KPDD vs. KHYB

Last updated Jun 24, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and KHYB (KraneShares Asia Pacific High Income Bond ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Both are passively managed. Over the past year, KPDD returned -54.87% vs 9.47% for KHYB. At a 0.32 correlation, their price movements are largely independent. KPDD charges 1.27%/yr vs 0.69%/yr for KHYB.

Performance

KPDD vs. KHYB - Performance Comparison

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

Returns By Period

In the year-to-date period, KPDD achieves a -59.53% return, which is significantly lower than KHYB's 2.54% return.

KPDD

• 1D: -3.93%
• 1M: -36.48%
• YTD: -59.53%
• 6M: -58.74%
• 1Y: -54.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHYB

• 1D: -0.15%
• 1M: 0.82%
• YTD: 2.54%
• 6M: 2.56%
• 1Y: 9.47%
• 3Y*: 8.35%
• 5Y*: 0.15%
• 10Y*: —

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

KPDD vs. KHYB - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-59.53%	-26.34%
KHYB KraneShares Asia Pacific High Income Bond ETF	2.54%	7.57%

Correlation

The correlation between KPDD and KHYB is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.32

Return for Risk

KPDD vs. KHYB — Risk / Return Rank

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

KPDD

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

KHYB

KHYB Risk / Return Rank: 78
KHYB Sharpe Ratio Rank: 89
KHYB Sortino Ratio Rank: 93
KHYB Omega Ratio Rank: 94
KHYB Calmar Ratio Rank: 52
KHYB Martin Ratio Rank: 63

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. KHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and KraneShares Asia Pacific High Income Bond ETF (KHYB). 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	KHYB	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	2.77	-3.61
Sortino ratio: Return per unit of downside risk	-1.17	4.29	-5.46
Omega ratio: Gain probability vs. loss probability	0.86	1.62	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.75	2.40	-3.14
Martin ratio: Return relative to average drawdown	-1.44	10.74	-12.19

KPDD vs. KHYB - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.85, which is lower than the KHYB Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of KPDD and KHYB, 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. KHYB - Drawdown Comparison

The maximum KPDD drawdown since its inception was -75.39%, which is greater than KHYB's maximum drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for KPDD and KHYB.

Drawdown Indicators

	KPDD	KHYB	Difference
Max Drawdown Largest peak-to-trough decline	-75.39%	-33.63%	-41.76%
Max Drawdown (1Y) Largest decline over 1 year	-73.65%	-3.97%	-69.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.72%	—
Current Drawdown Current decline from peak	-75.39%	-0.58%	-74.81%
Average Drawdown Average peak-to-trough decline	-38.48%	-9.65%	-28.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.06%	0.88%	+37.18%

Volatility

KPDD vs. KHYB - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 29.22% compared to KraneShares Asia Pacific High Income Bond ETF (KHYB) at 0.88%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than KHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	KHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.22%	0.88%	+28.34%
Volatility (6M) Calculated over the trailing 6-month period	51.47%	3.08%	+48.39%
Volatility (1Y) Calculated over the trailing 1-year period	65.09%	3.44%	+61.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	6.33%	+67.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.78%	5.70%	+68.08%

KPDD vs. KHYB - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than KHYB's 0.69% expense ratio.

Dividends

KPDD vs. KHYB - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 142.99%, more than KHYB's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KHYB KraneShares Asia Pacific High Income Bond ETF	8.13%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%
KPDD KraneShares 2x Long PDD Daily ETF	142.99%	57.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPDD and KHYB in my portfolio?

KPDD and KHYB have a correlation of 0.29, 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 KHYB?

KPDD has higher volatility (29.22%) compared to KHYB (0.88%). In terms of maximum drawdown, KPDD dropped -75.39% vs KHYB's -33.63%.

Which ETF is better, KPDD or KHYB?

On 1-year performance, KHYB leads with 9.47% vs -54.87% for KPDD. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or KHYB?

Over the 1-year period, KHYB has performed better with a 9.47% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPDD or KHYB?

KHYB is cheaper with a 0.69% expense ratio, compared with 1.27% for KPDD.

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

KPDD has the higher dividend yield at 142.99%, compared with 8.13% for KHYB.

What is the main difference between KPDD and KHYB?

KPDD is categorized as Leveraged Equities, while KHYB is Emerging Markets Bonds. KPDD tracks PDD Holdings Inc. ADR (PDD), while KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index.. Their fees differ too: 1.27% for KPDD and 0.69% for KHYB.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (2.77 vs -0.85), 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.