KPDD vs. ORLG

Last updated Jul 17, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - KPDD tracks the PDD Holdings Inc. ADR (PDD) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.02, they often move in opposite directions. KPDD charges 1.27%/yr vs 0.75%/yr for ORLG.

Performance

KPDD vs. ORLG - Performance Comparison

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

Returns By Period

KPDD

• 1D: 2.27%
• 1M: 10.57%
• 6M: -42.49%
• YTD: -49.00%
• 1Y: -45.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KPDD vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
KPDD KraneShares 2x Long PDD Daily ETF	-43.00%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between KPDD and ORLG is -0.02, 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 (All Time) Calculated using the full available price history since Jan 15, 2026	-0.02

Return for Risk

KPDD vs. ORLG — 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

ORLG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	—	—
Sortino ratio: Return per unit of downside risk	-0.77	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.61	—	—
Martin ratio: Return relative to average drawdown	-1.10	—	—

Drawdowns

KPDD vs. ORLG - Drawdown Comparison

The maximum KPDD drawdown since its inception was -77.47%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for KPDD and ORLG.

Drawdown Indicators

	KPDD	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-77.47%	-39.93%	-37.54%
Max Drawdown (1Y) Largest decline over 1 year	-75.88%	—	—
Current Drawdown Current decline from peak	-68.99%	-34.91%	-34.08%
Average Drawdown Average peak-to-trough decline	-40.08%	-20.65%	-19.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.97%	—	—

Volatility

Volatility by Period

	KPDD	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	67.29%	59.08%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.48%	59.08%	+15.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.48%	59.08%	+15.40%

KPDD vs. ORLG - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

KPDD vs. ORLG - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 113.46%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025
KPDD KraneShares 2x Long PDD Daily ETF	113.46%	57.87%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPDD and ORLG in my portfolio?

KPDD and ORLG have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPDD or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPDD or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.27% for KPDD.

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

KPDD has the higher dividend yield at 113.46%, compared with 0.00% for ORLG.

What is the main difference between KPDD and ORLG?

KPDD tracks PDD Holdings Inc. ADR (PDD), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: KraneShares and Leverage Shares. Their fees differ too: 1.27% for KPDD and 0.75% for ORLG.