KHPI vs. IVVW

Last updated Apr 1, 2026

Compare and contrast key facts about Kensington Hedged Premium Income ETF (KHPI) and iShares S&P 500 BuyWrite ETF (IVVW).

KHPI and IVVW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KHPI is an actively managed fund by Kensington Asset Management. It was launched on Sep 4, 2024. IVVW is a passively managed fund by iShares that tracks the performance of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. It was launched on Mar 14, 2024.

Performance

KHPI vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

KHPI vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	-3.49%	11.14%	4.29%
IVVW iShares S&P 500 BuyWrite ETF	-1.71%	11.71%	6.09%

Returns By Period

In the year-to-date period, KHPI achieves a -3.49% return, which is significantly lower than IVVW's -1.71% return.

KHPI

• 1D: 1.47%
• 1M: -4.68%
• YTD: -3.49%
• 6M: -0.79%
• 1Y: 10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 2.49%
• 1M: -2.87%
• YTD: -1.71%
• 6M: 3.73%
• 1Y: 13.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHPI vs. IVVW - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is higher than IVVW's 0.25% expense ratio.

KHPI

Kensington Hedged Premium Income ETF

IVVW

iShares S&P 500 BuyWrite ETF

Return for Risk

KHPI vs. IVVW — Risk / Return Rank

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

KHPI

KHPI Risk / Return Rank: 61
KHPI Sharpe Ratio Rank: 54
KHPI Sortino Ratio Rank: 55
KHPI Omega Ratio Rank: 60
KHPI Calmar Ratio Rank: 64
KHPI Martin Ratio Rank: 71

IVVW

IVVW Risk / Return Rank: 62
IVVW Sharpe Ratio Rank: 51
IVVW Sortino Ratio Rank: 55
IVVW Omega Ratio Rank: 76
IVVW Calmar Ratio Rank: 52
IVVW Martin Ratio Rank: 74

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. 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.

	KHPI	IVVW	Difference
Sharpe ratio Return per unit of total volatility	0.97	0.88	+0.09
Sortino ratio Return per unit of downside risk	1.46	1.39	+0.07
Omega ratio Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio Return relative to maximum drawdown	1.64	1.24	+0.39
Martin ratio Return relative to average drawdown	7.34	7.46	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KHPI vs. IVVW - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 0.97, which is comparable to the IVVW Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of KHPI and IVVW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KHPI	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.88	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.85	-0.09

Correlation

The correlation between KHPI and IVVW is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

KHPI vs. IVVW - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 9.44%, less than IVVW's 19.90% yield.

	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	9.44%	8.90%	3.01%
IVVW iShares S&P 500 BuyWrite ETF	19.90%	18.55%	13.72%

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.

Drawdown Indicators

	KHPI	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-16.79%	+6.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-11.21%	+4.66%
Current Drawdown Current decline from peak	-5.18%	-3.47%	-1.71%
Average Drawdown Average peak-to-trough decline	-1.27%	-1.87%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.87%	-0.41%

Volatility

KHPI vs. IVVW - Volatility Comparison

The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 3.18%, while iShares S&P 500 BuyWrite ETF (IVVW) has a volatility of 4.53%. 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.

Volatility by Period

	KHPI	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	4.53%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	6.61%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	15.56%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.79%	13.11%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.79%	13.11%	-3.32%