KHPI vs. AQRIX

Last updated Jun 24, 2026

KHPI (Kensington Hedged Premium Income ETF) and AQRIX (AQR Multi-Asset Fund) are both funds - KHPI is a Derivative Income fund actively managed by Kensington Asset Management, while AQRIX is a Tactical Allocation fund managed by AQR Funds. Over the past year, KHPI returned 12.71% vs 19.83% for AQRIX. A 0.64 correlation means they provide meaningful diversification when combined. KHPI charges 0.96%/yr vs 0.80%/yr for AQRIX.

Performance

KHPI vs. AQRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) and AQR Multi-Asset Fund (AQRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHPI achieves a 4.52% return, which is significantly lower than AQRIX's 8.96% return.

KHPI

• 1D: -0.69%
• 1M: -0.18%
• YTD: 4.52%
• 6M: 4.13%
• 1Y: 12.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AQRIX

• 1D: -0.31%
• 1M: 0.23%
• YTD: 8.96%
• 6M: 8.87%
• 1Y: 19.83%
• 3Y*: 14.98%
• 5Y*: 8.60%
• 10Y*: 8.39%

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

KHPI vs. AQRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	4.52%	11.14%	3.90%
AQRIX AQR Multi-Asset Fund	8.96%	18.71%	1.48%

Correlation

The correlation between KHPI and AQRIX is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.64

The correlation between KHPI and AQRIX has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

KHPI vs. AQRIX — Risk / Return Rank

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

KHPI

KHPI Risk / Return Rank: 51
KHPI Sharpe Ratio Rank: 53
KHPI Sortino Ratio Rank: 53
KHPI Omega Ratio Rank: 53
KHPI Calmar Ratio Rank: 41
KHPI Martin Ratio Rank: 55

AQRIX

AQRIX Risk / Return Rank: 54
AQRIX Sharpe Ratio Rank: 55
AQRIX Sortino Ratio Rank: 52
AQRIX Omega Ratio Rank: 51
AQRIX Calmar Ratio Rank: 55
AQRIX Martin Ratio Rank: 59

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.

KHPI vs. AQRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and AQR Multi-Asset Fund (AQRIX). 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.

	KHPI	AQRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.02	-0.34
Sortino ratio: Return per unit of downside risk	2.40	2.79	-0.38
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	1.95	2.71	-0.76
Martin ratio: Return relative to average drawdown	8.96	11.13	-2.17

KHPI vs. AQRIX - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 1.68, which is comparable to the AQRIX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of KHPI and AQRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KHPI vs. AQRIX - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum AQRIX drawdown of -19.37%. Use the drawdown chart below to compare losses from any high point for KHPI and AQRIX.

Drawdown Indicators

	KHPI	AQRIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-19.37%	+8.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-7.48%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.37%	—
Current Drawdown Current decline from peak	-1.37%	-1.66%	+0.29%
Average Drawdown Average peak-to-trough decline	-1.23%	-4.81%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	1.81%	-0.39%

Volatility

KHPI vs. AQRIX - Volatility Comparison

The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 2.82%, while AQR Multi-Asset Fund (AQRIX) has a volatility of 3.40%. This indicates that KHPI experiences smaller price fluctuations and is considered to be less risky than AQRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHPI	AQRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	3.40%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	7.99%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	10.02%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.67%	10.71%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.67%	9.83%	-0.16%

KHPI vs. AQRIX - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is higher than AQRIX's 0.80% expense ratio.

Dividends

KHPI vs. AQRIX - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 8.94%, more than AQRIX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQRIX AQR Multi-Asset Fund	3.54%	3.85%	1.72%	2.40%	6.82%	6.39%	1.09%	6.65%	7.36%	10.49%	7.08%	2.51%
KHPI Kensington Hedged Premium Income ETF	8.94%	8.90%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHPI and AQRIX in my portfolio?

KHPI and AQRIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHPI or AQRIX?

AQRIX has higher volatility (3.40%) compared to KHPI (2.82%). In terms of maximum drawdown, KHPI dropped -10.58% vs AQRIX's -19.37%.

Which has better risk-adjusted returns?

AQRIX currently has the higher Sharpe Ratio (2.02 vs 1.68), 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.