KPRO vs. PMDE

Last updated Jun 4, 2026

KPRO (KraneShares 100% KWEB Defined Outcome January 2026 ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - KPRO is a Options Trading fund actively managed by KraneShares, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). KPRO is actively managed, while PMDE is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. KPRO charges 0.95%/yr vs 0.50%/yr for PMDE.

Performance

KPRO vs. PMDE - 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 PGIM S&P 500 Max Buffer ETF - December (PMDE). 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 PMDE's 2.61% return.

KPRO

• 1D: -0.85%
• 1M: -1.53%
• YTD: -5.12%
• 6M: -9.44%
• 1Y: -1.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.06%
• 1M: 0.86%
• YTD: 2.61%
• 6M: 2.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KPRO vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-5.12%	-5.05%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.61%	0.46%

Correlation

The correlation between KPRO and PMDE is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 2, 2025	0.54

Return for Risk

KPRO vs. PMDE — 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

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. PMDE - 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 PGIM S&P 500 Max Buffer ETF - December (PMDE). 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	PMDE	Difference
Sharpe ratio Return per unit of total volatility	-0.22	—	—
Sortino ratio Return per unit of downside risk	-0.21	—	—
Omega ratio Gain probability vs. loss probability	0.96	—	—
Calmar ratio Return relative to maximum drawdown	-0.16	—	—
Martin ratio Return relative to average drawdown	-0.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KPRO	PMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	2.54	-1.72

Drawdowns

KPRO vs. PMDE - Drawdown Comparison

The maximum KPRO drawdown since its inception was -11.92%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for KPRO and PMDE.

Drawdown Indicators

	KPRO	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-11.92%	-1.59%	-10.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	—	—
Current Drawdown Current decline from peak	-11.91%	-0.06%	-11.85%
Average Drawdown Average peak-to-trough decline	-2.40%	-0.26%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	—	—

Volatility

Volatility by Period

	KPRO	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.86%	2.47%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	2.47%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	2.47%	+5.36%

KPRO vs. PMDE - Expense Ratio Comparison

KPRO has a 0.95% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

KPRO vs. PMDE - Dividend Comparison

KPRO's dividend yield for the trailing twelve months is around 2.79%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.79%	2.65%	3.70%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KPRO and PMDE in my portfolio?

KPRO and PMDE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KPRO or PMDE?

On fees, PMDE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KPRO or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.95% for KPRO.

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

KPRO has the higher dividend yield at 2.79%, compared with 0.00% for PMDE.

What is the main difference between KPRO and PMDE?

KPRO is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: KraneShares and PGIM. Their fees differ too: 0.95% for KPRO and 0.50% for PMDE.