KHPI vs. XSPI

Last updated Jun 4, 2026

KHPI (Kensington Hedged Premium Income ETF) and XSPI (NEOS Boosted S&P 500 High Income ETF) are both Derivative Income funds. KHPI is actively managed, while XSPI is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. KHPI charges 0.96%/yr vs 0.98%/yr for XSPI.

Performance

KHPI vs. XSPI - Performance Comparison

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

Returns By Period

KHPI

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

XSPI

• 1D: -0.89%
• 1M: 5.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHPI vs. XSPI - Yearly Performance Comparison

	2026 (YTD)
KHPI Kensington Hedged Premium Income ETF	4.74%
XSPI NEOS Boosted S&P 500 High Income ETF	8.22%

Correlation

The correlation between KHPI and XSPI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.94

Return for Risk

KHPI vs. XSPI — 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

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. XSPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) and NEOS Boosted S&P 500 High Income ETF (XSPI). 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	XSPI	Difference
Sharpe ratio: Return per unit of total volatility	2.10	—	—
Sortino ratio: Return per unit of downside risk	3.02	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	10.89	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KHPI	XSPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	1.55	-0.27

Drawdowns

KHPI vs. XSPI - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum XSPI drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for KHPI and XSPI.

Drawdown Indicators

	KHPI	XSPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-11.59%	+1.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.89%	+0.39%
Average Drawdown Average peak-to-trough decline	-1.23%	-2.23%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	—	—

Volatility

Volatility by Period

	KHPI	XSPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	17.64%	-10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.61%	17.64%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.61%	17.64%	-8.03%

KHPI vs. XSPI - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is lower than XSPI's 0.98% expense ratio.

Dividends

KHPI vs. XSPI - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 8.86%, more than XSPI's 6.83% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%
XSPI NEOS Boosted S&P 500 High Income ETF	6.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHPI and XSPI in my portfolio?

With a correlation of 0.94, KHPI and XSPI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, KHPI or XSPI?

On fees, KHPI is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KHPI or XSPI?

KHPI is cheaper with a 0.96% expense ratio, compared with 0.98% for XSPI.

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

KHPI has the higher dividend yield at 8.86%, compared with 6.83% for XSPI.

What is the main difference between KHPI and XSPI?

They also come from different issuers: Kensington Asset Management and NEOS Investments. Their fees differ too: 0.96% for KHPI and 0.98% for XSPI.