KHPI vs. RYLD

Last updated Aug 1, 2026

KHPI (Kensington Hedged Premium Income ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both Derivative Income funds. KHPI is actively managed, while RYLD is passively managed. Over the past year, KHPI returned 12.35% vs 24.93% for RYLD. Their 0.65 correlation means they have sometimes moved together and sometimes differently. KHPI charges 0.96%/yr vs 0.60%/yr for RYLD.

Performance

KHPI vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHPI achieves a 6.36% return, which is significantly lower than RYLD's 12.29% return.

KHPI

• 1D: 0.30%
• 1M: 0.85%
• 6M: 5.48%
• YTD: 6.36%
• 1Y: 12.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.42%

RYLD

• 1D: -0.19%
• 1M: 1.19%
• 6M: 10.16%
• YTD: 12.29%
• 1Y: 24.93%
• 3Y*: 8.04%
• 5Y*: 3.15%
• 10Y*: —
• ALL TIME*: 5.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KHPI Kensington Hedged Premium Income ETF	$2.26M	$2.17M	$2.33M
RYLD Global X Russell 2000 Covered Call ETF	$10.07M	$9.36M	$9.08M

KHPI vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	6.36%	11.14%	3.90%
RYLD Global X Russell 2000 Covered Call ETF	12.29%	5.65%	6.39%

Correlation

The correlation between KHPI and RYLD is 0.65, 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.	0.65
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.65

The correlation between KHPI and RYLD has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

KHPI vs. RYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KHPI

KHPI Risk / Return Rank: 63
KHPI Sharpe Ratio Rank: 67
KHPI Sortino Ratio Rank: 67
KHPI Omega Ratio Rank: 67
KHPI Calmar Ratio Rank: 48
KHPI Martin Ratio Rank: 66

RYLD

RYLD Risk / Return Rank: 90
RYLD Sharpe Ratio Rank: 89
RYLD Sortino Ratio Rank: 89
RYLD Omega Ratio Rank: 92
RYLD Calmar Ratio Rank: 89
RYLD Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KHPI vs. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and Global X Russell 2000 Covered Call ETF (RYLD). 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	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.17	-0.64
Sortino ratio: Return per unit of downside risk	2.19	3.05	-0.87
Omega ratio: Gain probability vs. loss probability	1.28	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	1.76	3.67	-1.91
Martin ratio: Return relative to average drawdown	8.03	15.02	-6.99

KHPI vs. RYLD - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 1.52, which is comparable to the RYLD Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of KHPI and RYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KHPI vs. RYLD - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for KHPI and RYLD.

Drawdown Indicators

	KHPI	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-41.53%	+30.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-6.29%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.33%	—
Current Drawdown Current decline from peak	-0.08%	-0.37%	+0.29%
Average Drawdown Average peak-to-trough decline	-1.19%	-8.65%	+7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	1.54%	-0.11%

Volatility

KHPI vs. RYLD - Volatility Comparison

The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 1.49%, while Global X Russell 2000 Covered Call ETF (RYLD) has a volatility of 2.07%. This indicates that KHPI experiences smaller price fluctuations and is considered to be less risky than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHPI	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	2.07%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	7.73%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.56%	10.67%	-3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	13.97%	-4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	17.04%	-7.58%

KHPI vs. RYLD - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is higher than RYLD's 0.60% expense ratio.

Dividends

KHPI vs. RYLD - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 8.93%, less than RYLD's 11.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KHPI Kensington Hedged Premium Income ETF	8.93%	8.90%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%
RYLD Global X Russell 2000 Covered Call ETF	11.62%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%

Frequently Asked Questions

Can I hold both KHPI and RYLD in my portfolio?

KHPI and RYLD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHPI or RYLD?

RYLD has higher volatility (2.07%) compared to KHPI (1.49%). In terms of maximum drawdown, KHPI dropped -10.58% vs RYLD's -41.53%.

Which ETF is better, KHPI or RYLD?

On 1-year performance, RYLD leads with 24.93% vs 12.35% for KHPI. On fees, RYLD is cheaper at 0.60% per year. On volatility, KHPI has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHPI or RYLD?

Over the 1-year period, RYLD has performed better with a 24.93% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHPI or RYLD?

RYLD is cheaper with a 0.60% expense ratio, compared with 0.96% for KHPI.

Which ETF pays a higher dividend yield, KHPI or RYLD?

RYLD has the higher dividend yield at 11.62%, compared with 8.93% for KHPI.

What is the main difference between KHPI and RYLD?

They also come from different issuers: Kensington and Global X. Their fees differ too: 0.96% for KHPI and 0.60% for RYLD.

Which has better risk-adjusted returns?

RYLD currently has the higher Sharpe Ratio (2.17 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.