KPDD vs. QTAP

Last updated Jul 14, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. KPDD is passively managed, while QTAP is actively managed. Over the past year, KPDD returned -48.40% vs 20.85% for QTAP. At a 0.36 correlation, their price movements are largely independent. KPDD charges 1.27%/yr vs 0.79%/yr for QTAP.

Performance

KPDD vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long PDD Daily ETF (KPDD) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPDD achieves a -51.43% return, which is significantly lower than QTAP's 13.88% return.

KPDD

• 1D: -1.41%
• 1M: 5.28%
• 6M: -55.43%
• YTD: -51.43%
• 1Y: -48.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QTAP

• 1D: -0.59%
• 1M: 0.26%
• 6M: 13.25%
• YTD: 13.88%
• 1Y: 20.85%
• 3Y*: 19.25%
• 5Y*: 12.42%
• 10Y*: —

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

KPDD vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-51.43%	-26.34%
QTAP Innovator Growth Accelerated Plus ETF - April	13.88%	22.58%

Correlation

The correlation between KPDD and QTAP is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.36

KPDD vs. QTAP - Sectors Allocation Comparison

Sectors	KPDD	QTAP
Consumer Cyclical	100.0%	12.5%
Basic Materials	-	1.3%
Communication Services	-	15.8%
Consumer Defensive	-	8.7%
Energy	-	0.7%
Financial Services	-	0.2%
Healthcare	-	5.1%
Industrials	-	3.3%
Real Estate	-	0.1%
Technology	-	50.7%
Utilities	-	1.6%

Return for Risk

KPDD vs. QTAP — 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: 3
KPDD Sortino Ratio Rank: 4
KPDD Omega Ratio Rank: 4
KPDD Calmar Ratio Rank: 4
KPDD Martin Ratio Rank: 3

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 98

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. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	3.38	-4.10
Sortino ratio: Return per unit of downside risk	-0.86	5.45	-6.31
Omega ratio: Gain probability vs. loss probability	0.89	1.83	-0.93
Calmar ratio: Return relative to maximum drawdown	-0.64	8.41	-9.05
Martin ratio: Return relative to average drawdown	-1.17	43.30	-44.48

KPDD vs. QTAP - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.72, which is lower than the QTAP Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of KPDD and QTAP, 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. QTAP - Drawdown Comparison

The maximum KPDD drawdown since its inception was -77.47%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for KPDD and QTAP.

Drawdown Indicators

	KPDD	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-77.47%	-29.44%	-48.03%
Max Drawdown (1Y) Largest decline over 1 year	-75.88%	-2.49%	-73.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	-70.47%	-0.78%	-69.69%
Average Drawdown Average peak-to-trough decline	-39.81%	-4.95%	-34.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.32%	0.48%	+40.84%

Volatility

KPDD vs. QTAP - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 22.97% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.82%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.97%	2.82%	+20.15%
Volatility (6M) Calculated over the trailing 6-month period	53.60%	5.21%	+48.39%
Volatility (1Y) Calculated over the trailing 1-year period	67.58%	6.21%	+61.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.67%	18.92%	+55.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.67%	18.64%	+56.03%

KPDD vs. QTAP - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

KPDD vs. QTAP - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 119.16%, while QTAP has not paid dividends to shareholders.

Position	TTM	2025
KPDD KraneShares 2x Long PDD Daily ETF	119.16%	57.87%
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPDD and QTAP in my portfolio?

KPDD and QTAP have a correlation of 0.35, 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 QTAP?

KPDD has higher volatility (22.97%) compared to QTAP (2.82%). In terms of maximum drawdown, KPDD dropped -77.47% vs QTAP's -29.44%.

Which ETF is better, KPDD or QTAP?

On 1-year performance, QTAP leads with 20.85% vs -48.40% for KPDD. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or QTAP?

Over the 1-year period, QTAP has performed better with a 20.85% return vs -48.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPDD or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 1.27% for KPDD.

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

KPDD has the higher dividend yield at 119.16%, compared with 0.00% for QTAP.

What is the main difference between KPDD and QTAP?

They also come from different issuers: KraneShares and Innovator. Their fees differ too: 1.27% for KPDD and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.38 vs -0.72), 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.