Compare (odds=+100, p=52.5%) with (odd=+1,000, p=13.636%) under full-Kelly.
Does higher expected growth always imply lower risk? Isn't one advantage of logarithmic (full-Kelly) utility over quadratic (Markowitz) utility that the former takes into account higher-order moments? As such isn't it possible that due to (let's say) a sufficiently kurtotic outcome distribution the variance of a zero-growth +EV bet might nevertheless be lower than that of a higher growth bet with equivalent EV?