KHPI vs. IVVW
KHPI (Kensington Hedged Premium Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. KHPI is actively managed, while IVVW is passively managed. Over the past year, KHPI returned 11.89% vs 17.89% for IVVW. A 0.77 correlation means they provide meaningful diversification when combined. KHPI charges 0.96%/yr vs 0.25%/yr for IVVW.
Performance
KHPI vs. IVVW - Performance Comparison
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Returns By Period
In the year-to-date period, KHPI achieves a 5.95% return, which is significantly lower than IVVW's 6.45% return.
KHPI
- 1D
- -0.15%
- 1M
- 1.21%
- 6M
- 5.38%
- YTD
- 5.95%
- 1Y
- 11.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVVW
- 1D
- -0.45%
- 1M
- 1.92%
- 6M
- 5.75%
- YTD
- 6.45%
- 1Y
- 17.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KHPI vs. IVVW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KHPI Kensington Hedged Premium Income ETF | 5.95% | 11.14% | 3.90% |
IVVW iShares S&P 500 BuyWrite ETF | 6.45% | 11.71% | 5.85% |
Correlation
The correlation between KHPI and IVVW 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 (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.77 |
The correlation between KHPI and IVVW has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.
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Return for Risk
KHPI vs. IVVW — Risk / Return Rank
KHPI
IVVW
KHPI vs. IVVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and iShares S&P 500 BuyWrite ETF (IVVW). 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 | IVVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.47 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 3.09 | -1.27 |
| Martin ratioReturn relative to average drawdown | 8.33 | 16.40 | -8.07 |
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Drawdowns
KHPI vs. IVVW - Drawdown Comparison
The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for KHPI and IVVW.
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Drawdown Indicators
| KHPI | IVVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.58% | -16.79% | +6.21% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -5.81% | -0.74% |
Current DrawdownCurrent decline from peak | -0.15% | -0.45% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -1.70% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 1.09% | +0.34% |
Volatility
KHPI vs. IVVW - Volatility Comparison
The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 1.88%, while iShares S&P 500 BuyWrite ETF (IVVW) has a volatility of 2.98%. This indicates that KHPI experiences smaller price fluctuations and is considered to be less risky than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KHPI | IVVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 2.98% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 7.07% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.53% | 8.18% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 12.60% | -3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.55% | 12.60% | -3.05% |
KHPI vs. IVVW - Expense Ratio Comparison
KHPI has a 0.96% expense ratio, which is higher than IVVW's 0.25% expense ratio.
Dividends
KHPI vs. IVVW - Dividend Comparison
KHPI's dividend yield for the trailing twelve months is around 8.90%, less than IVVW's 19.13% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.13% | 18.55% | 13.72% |
KHPI Kensington Hedged Premium Income ETF | 8.90% | 8.90% | 3.01% |
Frequently Asked Questions
KHPI and IVVW 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.
IVVW has higher volatility (2.98%) compared to KHPI (1.88%). In terms of maximum drawdown, KHPI dropped -10.58% vs IVVW's -16.79%.
On 1-year performance, IVVW leads with 17.89% vs 11.89% for KHPI. On fees, IVVW is cheaper at 0.25% per year. On volatility, KHPI has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVW has performed better with a 17.89% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.96% for KHPI.
IVVW has the higher dividend yield at 19.13%, compared with 8.90% for KHPI.
They also come from different issuers: Kensington Asset Management and iShares. Their fees differ too: 0.96% for KHPI and 0.25% for IVVW.
IVVW currently has the higher Sharpe Ratio (2.20 vs 1.59), 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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