KPDD vs. PBTP
KPDD (KraneShares 2x Long PDD Daily ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while PBTP is a Inflation-Protected Bonds fund tracking the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). Both are passively managed. Over the past year, KPDD returned -46.58% vs 2.98% for PBTP. Their -0.09 correlation means they have often moved in opposite directions in the past. KPDD charges 1.27%/yr vs 0.07%/yr for PBTP.
Performance
KPDD vs. PBTP - Performance Comparison
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Returns By Period
In the year-to-date period, KPDD achieves a -45.34% return, which is significantly lower than PBTP's 1.84% return.
KPDD
- 1D
- 3.63%
- 1M
- 17.82%
- 6M
- -32.91%
- YTD
- -45.34%
- 1Y
- -46.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -47.94%
PBTP
- 1D
- -0.02%
- 1M
- 0.06%
- 6M
- 1.39%
- YTD
- 1.84%
- 1Y
- 2.98%
- 3Y*
- 4.97%
- 5Y*
- 3.04%
- 10Y*
- —
- ALL TIME*
- 3.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $764.43K | $792.49K | $2.11M | |
| $1.53M | $1.31M | $1.27M |
KPDD vs. PBTP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KPDD KraneShares 2x Long PDD Daily ETF | -45.34% | -26.34% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.84% | 3.73% |
Correlation
The correlation between KPDD and PBTP is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025 | -0.09 |
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Return for Risk
KPDD vs. PBTP — Risk / Return Rank
KPDD
PBTP
KPDD vs. PBTP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). 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 | PBTP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.39 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 3.95 | -4.56 |
| Martin ratioReturn relative to average drawdown | -1.05 | 12.16 | -13.21 |
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Drawdowns
KPDD vs. PBTP - Drawdown Comparison
The maximum KPDD drawdown since its inception was -77.47%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for KPDD and PBTP.
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Drawdown Indicators
| KPDD | PBTP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.47% | -5.44% | -72.03% |
Max Drawdown (1Y)Largest decline over 1 year | -75.88% | -0.76% | -75.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.44% | — |
Current DrawdownCurrent decline from peak | -66.76% | -0.32% | -66.44% |
Average DrawdownAverage peak-to-trough decline | -41.10% | -0.74% | -40.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.45% | 0.25% | +44.20% |
Volatility
KPDD vs. PBTP - Volatility Comparison
KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 15.80% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.37%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KPDD | PBTP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.80% | 0.37% | +15.43% |
Volatility (6M)Calculated over the trailing 6-month period | 52.87% | 1.18% | +51.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.20% | 1.54% | +65.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.03% | 2.84% | +71.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.03% | 2.63% | +71.40% |
KPDD vs. PBTP - Expense Ratio Comparison
KPDD has a 1.27% expense ratio, which is higher than PBTP's 0.07% expense ratio.
Dividends
KPDD vs. PBTP - Dividend Comparison
KPDD's dividend yield for the trailing twelve months is around 105.88%, more than PBTP's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
KPDD KraneShares 2x Long PDD Daily ETF | 105.88% | 57.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.80% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% |
Frequently Asked Questions
KPDD and PBTP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KPDD has higher volatility (15.80%) compared to PBTP (0.37%). In terms of maximum drawdown, KPDD dropped -77.47% vs PBTP's -5.44%.
On 1-year performance, PBTP leads with 2.98% vs -46.58% for KPDD. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PBTP has performed better with a 2.98% return vs -46.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 1.27% for KPDD.
KPDD has the higher dividend yield at 105.88%, compared with 4.80% for PBTP.
KPDD is categorized as Leveraged Equities, while PBTP is Inflation-Protected Bonds. KPDD tracks PDD Holdings Inc. ADR (PDD), while PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y). They also come from different issuers: KraneShares and Invesco. Their fees differ too: 1.27% for KPDD and 0.07% for PBTP.
PBTP currently has the higher Sharpe Ratio (1.95 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.
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