) is 4.36%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.28%. This indicates that KLMN experiences smaller price fluctuations and is considered to be less risky than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLMN	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	32.28%	-27.92%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	124.65%	-114.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	140.94%	-128.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	138.85%	-121.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.59%	138.85%	-121.26%

KLMN vs. MSDD - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

KLMN vs. MSDD - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.22%, while MSDD has not paid dividends to shareholders.

Position	TTM	2025
KLMN Invesco MSCI North America Climate ETF	1.22%	1.25%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLMN and MSDD in my portfolio?

KLMN and MSDD have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLMN or MSDD?

MSDD has higher volatility (32.28%) compared to KLMN (4.36%). In terms of maximum drawdown, KLMN dropped -19.16% vs MSDD's -84.91%.

Which ETF is better, KLMN or MSDD?

On 1-year performance, MSDD leads with 69.58% vs 23.71% for KLMN. On fees, KLMN is cheaper at 0.09% per year. On volatility, KLMN has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or MSDD?

Over the 1-year period, MSDD has performed better with a 69.58% return vs 23.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or MSDD?

KLMN is cheaper with a 0.09% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, KLMN or MSDD?

KLMN has the higher dividend yield at 1.22%, compared with 0.00% for MSDD.

What is the main difference between KLMN and MSDD?

KLMN is categorized as Large Cap Blend Equities, while MSDD is Inverse Equities. They also come from different issuers: Invesco and GraniteShares. Their fees differ too: 0.09% for KLMN and 1.50% for MSDD.

Which has better risk-adjusted returns?

KLMN currently has the higher Sharpe Ratio (1.88 vs 0.50), 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.