KHPI vs. OVLH

Last updated Apr 1, 2026

Compare and contrast key facts about Kensington Hedged Premium Income ETF (KHPI) and Overlay Shares Hedged Large Cap Equity ETF (OVLH).

KHPI and OVLH 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. OVLH is an actively managed fund by Liquid Strategies. It was launched on Jan 14, 2021.

Performance

KHPI vs. OVLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). The values are adjusted to include any dividend payments, if applicable.

KHPI vs. OVLH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	-3.49%	11.14%	4.29%
OVLH Overlay Shares Hedged Large Cap Equity ETF	-3.86%	15.77%	4.76%

Returns By Period

In the year-to-date period, KHPI achieves a -3.49% return, which is significantly higher than OVLH's -3.86% return.

KHPI

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

OVLH

• 1D: 1.31%
• 1M: -3.80%
• YTD: -3.86%
• 6M: -2.62%
• 1Y: 14.39%
• 3Y*: 14.08%
• 5Y*: 8.38%
• 10Y*: —

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

KHPI vs. OVLH - Expense Ratio Comparison

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

KHPI

Kensington Hedged Premium Income ETF

OVLH

Overlay Shares Hedged Large Cap Equity ETF

Return for Risk

KHPI vs. OVLH — 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

OVLH

OVLH Risk / Return Rank: 81
OVLH Sharpe Ratio Rank: 77
OVLH Sortino Ratio Rank: 84
OVLH Omega Ratio Rank: 74
OVLH Calmar Ratio Rank: 83
OVLH Martin Ratio Rank: 86

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. OVLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). 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	OVLH	Difference
Sharpe ratio Return per unit of total volatility	0.97	1.39	-0.42
Sortino ratio Return per unit of downside risk	1.46	2.18	-0.72
Omega ratio Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio Return relative to maximum drawdown	1.64	2.33	-0.69
Martin ratio Return relative to average drawdown	7.34	9.92	-2.58
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. OVLH - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 0.97, which is lower than the OVLH Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of KHPI and OVLH, 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	OVLH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.39	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.76	+0.01

Correlation

The correlation between KHPI and OVLH is 0.81, 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. OVLH - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 9.44%, more than OVLH's 0.31% yield.

	TTM	2025	2024	2023	2022	2021
KHPI Kensington Hedged Premium Income ETF	9.44%	8.90%	3.01%	0.00%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.31%	0.30%	0.32%	0.83%	0.79%	0.40%

Drawdowns

KHPI vs. OVLH - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum OVLH drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for KHPI and OVLH.

Drawdown Indicators

	KHPI	OVLH	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-20.69%	+10.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-6.36%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.69%	—
Current Drawdown Current decline from peak	-5.18%	-5.14%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.27%	-5.16%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.49%	-0.03%

Volatility

KHPI vs. OVLH - Volatility Comparison

Kensington Hedged Premium Income ETF (KHPI) has a higher volatility of 3.18% compared to Overlay Shares Hedged Large Cap Equity ETF (OVLH) at 2.76%. This indicates that KHPI's price experiences larger fluctuations and is considered to be riskier than OVLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHPI	OVLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	2.76%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	6.22%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	10.42%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.79%	11.77%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.79%	11.87%	-2.08%