KPRO vs. KLIP

Last updated Jun 23, 2026

KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both Options Trading funds. Over the past year, KPRO returned -3.65% vs -5.67% for KLIP. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

KPRO vs. KLIP - 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 China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KPRO achieves a -6.09% return, which is significantly higher than KLIP's -12.64% return.

KPRO

• 1D: -0.22%
• 1M: -1.11%
• YTD: -6.09%
• 6M: -11.80%
• 1Y: -3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KLIP

• 1D: -0.80%
• 1M: -3.96%
• YTD: -12.64%
• 6M: -14.80%
• 1Y: -5.67%
• 3Y*: 6.07%
• 5Y*: —
• 10Y*: —

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

KPRO vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-6.09%	7.79%	11.98%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-12.64%	16.92%	10.11%

Correlation

The correlation between KPRO and KLIP is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.83

The correlation between KPRO and KLIP has been stable across timeframes, ranging from 0.83 to 0.83 - a consistent structural relationship.

Return for Risk

KPRO vs. KLIP — Risk / Return Rank

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

KPRO

KPRO Risk / Return Rank: 5
KPRO Sharpe Ratio Rank: 5
KPRO Sortino Ratio Rank: 5
KPRO Omega Ratio Rank: 4
KPRO Calmar Ratio Rank: 6
KPRO Martin Ratio Rank: 6

KLIP

KLIP Risk / Return Rank: 5
KLIP Sharpe Ratio Rank: 6
KLIP Sortino Ratio Rank: 5
KLIP Omega Ratio Rank: 5
KLIP Calmar Ratio Rank: 6
KLIP Martin Ratio Rank: 5

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. KLIP - 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 China Internet and Covered Call Strategy ETF (KLIP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KPRO	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.35	-0.06
Sortino ratio: Return per unit of downside risk	-0.45	-0.38	-0.06
Omega ratio: Gain probability vs. loss probability	0.92	0.95	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.29	-0.32	+0.04
Martin ratio: Return relative to average drawdown	-0.56	-0.76	+0.20

KPRO vs. KLIP - Sharpe Ratio Comparison

The current KPRO Sharpe Ratio is -0.41, which is comparable to the KLIP Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of KPRO and KLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KPRO vs. KLIP - Drawdown Comparison

The maximum KPRO drawdown since its inception was -12.81%, smaller than the maximum KLIP drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for KPRO and KLIP.

Drawdown Indicators

	KPRO	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-12.81%	-18.61%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-17.65%	+4.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.61%	—
Current Drawdown Current decline from peak	-12.81%	-17.65%	+4.84%
Average Drawdown Average peak-to-trough decline	-2.59%	-3.95%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	7.49%	-0.91%

Volatility

KPRO vs. KLIP - Volatility Comparison

The current volatility for KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is 1.54%, while KraneShares China Internet and Covered Call Strategy ETF (KLIP) has a volatility of 5.80%. This indicates that KPRO experiences smaller price fluctuations and is considered to be less risky than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KPRO	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	5.80%	-4.26%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	13.09%	-5.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	16.12%	-7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.78%	18.10%	-10.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.78%	18.10%	-10.32%

KPRO vs. KLIP - Expense Ratio Comparison

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

Dividends

KPRO vs. KLIP - Dividend Comparison

KPRO's dividend yield for the trailing twelve months is around 2.82%, less than KLIP's 29.68% yield.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	29.68%	25.14%	54.26%	61.22%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.82%	2.65%	3.70%	0.00%

Frequently Asked Questions

Can I hold both KPRO and KLIP in my portfolio?

KPRO and KLIP have a correlation of 0.83, 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 KLIP?

KLIP has higher volatility (5.80%) compared to KPRO (1.54%). In terms of maximum drawdown, KPRO dropped -12.81% vs KLIP's -18.61%.

Which ETF is better, KPRO or KLIP?

On 1-year performance, KPRO leads with -3.65% vs -5.67% for KLIP. Both ETFs have the same 0.95% expense ratio. On volatility, KPRO has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KPRO or KLIP?

Over the 1-year period, KPRO has performed better with a -3.65% return vs -5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KPRO or KLIP?

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

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

KLIP has the higher dividend yield at 29.68%, compared with 2.82% for KPRO.

What is the main difference between KPRO and KLIP?

They also come from different issuers: KraneShares and CICC.

Which has better risk-adjusted returns?

KLIP currently has the higher Sharpe Ratio (-0.35 vs -0.41), 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.