KPRO vs. KBUF

Last updated Jun 3, 2026

KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) are both Options Trading funds from KraneShares. Both are actively managed. Over the past year, KPRO returned -1.05% vs -0.75% for KBUF. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

KPRO vs. KBUF - 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 KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPRO achieves a -4.31% return, which is significantly higher than KBUF's -9.33% return.

KPRO

• 1D: 0.64%
• 1M: -0.76%
• YTD: -4.31%
• 6M: -8.96%
• 1Y: -1.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KBUF

• 1D: 1.93%
• 1M: -1.24%
• YTD: -9.33%
• 6M: -10.07%
• 1Y: -0.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KPRO vs. KBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-4.31%	7.79%	12.68%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.33%	18.04%	16.58%

Correlation

The correlation between KPRO and KBUF is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 9, 2024	0.92

The correlation between KPRO and KBUF has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

KPRO vs. KBUF - Sectors Allocation Comparison

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

Return for Risk

KPRO vs. KBUF — 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: 7
KPRO Omega Ratio Rank: 7
KPRO Calmar Ratio Rank: 8
KPRO Martin Ratio Rank: 8

KBUF

KBUF Risk / Return Rank: 8
KBUF Sharpe Ratio Rank: 8
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

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. KBUF - 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 KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). 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	KBUF	Difference
Sharpe ratio Return per unit of total volatility	-0.12	-0.06	-0.06
Sortino ratio Return per unit of downside risk	-0.09	0.01	-0.10
Omega ratio Gain probability vs. loss probability	0.98	1.00	-0.02
Calmar ratio Return relative to maximum drawdown	-0.07	-0.02	-0.06
Martin ratio Return relative to average drawdown	-0.14	-0.04	-0.11
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. KBUF - Sharpe Ratio Comparison

The current KPRO Sharpe Ratio is -0.12, which is lower than the KBUF Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of KPRO and KBUF, 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	KBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	-0.06	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.71	+0.16

Drawdowns

KPRO vs. KBUF - Drawdown Comparison

The maximum KPRO drawdown since its inception was -11.92%, smaller than the maximum KBUF drawdown of -17.01%. Use the drawdown chart below to compare losses from any high point for KPRO and KBUF.

Drawdown Indicators

	KPRO	KBUF	Difference
Max Drawdown Largest peak-to-trough decline	-11.92%	-17.01%	+5.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-17.01%	+5.09%
Current Drawdown Current decline from peak	-11.16%	-14.68%	+3.52%
Average Drawdown Average peak-to-trough decline	-2.38%	-4.14%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	7.43%	-1.47%

Volatility

KPRO vs. KBUF - Volatility Comparison

The current volatility for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is 2.58%, while KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a volatility of 5.77%. This indicates that KPRO experiences smaller price fluctuations and is considered to be less risky than KBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPRO	KBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	5.77%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	10.30%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	8.82%	12.89%	-4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	14.27%	-6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	14.27%	-6.45%

KPRO vs. KBUF - Expense Ratio Comparison

Both KPRO and KBUF have an expense ratio of 0.95%.

Dividends

KPRO vs. KBUF - Dividend Comparison

KPRO's dividend yield for the trailing twelve months is around 2.77%, less than KBUF's 8.28% yield.

Position	TTM	2025	2024
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.28%	7.51%	3.53%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.77%	2.65%	3.70%

Frequently Asked Questions

Can I hold both KPRO and KBUF in my portfolio?

With a correlation of 0.93, KPRO and KBUF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KPRO or KBUF?

KBUF has higher volatility (5.77%) compared to KPRO (2.58%). In terms of maximum drawdown, KPRO dropped -11.92% vs KBUF's -17.01%.

Which ETF is better, KPRO or KBUF?

On 1-year performance, KBUF leads with -0.75% vs -1.05% for KPRO. Both ETFs have the same 0.95% expense ratio. On volatility, KPRO has been the lower-risk option at 2.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPRO or KBUF?

Over the 1-year period, KBUF has performed better with a -0.75% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPRO or KBUF?

KPRO and KBUF have the same expense ratio: 0.95% per year.

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

KBUF has the higher dividend yield at 8.28%, compared with 2.77% for KPRO.

Which has better risk-adjusted returns?

KBUF currently has the higher Sharpe Ratio (-0.06 vs -0.12), 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.