HEDG vs. KSPY

Last updated Jun 4, 2026

HEDG (Equable Shares Hedged Equity ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both Equity Hedged funds - HEDG tracks the Actively Managed while KSPY tracks the Hedgeye Hedged Equity Index. Both are passively managed. A 0.76 correlation means they provide meaningful diversification when combined. HEDG charges 0.96%/yr vs 0.78%/yr for KSPY.

Performance

HEDG vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEDG achieves a 2.64% return, which is significantly lower than KSPY's 5.43% return.

HEDG

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.64%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSPY

• 1D: -0.28%
• 1M: 1.96%
• YTD: 5.43%
• 6M: 5.87%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEDG vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.43%	2.63%

Correlation

The correlation between HEDG and KSPY is 0.76, 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 Oct 14, 2025	0.76

HEDG vs. KSPY - Sectors Allocation Comparison

Sectors	HEDG	KSPY
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

HEDG vs. KSPY — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 85
KSPY Sharpe Ratio Rank: 80
KSPY Sortino Ratio Rank: 84
KSPY Omega Ratio Rank: 91
KSPY Calmar Ratio Rank: 80
KSPY Martin Ratio Rank: 91

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.

HEDG vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEDG	KSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.17	+0.44

Drawdowns

HEDG vs. KSPY - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for HEDG and KSPY.

Drawdown Indicators

	HEDG	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-11.67%	+7.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.46%	—
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.18%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	HEDG	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.90%	7.00%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	10.53%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	10.53%	-4.63%

HEDG vs. KSPY - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than KSPY's 0.78% expense ratio.

Dividends

HEDG vs. KSPY - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 1.84%, less than KSPY's 5.85% yield.

Position	TTM	2025	2024
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%	0.00%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.85%	6.16%	1.31%

Frequently Asked Questions

Can I hold both HEDG and KSPY in my portfolio?

HEDG and KSPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or KSPY?

On fees, KSPY is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or KSPY?

KSPY is cheaper with a 0.78% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, HEDG or KSPY?

KSPY has the higher dividend yield at 5.85%, compared with 1.84% for HEDG.

What is the main difference between HEDG and KSPY?

HEDG tracks Actively Managed, while KSPY tracks Hedgeye Hedged Equity Index. They also come from different issuers: Equable Shares and KraneShares. Their fees differ too: 0.96% for HEDG and 0.78% for KSPY.