KPRO vs. BNDD

Last updated Jun 4, 2026

KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KPRO is a Options Trading fund actively managed by KraneShares, while BNDD is a Government Bonds fund actively managed by KraneShares. Both are actively managed. Over the past year, KPRO returned -1.92% vs 3.39% for BNDD. At a 0.03 correlation, their price movements are largely independent. KPRO charges 0.95%/yr vs 1.02%/yr for BNDD.

Performance

KPRO vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) 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, KPRO achieves a -5.12% return, which is significantly lower than BNDD's 4.32% return.

KPRO

• 1D: -0.85%
• 1M: -1.53%
• YTD: -5.12%
• 6M: -9.44%
• 1Y: -1.92%
• 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)

KPRO vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-5.12%	7.79%	12.68%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-3.59%

Correlation

The correlation between KPRO and BNDD is 0.07, 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 (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024	0.03

KPRO vs. BNDD - Sectors Allocation Comparison

Sectors	KPRO	BNDD
Communication Services	40.1%	-
Consumer Cyclical	38.4%	-
Healthcare	6.9%	-
Real Estate	4.8%	-
Consumer Defensive	4.3%	-
Technology	3.6%	-
Financial Services	2.0%	77.7%
Basic Materials	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

KPRO vs. BNDD — Risk / Return Rank

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

KPRO

KPRO Risk / Return Rank: 7
KPRO Sharpe Ratio Rank: 7
KPRO Sortino Ratio Rank: 6
KPRO Omega Ratio Rank: 6
KPRO Calmar Ratio Rank: 7
KPRO Martin Ratio Rank: 7

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.

KPRO vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) 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.

	KPRO	BNDD	Difference
Sharpe ratio Return per unit of total volatility	-0.22	0.32	-0.54
Sortino ratio Return per unit of downside risk	-0.21	0.52	-0.73
Omega ratio Gain probability vs. loss probability	0.96	1.06	-0.10
Calmar ratio Return relative to maximum drawdown	-0.16	0.56	-0.72
Martin ratio Return relative to average drawdown	-0.32	1.20	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KPRO vs. BNDD - Sharpe Ratio Comparison

The current KPRO Sharpe Ratio is -0.22, which is lower than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of KPRO and BNDD, 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

	KPRO	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	0.32	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	-0.33	+1.14

Drawdowns

KPRO vs. BNDD - Drawdown Comparison

The maximum KPRO drawdown since its inception was -11.92%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for KPRO and BNDD.

Drawdown Indicators

	KPRO	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-11.92%	-30.87%	+18.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-6.09%	-5.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-11.91%	-26.51%	+14.60%
Average Drawdown Average peak-to-trough decline	-2.40%	-19.34%	+16.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	2.83%	+3.18%

Volatility

KPRO vs. BNDD - Volatility Comparison

KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) has a higher volatility of 2.71% compared to Quadratic Deflation ETF (BNDD) at 2.21%. This indicates that KPRO's price experiences larger fluctuations and is considered to be riskier than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPRO	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.21%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	8.11%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.86%	10.59%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	13.38%	-5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	13.38%	-5.55%

KPRO vs. BNDD - Expense Ratio Comparison

KPRO has a 0.95% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

KPRO vs. BNDD - Dividend Comparison

KPRO's dividend yield for the trailing twelve months is around 2.79%, less 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%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.79%	2.65%	3.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPRO and BNDD in my portfolio?

KPRO and BNDD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KPRO or BNDD?

KPRO has higher volatility (2.71%) compared to BNDD (2.21%). In terms of maximum drawdown, KPRO dropped -11.92% vs BNDD's -30.87%.

Which ETF is better, KPRO or BNDD?

On 1-year performance, BNDD leads with 3.39% vs -1.92% for KPRO. On fees, KPRO is cheaper at 0.95% per year. On volatility, BNDD has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPRO or BNDD?

Over the 1-year period, BNDD has performed better with a 3.39% return vs -1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPRO or BNDD?

KPRO is cheaper with a 0.95% expense ratio, compared with 1.02% for BNDD.

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

BNDD has the higher dividend yield at 3.61%, compared with 2.79% for KPRO.

What is the main difference between KPRO and BNDD?

KPRO is categorized as Options Trading, while BNDD is Government Bonds. Their fees differ too: 0.95% for KPRO and 1.02% for BNDD.

Which has better risk-adjusted returns?

BNDD currently has the higher Sharpe Ratio (0.32 vs -0.22), 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.