KPDD vs. KLIP

Last updated Aug 4, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while KLIP is a China Equities fund actively managed by KraneShares. KPDD is passively managed, while KLIP is actively managed. Over the past year, KPDD returned -46.58% vs -3.11% for KLIP. Their 0.71 correlation means they have sometimes moved together and sometimes differently. KPDD charges 1.27%/yr vs 0.95%/yr for KLIP.

Performance

KPDD vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long PDD Daily ETF (KPDD) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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 KLIP's -6.77% return.

KPDD

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

KLIP

• 1D: 0.35%
• 1M: 6.88%
• 6M: -11.18%
• YTD: -6.77%
• 1Y: -3.11%
• 3Y*: 6.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.52%

*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)
KLIP KraneShares China Internet and Covered Call Strategy ETF	$647.66K	$581.47K	$1.00M
KPDD KraneShares 2x Long PDD Daily ETF	$764.43K	$792.49K	$2.11M

KPDD vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-45.34%	-26.34%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-6.77%	9.18%

Correlation

The correlation between KPDD and KLIP is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.71

The correlation between KPDD and KLIP has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

KPDD vs. KLIP - Sectors Allocation Comparison

Sectors	KPDD	KLIP
Consumer Cyclical	100.0%	34.2%
Basic Materials	-	-
Communication Services	-	45.8%
Consumer Defensive	-	4.0%
Energy	-	-
Financial Services	-	2.0%
Healthcare	-	6.0%
Industrials	-	-
Real Estate	-	3.9%
Technology	-	4.2%
Utilities	-	-

Return for Risk

KPDD vs. KLIP — 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

KLIP

KLIP Risk / Return Rank: 8
KLIP Sharpe Ratio Rank: 8
KLIP Sortino Ratio Rank: 8
KLIP Omega Ratio Rank: 8
KLIP Calmar Ratio Rank: 9
KLIP Martin Ratio Rank: 9

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. KLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-0.19	-0.51
Sortino ratio: Return per unit of downside risk	-0.80	-0.15	-0.65
Omega ratio: Gain probability vs. loss probability	0.90	0.98	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.62	-0.15	-0.47
Martin ratio: Return relative to average drawdown	-1.05	-0.34	-0.71

KPDD vs. KLIP - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.70, which is lower than the KLIP Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of KPDD and KLIP, 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. KLIP - Drawdown Comparison

The maximum KPDD drawdown since its inception was -77.47%, which is greater than KLIP's maximum drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for KPDD and KLIP.

Drawdown Indicators

	KPDD	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-77.47%	-21.48%	-55.99%
Max Drawdown (1Y) Largest decline over 1 year	-75.88%	-21.48%	-54.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.48%	—
Current Drawdown Current decline from peak	-66.76%	-12.12%	-54.64%
Average Drawdown Average peak-to-trough decline	-41.10%	-4.33%	-36.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.45%	9.22%	+35.23%

Volatility

KPDD vs. KLIP - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 15.80% compared to KraneShares China Internet and Covered Call Strategy ETF (KLIP) at 2.37%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.80%	2.37%	+13.43%
Volatility (6M) Calculated over the trailing 6-month period	52.87%	12.99%	+39.88%
Volatility (1Y) Calculated over the trailing 1-year period	67.20%	16.60%	+50.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.03%	17.98%	+56.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.03%	17.98%	+56.05%

KPDD vs. KLIP - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than KLIP's 0.95% expense ratio.

Dividends

KPDD vs. KLIP - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 105.88%, more than KLIP's 27.54% yield.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.54%	25.14%	54.26%	61.22%
KPDD KraneShares 2x Long PDD Daily ETF	105.88%	57.87%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPDD and KLIP in my portfolio?

KPDD and KLIP have a correlation of 0.72, 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 KLIP?

KPDD has higher volatility (15.80%) compared to KLIP (2.37%). In terms of maximum drawdown, KPDD dropped -77.47% vs KLIP's -21.48%.

Which ETF is better, KPDD or KLIP?

On 1-year performance, KLIP leads with -3.11% vs -46.58% for KPDD. On fees, KLIP is cheaper at 0.95% per year. On volatility, KLIP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or KLIP?

Over the 1-year period, KLIP has performed better with a -3.11% 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 KLIP?

KLIP is cheaper with a 0.95% expense ratio, compared with 1.27% for KPDD.

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

KPDD has the higher dividend yield at 105.88%, compared with 27.54% for KLIP.

What is the main difference between KPDD and KLIP?

KPDD is categorized as Leveraged Equities, while KLIP is China Equities. Their fees differ too: 1.27% for KPDD and 0.95% for KLIP.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (-0.19 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.