KPDD vs. BNDD

Last updated Jun 4, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while BNDD is a Government Bonds fund actively managed by KraneShares. KPDD is passively managed, while BNDD is actively managed. Over the past year, KPDD returned -39.50% vs 3.39% for BNDD. At a 0.09 correlation, their price movements are largely independent. KPDD charges 1.27%/yr vs 1.02%/yr for BNDD.

Performance

KPDD vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long PDD Daily ETF (KPDD) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPDD achieves a -49.17% return, which is significantly lower than BNDD's 4.32% return.

KPDD

• 1D: -6.41%
• 1M: -26.78%
• YTD: -49.17%
• 6M: -53.13%
• 1Y: -39.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

KPDD vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-49.17%	-25.58%
BNDD Quadratic Deflation ETF	4.32%	-7.53%

Correlation

The correlation between KPDD and BNDD is 0.06, 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 (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.09

KPDD vs. BNDD - Sectors Allocation Comparison

Sectors	KPDD	BNDD
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	77.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KPDD vs. BNDD — Risk / Return Rank

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

KPDD

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

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

KPDD vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and Quadratic Deflation ETF (BNDD). 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.

	KPDD	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	0.32	-0.93
Sortino ratio: Return per unit of downside risk	-0.59	0.52	-1.12
Omega ratio: Gain probability vs. loss probability	0.92	1.06	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.58	0.56	-1.14
Martin ratio: Return relative to average drawdown	-1.14	1.20	-2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KPDD vs. BNDD - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.61, which is lower than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of KPDD and BNDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KPDD	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	0.32	-0.93
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	-0.33	-0.41

Drawdowns

KPDD vs. BNDD - Drawdown Comparison

The maximum KPDD drawdown since its inception was -70.57%, which is greater than BNDD's maximum drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for KPDD and BNDD.

Drawdown Indicators

	KPDD	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-70.57%	-30.87%	-39.70%
Max Drawdown (1Y) Largest decline over 1 year	-68.49%	-6.09%	-62.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-69.09%	-26.51%	-42.58%
Average Drawdown Average peak-to-trough decline	-37.19%	-19.34%	-17.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.59%	2.83%	+31.76%

Volatility

KPDD vs. BNDD - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 34.05% compared to Quadratic Deflation ETF (BNDD) at 2.21%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.05%	2.21%	+31.84%
Volatility (6M) Calculated over the trailing 6-month period	51.37%	8.11%	+43.26%
Volatility (1Y) Calculated over the trailing 1-year period	64.76%	10.59%	+54.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.72%	13.38%	+61.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.72%	13.38%	+61.34%

KPDD vs. BNDD - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than BNDD's 1.02% expense ratio.

Dividends

KPDD vs. BNDD - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 113.85%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
KPDD KraneShares 2x Long PDD Daily ETF	113.85%	57.87%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPDD and BNDD in my portfolio?

KPDD and BNDD have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KPDD or BNDD?

KPDD has higher volatility (34.05%) compared to BNDD (2.21%). In terms of maximum drawdown, KPDD dropped -70.57% vs BNDD's -30.87%.

Which ETF is better, KPDD or BNDD?

On 1-year performance, BNDD leads with 3.39% vs -39.50% for KPDD. On fees, BNDD is cheaper at 1.02% per year. On volatility, BNDD has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or BNDD?

Over the 1-year period, BNDD has performed better with a 3.39% return vs -39.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPDD or BNDD?

BNDD is cheaper with a 1.02% expense ratio, compared with 1.27% for KPDD.

Which ETF pays a higher dividend yield, KPDD or BNDD?

KPDD has the higher dividend yield at 113.85%, compared with 3.61% for BNDD.

What is the main difference between KPDD and BNDD?

KPDD is categorized as Leveraged Equities, while BNDD is Government Bonds. Their fees differ too: 1.27% for KPDD and 1.02% for BNDD.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.32 vs -0.61), 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.