KHPI vs. XSPI

Last updated Jul 17, 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: 0.08%
• 1M: 0.94%
• 6M: 5.70%
• YTD: 6.28%
• 1Y: 12.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XSPI

• 1D: -0.58%
• 1M: 0.60%
• 6M: —
• YTD: —
• 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	5.16%
XSPI NEOS Boosted S&P 500 High Income ETF	7.15%

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 3, 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: 59
KHPI Sharpe Ratio Rank: 61
KHPI Sortino Ratio Rank: 63
KHPI Omega Ratio Rank: 64
KHPI Calmar Ratio Rank: 46
KHPI Martin Ratio Rank: 62

XSPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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	XSPI	Difference
Sharpe ratio: Return per unit of total volatility	1.64	—	—
Sortino ratio: Return per unit of downside risk	2.35	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	1.87	—	—
Martin ratio: Return relative to average drawdown	8.57	—	—

Drawdowns

KHPI vs. XSPI - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum XSPI drawdown of -11.78%. 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%	-11.78%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	—	—
Current Drawdown Current decline from peak	0.00%	-0.73%	+0.73%
Average Drawdown Average peak-to-trough decline	-1.20%	-2.30%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	—	—

Volatility

Volatility by Period

	KHPI	XSPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	17.86%	-10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.52%	17.86%	-8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.52%	17.86%	-8.34%

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 8.87%, more than XSPI's 8.34% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.87%	8.90%	3.01%
XSPI NEOS Boosted S&P 500 High Income ETF	8.34%	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 8.87%, compared with 8.34% 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.