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A K/D ratio is kills divided by deaths. For example, if a player gets 10 kills and 5 deaths in a given game, they have a 2 K/D ratio. It means they got 2 kills before they died each time they spawned (on average). In other words - for every 2 kills they got, they died once.
K/D ratio is not to be confused with K/D spread. K/D spread is a player's (or team's) total kills, minus their deaths. K/D spread is a good metric for single games, while K/D Ratio is a more appropriate metric for a player's career. The reason being is that the more kills a player gets, the less useful K/D spread becomes. For example, a player has 500,000 kills and 470,000 deaths; a spread of +30,000, yet their K/D is close to average. The more a player plays the game, the less useful and less recognisable the K/D spread metric becomes. K/D ratio on the other hand begins to stay fixed the more a player plays, and is much more useful long-term.
The average Halo player's K/D ratio is exactly 1.00 (excluding death by suicide or betrayal), as every kill results in a death. An under 1.00 K/D ratio means a player is dying more than they are killing, whereas an over 1.00 K/D means a player is killing more than they are dying.