IQMM vs. KSPY

Last updated Jun 4, 2026

IQMM (ProShares GENIUS Money Market ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both exchange-traded funds - IQMM is a Money Market fund actively managed by ProShares, while KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index. IQMM is actively managed, while KSPY is passively managed. At a correlation of -0.29, they often move in opposite directions. IQMM charges 0.15%/yr vs 0.78%/yr for KSPY.

Performance

IQMM vs. KSPY - Performance Comparison

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

Returns By Period

IQMM

• 1D: 0.01%
• 1M: 0.28%
• YTD: —
• 6M: —
• 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)

IQMM vs. KSPY - Yearly Performance Comparison

	2026 (YTD)
IQMM ProShares GENIUS Money Market ETF	0.98%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	3.67%

Correlation

The correlation between IQMM and KSPY is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026	-0.29

Return for Risk

IQMM 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.

IQMM vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares GENIUS Money Market ETF (IQMM) 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

	IQMM	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	16.18	1.17	+15.02

Drawdowns

IQMM vs. KSPY - Drawdown Comparison

The maximum IQMM drawdown since its inception was -0.02%, smaller than the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for IQMM and KSPY.

Drawdown Indicators

	IQMM	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-0.02%	-11.67%	+11.65%
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	-0.00%	-1.18%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	IQMM	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	0.22%	7.00%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.22%	10.53%	-10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.22%	10.53%	-10.31%

IQMM vs. KSPY - Expense Ratio Comparison

IQMM has a 0.15% expense ratio, which is lower than KSPY's 0.78% expense ratio.

Dividends

IQMM vs. KSPY - Dividend Comparison

IQMM's dividend yield for the trailing twelve months is around 0.94%, less than KSPY's 5.85% yield.

Position	TTM	2025	2024
IQMM ProShares GENIUS Money Market ETF	0.94%	0.00%	0.00%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.85%	6.16%	1.31%

Frequently Asked Questions

Can I hold both IQMM and KSPY in my portfolio?

IQMM and KSPY have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IQMM or KSPY?

On fees, IQMM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQMM or KSPY?

IQMM is cheaper with a 0.15% expense ratio, compared with 0.78% for KSPY.

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

KSPY has the higher dividend yield at 5.85%, compared with 0.94% for IQMM.

What is the main difference between IQMM and KSPY?

IQMM is categorized as Money Market, while KSPY is Equity Hedged. They also come from different issuers: ProShares and KraneShares. Their fees differ too: 0.15% for IQMM and 0.78% for KSPY.