KHYB vs. KSPY

Last updated Jun 4, 2026

KHYB (KraneShares Asia Pacific High Income Bond ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index. Both are passively managed. Over the past year, KHYB returned 10.54% vs 18.09% for KSPY. At a 0.44 correlation, their price movements are largely independent. KHYB charges 0.69%/yr vs 0.78%/yr for KSPY.

Performance

KHYB vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Asia Pacific High Income Bond ETF (KHYB) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHYB achieves a 2.50% return, which is significantly lower than KSPY's 5.43% return.

KHYB

• 1D: -0.04%
• 1M: 1.41%
• YTD: 2.50%
• 6M: 3.54%
• 1Y: 10.54%
• 3Y*: 9.02%
• 5Y*: 0.17%
• 10Y*: —

KSPY

• 1D: -0.28%
• 1M: 1.96%
• YTD: 5.43%
• 6M: 5.87%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHYB vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHYB KraneShares Asia Pacific High Income Bond ETF	2.50%	9.59%	2.34%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.43%	13.89%	3.43%

Correlation

The correlation between KHYB and KSPY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 17, 2024	0.44

KHYB vs. KSPY - Sectors Allocation Comparison

Sectors	KHYB	KSPY
Consumer Defensive	100.0%	4.9%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Energy	-	3.5%
Financial Services	-	11.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

KHYB vs. KSPY — Risk / Return Rank

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

KHYB

KHYB Risk / Return Rank: 79
KHYB Sharpe Ratio Rank: 90
KHYB Sortino Ratio Rank: 93
KHYB Omega Ratio Rank: 94
KHYB Calmar Ratio Rank: 54
KHYB Martin Ratio Rank: 66

KSPY

KSPY Risk / Return Rank: 85
KSPY Sharpe Ratio Rank: 80
KSPY Sortino Ratio Rank: 84
KSPY Omega Ratio Rank: 91
KSPY Calmar Ratio Rank: 80
KSPY Martin Ratio Rank: 91

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.

KHYB vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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.

	KHYB	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.60	+0.52
Sortino ratio: Return per unit of downside risk	4.81	3.76	+1.06
Omega ratio: Gain probability vs. loss probability	1.71	1.59	+0.12
Calmar ratio: Return relative to maximum drawdown	2.67	4.07	-1.40
Martin ratio: Return relative to average drawdown	11.98	21.74	-9.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KHYB vs. KSPY - Sharpe Ratio Comparison

The current KHYB Sharpe Ratio is 3.11, which is comparable to the KSPY Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of KHYB and KSPY, 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

	KHYB	KSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.60	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.17	-0.89

Drawdowns

KHYB vs. KSPY - Drawdown Comparison

The maximum KHYB drawdown since its inception was -33.63%, which is greater than KSPY's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for KHYB and KSPY.

Drawdown Indicators

	KHYB	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.63%	-11.67%	-21.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-4.46%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.86%	—	—
Current Drawdown Current decline from peak	-0.62%	-0.28%	-0.34%
Average Drawdown Average peak-to-trough decline	-9.71%	-1.18%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.83%	+0.05%

Volatility

KHYB vs. KSPY - Volatility Comparison

KraneShares Asia Pacific High Income Bond ETF (KHYB) has a higher volatility of 0.90% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 0.76%. This indicates that KHYB's price experiences larger fluctuations and is considered to be riskier than KSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHYB	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.76%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	5.51%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	7.00%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	10.53%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	10.53%	-4.82%

KHYB vs. KSPY - Expense Ratio Comparison

KHYB has a 0.69% expense ratio, which is lower than KSPY's 0.78% expense ratio.

Dividends

KHYB vs. KSPY - Dividend Comparison

KHYB's dividend yield for the trailing twelve months is around 8.13%, more than KSPY's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KHYB KraneShares Asia Pacific High Income Bond ETF	8.13%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.85%	6.16%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHYB and KSPY in my portfolio?

KHYB and KSPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHYB or KSPY?

KHYB has higher volatility (0.90%) compared to KSPY (0.76%). In terms of maximum drawdown, KHYB dropped -33.63% vs KSPY's -11.67%.

Which ETF is better, KHYB or KSPY?

On 1-year performance, KSPY leads with 18.09% vs 10.54% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KSPY has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHYB or KSPY?

Over the 1-year period, KSPY has performed better with a 18.09% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHYB or KSPY?

KHYB is cheaper with a 0.69% expense ratio, compared with 0.78% for KSPY.

Which ETF pays a higher dividend yield, KHYB or KSPY?

KHYB has the higher dividend yield at 8.13%, compared with 5.85% for KSPY.

What is the main difference between KHYB and KSPY?

KHYB is categorized as Emerging Markets Bonds, while KSPY is Equity Hedged. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while KSPY tracks Hedgeye Hedged Equity Index. Their fees differ too: 0.69% for KHYB and 0.78% for KSPY.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (3.11 vs 2.60), 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.