KPHO vs. BNDD

Last updated Jun 4, 2026

KPHO (KraneShares Dragon Capital Vietnam Growth Index ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KPHO is a Emerging Markets Equities fund tracking the Dragon Capital Merqube Vietnam Growth Index, while BNDD is a Government Bonds fund actively managed by KraneShares. KPHO is passively managed, while BNDD is actively managed. At a 0.01 correlation, their price movements are largely independent. KPHO charges 1.03%/yr vs 1.02%/yr for BNDD.

Performance

KPHO vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPHO achieves a -6.83% return, which is significantly lower than BNDD's 4.32% return.

KPHO

• 1D: -0.11%
• 1M: -2.98%
• YTD: -6.83%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

KPHO vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	-6.83%	9.78%
BNDD Quadratic Deflation ETF	4.32%	-1.97%

Correlation

The correlation between KPHO and BNDD is 0.01, 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 Dec 5, 2025	0.01

Return for Risk

KPHO vs. BNDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

KPHO vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO) and Quadratic Deflation ETF (BNDD). 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.

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

Sharpe Ratios by Period

	KPHO	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-0.33	+0.49

Drawdowns

KPHO vs. BNDD - Drawdown Comparison

The maximum KPHO drawdown since its inception was -14.34%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for KPHO and BNDD.

Drawdown Indicators

	KPHO	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-30.87%	+16.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-11.98%	-26.51%	+14.53%
Average Drawdown Average peak-to-trough decline	-5.83%	-19.34%	+13.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.83%	—

Volatility

Volatility by Period

	KPHO	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.80%	10.59%	+18.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.80%	13.38%	+15.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	13.38%	+15.42%

KPHO vs. BNDD - Expense Ratio Comparison

KPHO has a 1.03% expense ratio, which is higher than BNDD's 1.02% expense ratio.

Dividends

KPHO vs. BNDD - Dividend Comparison

KPHO's dividend yield for the trailing twelve months is around 11.16%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
KPHO KraneShares Dragon Capital Vietnam Growth Index ETF	11.16%	10.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPHO and BNDD in my portfolio?

KPHO and BNDD have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPHO or BNDD?

On fees, BNDD is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPHO or BNDD?

BNDD is cheaper with a 1.02% expense ratio, compared with 1.03% for KPHO.

Which ETF pays a higher dividend yield, KPHO or BNDD?

KPHO has the higher dividend yield at 11.16%, compared with 3.61% for BNDD.

What is the main difference between KPHO and BNDD?

KPHO is categorized as Emerging Markets Equities, while BNDD is Government Bonds. Their fees differ too: 1.03% for KPHO and 1.02% for BNDD.