KPDD vs. USOY

Last updated Jun 4, 2026

KPDD (KraneShares 2x Long PDD Daily ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - KPDD is a Leveraged Equities fund tracking the PDD Holdings Inc. ADR (PDD), while USOY is a Derivative Income fund actively managed by Defiance. KPDD is passively managed, while USOY is actively managed. Over the past year, KPDD returned -39.50% vs 57.29% for USOY. At a correlation of -0.05, they often move in opposite directions. KPDD charges 1.27%/yr vs 1.22%/yr for USOY.

Performance

KPDD vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long PDD Daily ETF (KPDD) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 62.18% return.

KPDD

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KPDD vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
KPDD KraneShares 2x Long PDD Daily ETF	-49.17%	-25.58%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-5.57%

Correlation

The correlation between KPDD and USOY is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.05

Return for Risk

KPDD vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long PDD Daily ETF (KPDD) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	1.89	-2.50
Sortino ratio: Return per unit of downside risk	-0.59	2.30	-2.89
Omega ratio: Gain probability vs. loss probability	0.92	1.35	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.58	4.03	-4.61
Martin ratio: Return relative to average drawdown	-1.14	7.74	-8.88
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. USOY - Sharpe Ratio Comparison

The current KPDD Sharpe Ratio is -0.61, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of KPDD and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	1.89	-2.50
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	0.99	-1.73

Drawdowns

KPDD vs. USOY - Drawdown Comparison

The maximum KPDD drawdown since its inception was -70.57%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for KPDD and USOY.

Drawdown Indicators

	KPDD	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-70.57%	-17.46%	-53.11%
Max Drawdown (1Y) Largest decline over 1 year	-68.49%	-14.29%	-54.20%
Current Drawdown Current decline from peak	-69.09%	-5.11%	-63.98%
Average Drawdown Average peak-to-trough decline	-37.19%	-6.47%	-30.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.59%	7.42%	+27.17%

Volatility

KPDD vs. USOY - Volatility Comparison

KraneShares 2x Long PDD Daily ETF (KPDD) has a higher volatility of 34.05% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that KPDD's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPDD	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.05%	11.62%	+22.43%
Volatility (6M) Calculated over the trailing 6-month period	51.37%	27.18%	+24.19%
Volatility (1Y) Calculated over the trailing 1-year period	64.76%	30.44%	+34.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.72%	26.13%	+48.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.72%	26.13%	+48.59%

KPDD vs. USOY - Expense Ratio Comparison

KPDD has a 1.27% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

KPDD vs. USOY - Dividend Comparison

KPDD's dividend yield for the trailing twelve months is around 113.85%, more than USOY's 54.16% yield.

Position	TTM	2025	2024
KPDD KraneShares 2x Long PDD Daily ETF	113.85%	57.87%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both KPDD and USOY in my portfolio?

KPDD and USOY have a correlation of -0.15, 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 USOY?

KPDD has higher volatility (34.05%) compared to USOY (11.62%). In terms of maximum drawdown, KPDD dropped -70.57% vs USOY's -17.46%.

Which ETF is better, KPDD or USOY?

On 1-year performance, USOY leads with 57.29% vs -39.50% for KPDD. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPDD or USOY?

Over the 1-year period, USOY has performed better with a 57.29% 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 USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.27% for KPDD.

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

KPDD has the higher dividend yield at 113.85%, compared with 54.16% for USOY.

What is the main difference between KPDD and USOY?

KPDD is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: KraneShares and Defiance. Their fees differ too: 1.27% for KPDD and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 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.