KMLI vs. NIOG

Last updated Jun 26, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds. KMLI is actively managed, while NIOG is passively managed. At a correlation of -0.03, they often move in opposite directions. KMLI charges 1.26%/yr vs 0.75%/yr for NIOG.

Performance

KMLI vs. NIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) and Leverage Shares 2X Long NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMLI achieves a -44.90% return, which is significantly lower than NIOG's -30.21% return.

KMLI

• 1D: -5.19%
• 1M: -5.53%
• YTD: -44.90%
• 6M: -44.26%
• 1Y: -70.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMLI vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-44.90%	9.44%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

The correlation between KMLI and NIOG is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.03

Return for Risk

KMLI vs. NIOG — Risk / Return Rank

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

KMLI

KMLI Risk / Return Rank: 2
KMLI Sharpe Ratio Rank: 3
KMLI Sortino Ratio Rank: 2
KMLI Omega Ratio Rank: 2
KMLI Calmar Ratio Rank: 1
KMLI Martin Ratio Rank: 2

NIOG

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.

KMLI vs. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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.

	KMLI	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.41	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.96	—	—
Martin ratio: Return relative to average drawdown	-1.46	—	—

Drawdowns

KMLI vs. NIOG - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for KMLI and NIOG.

Drawdown Indicators

	KMLI	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-56.27%	-16.96%
Max Drawdown (1Y) Largest decline over 1 year	-73.23%	—	—
Current Drawdown Current decline from peak	-71.64%	-56.27%	-15.37%
Average Drawdown Average peak-to-trough decline	-42.50%	-22.75%	-19.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.16%	—	—

Volatility

Volatility by Period

	KMLI	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	61.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	79.30%	115.62%	-36.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.90%	115.62%	-36.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.90%	115.62%	-36.72%

KMLI vs. NIOG - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

KMLI vs. NIOG - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 19.29%, while NIOG has not paid dividends to shareholders.

Position	TTM	2025
KMLI KraneShares 2x Long MELI Daily ETF	19.29%	10.63%
NIOG Leverage Shares 2X Long NIO Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMLI and NIOG in my portfolio?

KMLI and NIOG have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KMLI or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KMLI or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.26% for KMLI.

Which ETF pays a higher dividend yield, KMLI or NIOG?

KMLI has the higher dividend yield at 19.29%, compared with 0.00% for NIOG.

What is the main difference between KMLI and NIOG?

They also come from different issuers: KraneShares and Leverage Shares. Their fees differ too: 1.26% for KMLI and 0.75% for NIOG.