FIVY vs. KHPI

Last updated Jun 4, 2026

FIVY (YieldMax Dorsey Wright Hybrid 5 Income ETF) and KHPI (Kensington Hedged Premium Income ETF) are both Derivative Income funds. FIVY is passively managed, while KHPI is actively managed. Over the past year, FIVY returned -6.42% vs 15.09% for KHPI. A 0.58 correlation means they provide meaningful diversification when combined. FIVY charges 0.88%/yr vs 0.96%/yr for KHPI.

Performance

FIVY vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) and Kensington Hedged Premium Income ETF (KHPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIVY achieves a -6.31% return, which is significantly lower than KHPI's 5.45% return.

FIVY

• 1D: -1.54%
• 1M: -1.09%
• YTD: -6.31%
• 6M: -9.72%
• 1Y: -6.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHPI

• 1D: -0.50%
• 1M: 2.40%
• YTD: 5.45%
• 6M: 4.74%
• 1Y: 15.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIVY vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	-6.31%	-1.07%	-9.94%
KHPI Kensington Hedged Premium Income ETF	5.45%	11.14%	-0.61%

Correlation

The correlation between FIVY and KHPI 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 (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.58

The correlation between FIVY and KHPI has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.

Return for Risk

FIVY vs. KHPI — Risk / Return Rank

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

FIVY

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

KHPI

KHPI Risk / Return Rank: 60
KHPI Sharpe Ratio Rank: 62
KHPI Sortino Ratio Rank: 65
KHPI Omega Ratio Rank: 64
KHPI Calmar Ratio Rank: 48
KHPI Martin Ratio Rank: 61

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.

FIVY vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) and Kensington Hedged Premium Income ETF (KHPI). 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.

	FIVY	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	2.10	-2.31
Sortino ratio: Return per unit of downside risk	-0.09	3.02	-3.11
Omega ratio: Gain probability vs. loss probability	0.99	1.39	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.20	2.31	-2.51
Martin ratio: Return relative to average drawdown	-0.41	10.89	-11.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIVY vs. KHPI - Sharpe Ratio Comparison

The current FIVY Sharpe Ratio is -0.21, which is lower than the KHPI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FIVY and KHPI, 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

	FIVY	KHPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	2.10	-2.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	1.28	-1.64

Drawdowns

FIVY vs. KHPI - Drawdown Comparison

The maximum FIVY drawdown since its inception was -32.77%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for FIVY and KHPI.

Drawdown Indicators

	FIVY	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-32.77%	-10.58%	-22.19%
Max Drawdown (1Y) Largest decline over 1 year	-32.77%	-6.55%	-26.22%
Current Drawdown Current decline from peak	-20.05%	-0.50%	-19.55%
Average Drawdown Average peak-to-trough decline	-13.11%	-1.23%	-11.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.84%	1.39%	+14.45%

Volatility

FIVY vs. KHPI - Volatility Comparison

YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) has a higher volatility of 7.47% compared to Kensington Hedged Premium Income ETF (KHPI) at 2.20%. This indicates that FIVY's price experiences larger fluctuations and is considered to be riskier than KHPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVY	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	2.20%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	5.49%	+15.70%
Volatility (1Y) Calculated over the trailing 1-year period	30.28%	7.24%	+23.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.80%	9.61%	+23.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.80%	9.61%	+23.19%

FIVY vs. KHPI - Expense Ratio Comparison

FIVY has a 0.88% expense ratio, which is lower than KHPI's 0.96% expense ratio.

Dividends

FIVY vs. KHPI - Dividend Comparison

FIVY's dividend yield for the trailing twelve months is around 50.96%, more than KHPI's 8.86% yield.

Position	TTM	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	50.96%	46.51%	0.00%
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%

Frequently Asked Questions

Can I hold both FIVY and KHPI in my portfolio?

FIVY and KHPI 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 is riskier, FIVY or KHPI?

FIVY has higher volatility (7.47%) compared to KHPI (2.20%). In terms of maximum drawdown, FIVY dropped -32.77% vs KHPI's -10.58%.

Which ETF is better, FIVY or KHPI?

On 1-year performance, KHPI leads with 15.09% vs -6.42% for FIVY. On fees, FIVY is cheaper at 0.88% per year. On volatility, KHPI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVY or KHPI?

Over the 1-year period, KHPI has performed better with a 15.09% return vs -6.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVY or KHPI?

FIVY is cheaper with a 0.88% expense ratio, compared with 0.96% for KHPI.

Which ETF pays a higher dividend yield, FIVY or KHPI?

FIVY has the higher dividend yield at 50.96%, compared with 8.86% for KHPI.

What is the main difference between FIVY and KHPI?

They also come from different issuers: YieldMax and Kensington Asset Management. Their fees differ too: 0.88% for FIVY and 0.96% for KHPI.

Which has better risk-adjusted returns?

KHPI currently has the higher Sharpe Ratio (2.10 vs -0.21), 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.