KHPI vs. XPAY

Last updated Jun 4, 2026

KHPI (Kensington Hedged Premium Income ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds. Both are actively managed. Over the past year, KHPI returned 15.09% vs 27.22% for XPAY. Their correlation of 0.84 suggests significant overlap in exposure. KHPI charges 0.96%/yr vs 0.49%/yr for XPAY.

Performance

KHPI vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHPI achieves a 5.45% return, which is significantly lower than XPAY's 10.83% return.

KHPI

• 1D: -0.50%
• 1M: 2.40%
• YTD: 5.45%
• 6M: 4.74%
• 1Y: 15.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -0.68%
• 1M: 5.07%
• YTD: 10.83%
• 6M: 10.69%
• 1Y: 27.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHPI vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	5.45%	11.14%	3.31%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	10.83%	16.78%	3.17%

Correlation

The correlation between KHPI and XPAY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.84

The correlation between KHPI and XPAY has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

KHPI vs. XPAY — Risk / Return Rank

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

KHPI

KHPI Risk / Return Rank: 60
KHPI Sharpe Ratio Rank: 62
KHPI Sortino Ratio Rank: 65
KHPI Omega Ratio Rank: 64
KHPI Calmar Ratio Rank: 48
KHPI Martin Ratio Rank: 61

XPAY

XPAY Risk / Return Rank: 67
XPAY Sharpe Ratio Rank: 69
XPAY Sortino Ratio Rank: 67
XPAY Omega Ratio Rank: 68
XPAY Calmar Ratio Rank: 58
XPAY Martin Ratio Rank: 71

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. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.31	-0.22
Sortino ratio: Return per unit of downside risk	3.02	3.15	-0.13
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	2.31	2.93	-0.62
Martin ratio: Return relative to average drawdown	10.89	13.50	-2.60
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. XPAY - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 2.10, which is comparable to the XPAY Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of KHPI and XPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KHPI	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.31	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.21	+0.07

Drawdowns

KHPI vs. XPAY - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for KHPI and XPAY.

Drawdown Indicators

	KHPI	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-18.20%	+7.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-9.34%	+2.79%
Current Drawdown Current decline from peak	-0.50%	-0.68%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.23%	-2.37%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	2.02%	-0.63%

Volatility

KHPI vs. XPAY - Volatility Comparison

The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 2.20%, while Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a volatility of 2.76%. This indicates that KHPI experiences smaller price fluctuations and is considered to be less risky than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHPI	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	2.76%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	5.49%	8.82%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	11.82%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.61%	16.70%	-7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.61%	16.70%	-7.09%

KHPI vs. XPAY - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

KHPI vs. XPAY - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 8.86%, less than XPAY's 20.37% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.37%	21.21%	3.40%

Frequently Asked Questions

Can I hold both KHPI and XPAY in my portfolio?

KHPI and XPAY have a correlation of 0.84, 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 XPAY?

XPAY has higher volatility (2.76%) compared to KHPI (2.20%). In terms of maximum drawdown, KHPI dropped -10.58% vs XPAY's -18.20%.

Which ETF is better, KHPI or XPAY?

On 1-year performance, XPAY leads with 27.22% vs 15.09% for KHPI. On fees, XPAY is cheaper at 0.49% per year. On volatility, KHPI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHPI or XPAY?

Over the 1-year period, XPAY has performed better with a 27.22% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHPI or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.96% for KHPI.

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

XPAY has the higher dividend yield at 20.37%, compared with 8.86% for KHPI.

What is the main difference between KHPI and XPAY?

They also come from different issuers: Kensington Asset Management and Roundhill. Their fees differ too: 0.96% for KHPI and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (2.31 vs 2.10), 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.