KHPI vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Kensington Hedged Premium Income ETF (KHPI) and Parametric Equity Premium Income ETF (PAPI).

KHPI and PAPI 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. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

KHPI vs. PAPI - Performance Comparison

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

KHPI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	-3.49%	11.14%	4.29%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	-0.13%

Returns By Period

In the year-to-date period, KHPI achieves a -3.49% return, which is significantly lower than PAPI's 8.31% return.

KHPI

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

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHPI vs. PAPI - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is higher than PAPI's 0.29% expense ratio.

KHPI

Kensington Hedged Premium Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

KHPI vs. PAPI — 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

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio Return per unit of total volatility	0.97	0.82	+0.15
Sortino ratio Return per unit of downside risk	1.46	1.23	+0.23
Omega ratio Gain probability vs. loss probability	1.22	1.16	+0.06
Calmar ratio Return relative to maximum drawdown	1.64	1.08	+0.55
Martin ratio Return relative to average drawdown	7.34	4.62	+2.72
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. PAPI - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 0.97, which is comparable to the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of KHPI and PAPI, 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	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.82	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.02	-0.25

Correlation

The correlation between KHPI and PAPI is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KHPI vs. PAPI - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 9.44%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
KHPI Kensington Hedged Premium Income ETF	9.44%	8.90%	3.01%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

KHPI vs. PAPI - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for KHPI and PAPI.

Drawdown Indicators

	KHPI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-14.27%	+3.69%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-11.59%	+5.04%
Current Drawdown Current decline from peak	-5.18%	-2.82%	-2.36%
Average Drawdown Average peak-to-trough decline	-1.27%	-2.57%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.72%	-1.26%

Volatility

KHPI vs. PAPI - Volatility Comparison

Kensington Hedged Premium Income ETF (KHPI) and Parametric Equity Premium Income ETF (PAPI) have volatilities of 3.18% and 3.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHPI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	3.21%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	7.51%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	14.14%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.79%	11.96%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.79%	11.96%	-2.17%