KHPI vs. HYGW
KHPI (Kensington Hedged Premium Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. KHPI is actively managed, while HYGW is passively managed. Over the past year, KHPI returned 12.35% vs 5.90% for HYGW. Their 0.46 correlation means their historical movements had little consistent relationship. KHPI charges 0.96%/yr vs 0.69%/yr for HYGW.
Performance
KHPI vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, KHPI achieves a 6.36% return, which is significantly higher than HYGW's 2.36% return.
KHPI
- 1D
- 0.30%
- 1M
- 0.85%
- 6M
- 5.48%
- YTD
- 6.36%
- 1Y
- 12.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.42%
HYGW
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $480.97K | $636.40K | $814.79K | |
| $2.26M | $2.17M | $2.33M |
KHPI vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KHPI Kensington Hedged Premium Income ETF | 6.36% | 11.14% | 3.90% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.36% | 6.19% | 0.98% |
Correlation
The correlation between KHPI and HYGW is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.46 |
The correlation between KHPI and HYGW has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.
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Return for Risk
KHPI vs. HYGW — Risk / Return Rank
KHPI
HYGW
KHPI vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.42 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.26 | -1.50 |
| Martin ratioReturn relative to average drawdown | 8.03 | 14.57 | -6.53 |
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Drawdowns
KHPI vs. HYGW - Drawdown Comparison
The maximum KHPI drawdown since its inception was -10.58%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for KHPI and HYGW.
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Drawdown Indicators
| KHPI | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.58% | -5.49% | -5.09% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -1.82% | -4.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.21% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -1.19% | -0.59% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 0.41% | +1.02% |
Volatility
KHPI vs. HYGW - Volatility Comparison
Kensington Hedged Premium Income ETF (KHPI) has a higher volatility of 1.49% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that KHPI's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KHPI | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 0.80% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.95% | 2.32% | +3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.56% | 2.92% | +4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.46% | 4.62% | +4.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 4.62% | +4.84% |
KHPI vs. HYGW - Expense Ratio Comparison
KHPI has a 0.96% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
KHPI vs. HYGW - Dividend Comparison
KHPI's dividend yield for the trailing twelve months is around 8.93%, less than HYGW's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.71% | 12.53% | 12.30% | 15.98% | 8.71% |
KHPI Kensington Hedged Premium Income ETF | 8.93% | 8.90% | 3.01% | 0.00% | 0.00% |
Frequently Asked Questions
KHPI and HYGW have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KHPI has higher volatility (1.49%) compared to HYGW (0.80%). In terms of maximum drawdown, KHPI dropped -10.58% vs HYGW's -5.49%.
On 1-year performance, KHPI leads with 12.35% vs 5.90% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KHPI has performed better with a 12.35% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 0.96% for KHPI.
HYGW has the higher dividend yield at 10.71%, compared with 8.93% for KHPI.
They also come from different issuers: Kensington and iShares. Their fees differ too: 0.96% for KHPI and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.03 vs 1.52), 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.
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