KPDD vs. DLLL

Last updated Aug 4, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - KPDD tracks the PDD Holdings Inc. ADR (PDD) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, KPDD returned -46.58% vs 599.95% for DLLL. Their 0.22 correlation means their historical movements had little consistent relationship. KPDD charges 1.27%/yr vs 1.50%/yr for DLLL.

Performance

KPDD vs. DLLL - Performance Comparison

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

Returns By Period

In the year-to-date period, KPDD achieves a -45.34% return, which is significantly lower than DLLL's 699.96% return.

KPDD

• 1D: 3.63%
• 1M: 17.82%
• 6M: -32.91%
• YTD: -45.34%
• 1Y: -46.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -47.94%

DLLL

• 1D: 11.79%
• 1M: 11.20%
• 6M: 802.44%
• YTD: 699.96%
• 1Y: 599.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 301.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLLL GraniteShares 2x Long DELL Daily ETF	$23.82M	$34.65M	$52.12M
KPDD KraneShares 2x Long PDD Daily ETF	$764.43K	$792.49K	$2.11M

KPDD vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-45.34%	-26.34%
DLLL GraniteShares 2x Long DELL Daily ETF	699.96%	44.74%

Correlation

The correlation between KPDD and DLLL is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.22

KPDD vs. DLLL - Sectors Allocation Comparison

Sectors	KPDD	DLLL
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.6%
Utilities	-	-

Return for Risk

KPDD vs. DLLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KPDD

KPDD Risk / Return Rank: 4
KPDD Sharpe Ratio Rank: 3
KPDD Sortino Ratio Rank: 4
KPDD Omega Ratio Rank: 4
KPDD Calmar Ratio Rank: 4
KPDD Martin Ratio Rank: 4

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KPDD vs. DLLL - Risk-Adjusted Trends Comparison

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

	KPDD	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	4.30	-5.00
Sortino ratio: Return per unit of downside risk	-0.80	3.86	-4.66
Omega ratio: Gain probability vs. loss probability	0.90	1.47	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.62	10.59	-11.20
Martin ratio: Return relative to average drawdown	-1.05	20.58	-21.63

KPDD vs. DLLL - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.70, which is lower than the DLLL Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of KPDD and DLLL, 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

KPDD vs. DLLL - Drawdown Comparison

The maximum KPDD drawdown since its inception was -77.47%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for KPDD and DLLL.

Drawdown Indicators

	KPDD	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-77.47%	-68.58%	-8.89%
Max Drawdown (1Y) Largest decline over 1 year	-75.88%	-57.19%	-18.69%
Current Drawdown Current decline from peak	-66.76%	-24.33%	-42.43%
Average Drawdown Average peak-to-trough decline	-41.10%	-25.80%	-15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.45%	29.35%	+15.10%

Volatility

KPDD vs. DLLL - Volatility Comparison

The current volatility for KraneShares 2x Long PDD Daily ETF (KPDD) is 15.80%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 50.69%. This indicates that KPDD experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.80%	50.69%	-34.89%
Volatility (6M) Calculated over the trailing 6-month period	52.87%	114.42%	-61.55%
Volatility (1Y) Calculated over the trailing 1-year period	67.20%	140.93%	-73.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.03%	132.81%	-58.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.03%	132.81%	-58.78%

KPDD vs. DLLL - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

KPDD vs. DLLL - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 105.88%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%
KPDD KraneShares 2x Long PDD Daily ETF	105.88%	57.87%

Frequently Asked Questions

Can I hold both KPDD and DLLL in my portfolio?

KPDD and DLLL have a correlation of 0.15, 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 DLLL?

DLLL has higher volatility (50.69%) compared to KPDD (15.80%). In terms of maximum drawdown, KPDD dropped -77.47% vs DLLL's -68.58%.

Which ETF is better, KPDD or DLLL?

On 1-year performance, DLLL leads with 599.95% vs -46.58% for KPDD. On fees, KPDD is cheaper at 1.27% per year. On volatility, KPDD has been the lower-risk option at 15.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or DLLL?

Over the 1-year period, DLLL has performed better with a 599.95% return vs -46.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPDD or DLLL?

KPDD is cheaper with a 1.27% expense ratio, compared with 1.50% for DLLL.

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

KPDD has the higher dividend yield at 105.88%, compared with 0.00% for DLLL.

What is the main difference between KPDD and DLLL?

KPDD tracks PDD Holdings Inc. ADR (PDD), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: KraneShares and GraniteShares. Their fees differ too: 1.27% for KPDD and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.30 vs -0.70), 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.