KPDD vs. KPRO

Last updated Jun 4, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while KPRO is a Options Trading fund actively managed by KraneShares. KPDD is passively managed, while KPRO is actively managed. Over the past year, KPDD returned -39.50% vs -1.92% for KPRO. A 0.60 correlation means they provide meaningful diversification when combined. KPDD charges 1.27%/yr vs 0.95%/yr for KPRO.

Performance

KPDD vs. KPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long PDD Daily ETF (KPDD) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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 KPRO's -5.12% return.

KPDD

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

KPRO

• 1D: -0.85%
• 1M: -1.53%
• YTD: -5.12%
• 6M: -9.44%
• 1Y: -1.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KPDD vs. KPRO - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-49.17%	-25.58%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-5.12%	3.39%

Correlation

The correlation between KPDD and KPRO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.60

The correlation between KPDD and KPRO has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

KPDD vs. KPRO - Sectors Allocation Comparison

Sectors	KPDD	KPRO
Consumer Cyclical	100.0%	38.4%
Basic Materials	-	-
Communication Services	-	40.1%
Consumer Defensive	-	4.3%
Energy	-	-
Financial Services	-	2.0%
Healthcare	-	6.9%
Industrials	-	-
Real Estate	-	4.8%
Technology	-	3.6%
Utilities	-	-

Return for Risk

KPDD vs. KPRO — 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

KPRO

KPRO Risk / Return Rank: 7
KPRO Sharpe Ratio Rank: 7
KPRO Sortino Ratio Rank: 6
KPRO Omega Ratio Rank: 6
KPRO Calmar Ratio Rank: 7
KPRO Martin Ratio Rank: 7

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. KPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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	KPRO	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	-0.22	-0.40
Sortino ratio: Return per unit of downside risk	-0.59	-0.21	-0.38
Omega ratio: Gain probability vs. loss probability	0.92	0.96	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.58	-0.16	-0.42
Martin ratio: Return relative to average drawdown	-1.14	-0.32	-0.82
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. KPRO - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.61, which is lower than the KPRO Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of KPDD and KPRO, 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	KPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	-0.22	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	0.81	-1.55

Drawdowns

KPDD vs. KPRO - Drawdown Comparison

The maximum KPDD drawdown since its inception was -70.57%, which is greater than KPRO's maximum drawdown of -11.92%. Use the drawdown chart below to compare losses from any high point for KPDD and KPRO.

Drawdown Indicators

	KPDD	KPRO	Difference
Max Drawdown Largest peak-to-trough decline	-70.57%	-11.92%	-58.65%
Max Drawdown (1Y) Largest decline over 1 year	-68.49%	-11.92%	-56.57%
Current Drawdown Current decline from peak	-69.09%	-11.91%	-57.18%
Average Drawdown Average peak-to-trough decline	-37.19%	-2.40%	-34.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.59%	6.01%	+28.58%

Volatility

KPDD vs. KPRO - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 34.05% compared to KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) at 2.71%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than KPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	KPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.05%	2.71%	+31.34%
Volatility (6M) Calculated over the trailing 6-month period	51.37%	7.98%	+43.39%
Volatility (1Y) Calculated over the trailing 1-year period	64.76%	8.86%	+55.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.72%	7.83%	+66.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.72%	7.83%	+66.89%

KPDD vs. KPRO - Expense Ratio Comparison

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

Dividends

KPDD vs. KPRO - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 113.85%, more than KPRO's 2.79% yield.

Position	TTM	2025	2024
KPDD KraneShares 2x Long PDD Daily ETF	113.85%	57.87%	0.00%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.79%	2.65%	3.70%

Frequently Asked Questions

Can I hold both KPDD and KPRO in my portfolio?

KPDD and KPRO have a correlation of 0.63, 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 KPRO?

KPDD has higher volatility (34.05%) compared to KPRO (2.71%). In terms of maximum drawdown, KPDD dropped -70.57% vs KPRO's -11.92%.

Which ETF is better, KPDD or KPRO?

On 1-year performance, KPRO leads with -1.92% vs -39.50% for KPDD. On fees, KPRO is cheaper at 0.95% per year. On volatility, KPRO has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or KPRO?

Over the 1-year period, KPRO has performed better with a -1.92% 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 KPRO?

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

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

KPDD has the higher dividend yield at 113.85%, compared with 2.79% for KPRO.

What is the main difference between KPDD and KPRO?

KPDD is categorized as Leveraged Equities, while KPRO is Options Trading. Their fees differ too: 1.27% for KPDD and 0.95% for KPRO.

Which has better risk-adjusted returns?

KPRO currently has the higher Sharpe Ratio (-0.22 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.