KPDD vs. USO
KPDD (KraneShares 2x Long PDD Daily ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past year, KPDD returned -39.50% vs 101.55% for USO. At a correlation of -0.06, they often move in opposite directions. KPDD charges 1.27%/yr vs 0.86%/yr for USO.
Performance
KPDD vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, KPDD achieves a -49.17% return, which is significantly lower than USO's 103.67% return.
KPDD
- 1D
- -6.41%
- 1M
- -26.78%
- YTD
- -49.17%
- 6M
- -53.13%
- 1Y
- -39.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
KPDD vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KPDD KraneShares 2x Long PDD Daily ETF | -49.17% | -25.58% |
USO United States Oil Fund LP | 103.67% | -5.00% |
Correlation
The correlation between KPDD and USO is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025 | -0.06 |
The correlation between KPDD and USO shifts across timeframes, from -0.16 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KPDD vs. USO — Risk / Return Rank
KPDD
USO
KPDD vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.38 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 5.01 | -5.59 |
| Martin ratioReturn relative to average drawdown | -1.14 | 9.42 | -10.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KPDD | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.61 | 2.31 | -2.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.74 | -0.18 | -0.56 |
Drawdowns
KPDD vs. USO - Drawdown Comparison
The maximum KPDD drawdown since its inception was -70.57%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KPDD and USO.
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Drawdown Indicators
| KPDD | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.57% | -98.19% | +27.62% |
Max Drawdown (1Y)Largest decline over 1 year | -68.49% | -20.39% | -48.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -69.09% | -85.01% | +15.92% |
Average DrawdownAverage peak-to-trough decline | -37.19% | -75.30% | +38.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.59% | 10.82% | +23.77% |
Volatility
KPDD vs. USO - Volatility Comparison
KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 34.05% compared to United States Oil Fund LP (USO) at 14.87%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KPDD | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.05% | 14.87% | +19.18% |
Volatility (6M)Calculated over the trailing 6-month period | 51.37% | 38.23% | +13.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.76% | 44.20% | +20.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.72% | 36.06% | +38.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.72% | 39.00% | +35.72% |
KPDD vs. USO - Expense Ratio Comparison
KPDD has a 1.27% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
KPDD vs. USO - Dividend Comparison
KPDD's dividend yield for the trailing twelve months is around 113.85%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
KPDD KraneShares 2x Long PDD Daily ETF | 113.85% | 57.87% |
USO United States Oil Fund LP | 0.00% | 0.00% |
Frequently Asked Questions
KPDD and USO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KPDD has higher volatility (34.05%) compared to USO (14.87%). In terms of maximum drawdown, KPDD dropped -70.57% vs USO's -98.19%.
On 1-year performance, USO leads with 101.55% vs -39.50% for KPDD. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 101.55% return vs -39.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.27% for KPDD.
KPDD has the higher dividend yield at 113.85%, compared with 0.00% for USO.
KPDD is categorized as Leveraged Equities, while USO is Oil & Gas. KPDD tracks PDD Holdings Inc. ADR (PDD), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: KraneShares and USCF. Their fees differ too: 1.27% for KPDD and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.31 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.
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