IETH vs. KHPI

Last updated Aug 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and KHPI (Kensington Hedged Premium Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.45 correlation means their historical movements had little consistent relationship. IETH charges 0.97%/yr vs 0.96%/yr for KHPI.

Performance

IETH vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) 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, IETH achieves a -32.43% return, which is significantly lower than KHPI's 7.08% return.

IETH

• 1D: 0.43%
• 1M: 7.22%
• 6M: -14.64%
• YTD: -32.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

KHPI

• 1D: 0.68%
• 1M: 1.53%
• 6M: 5.94%
• YTD: 7.08%
• 1Y: 13.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IETH Bitwise Ethereum Option Income Strategy ETF	$5.90K	$4.22K	$6.65K
KHPI Kensington Hedged Premium Income ETF	$2.41M	$2.13M	$2.32M

IETH vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-32.43%	-27.34%
KHPI Kensington Hedged Premium Income ETF	7.08%	2.36%

Correlation

The correlation between IETH and KHPI is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.45

Return for Risk

IETH vs. KHPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IETH

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

KHPI

KHPI Risk / Return Rank: 69
KHPI Sharpe Ratio Rank: 73
KHPI Sortino Ratio Rank: 74
KHPI Omega Ratio Rank: 74
KHPI Calmar Ratio Rank: 54
KHPI Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IETH vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IETH	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.75	—
Sortino ratio: Return per unit of downside risk	—	2.51	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.01	—
Martin ratio: Return relative to average drawdown	—	9.18	—

Drawdowns

IETH vs. KHPI - Drawdown Comparison

The maximum IETH drawdown since its inception was -59.76%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for IETH and KHPI.

Drawdown Indicators

	IETH	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-10.58%	-49.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.55%	—
Current Drawdown Current decline from peak	-53.29%	0.00%	-53.29%
Average Drawdown Average peak-to-trough decline	-40.45%	-1.19%	-39.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.43%	—

Volatility

Volatility by Period

	IETH	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	57.92%	7.56%	+50.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.92%	9.46%	+48.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.92%	9.46%	+48.46%

IETH vs. KHPI - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is higher than KHPI's 0.96% expense ratio.

Dividends

IETH vs. KHPI - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.82%, more than KHPI's 8.87% yield.

Position	TTM	2025	2024
IETH Bitwise Ethereum Option Income Strategy ETF	46.82%	18.26%	0.00%
KHPI Kensington Hedged Premium Income ETF	8.87%	8.90%	3.01%

Frequently Asked Questions

Can I hold both IETH and KHPI in my portfolio?

IETH and KHPI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IETH or KHPI?

On fees, KHPI is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or KHPI?

KHPI is cheaper with a 0.96% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 46.82%, compared with 8.87% for KHPI.

What is the main difference between IETH and KHPI?

They also come from different issuers: Bitwise and Kensington. Their fees differ too: 0.97% for IETH and 0.96% for KHPI.