KHYB vs. MSTY

Last updated Jul 14, 2026

KHYB (KraneShares Asia Pacific High Income Bond ETF) and MSTY (YieldMax™ MSTR Option Income Strategy 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 MSTY is a Derivative Income fund actively managed by YieldMax. KHYB is passively managed, while MSTY is actively managed. Over the past year, KHYB returned 8.87% vs -73.76% for MSTY. At a 0.26 correlation, their price movements are largely independent. KHYB charges 0.69%/yr vs 0.99%/yr for MSTY.

Performance

KHYB vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Asia Pacific High Income Bond ETF (KHYB) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KHYB achieves a 2.88% return, which is significantly higher than MSTY's -35.55% return.

KHYB

• 1D: -0.25%
• 1M: 0.44%
• 6M: 2.15%
• YTD: 2.88%
• 1Y: 8.87%
• 3Y*: 8.76%
• 5Y*: 0.23%
• 10Y*: —

MSTY

• 1D: -2.03%
• 1M: -23.27%
• 6M: -39.01%
• YTD: -35.55%
• 1Y: -73.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHYB vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHYB KraneShares Asia Pacific High Income Bond ETF	2.88%	9.59%	7.11%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-35.55%	-42.71%	212.16%

Correlation

The correlation between KHYB and MSTY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.26

Return for Risk

KHYB vs. MSTY — Risk / Return Rank

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

KHYB

KHYB Risk / Return Rank: 81
KHYB Sharpe Ratio Rank: 92
KHYB Sortino Ratio Rank: 94
KHYB Omega Ratio Rank: 95
KHYB Calmar Ratio Rank: 57
KHYB Martin Ratio Rank: 70

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	KHYB	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	2.58	-1.15	+3.73
Sortino ratio: Return per unit of downside risk	3.98	-2.35	+6.34
Omega ratio: Gain probability vs. loss probability	1.57	0.75	+0.82
Calmar ratio: Return relative to maximum drawdown	2.24	-0.95	+3.20
Martin ratio: Return relative to average drawdown	10.05	-1.41	+11.46

KHYB vs. MSTY - Sharpe Ratio Comparison

The current KHYB Sharpe Ratio is 2.58, which is higher than the MSTY Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of KHYB and MSTY, 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

KHYB vs. MSTY - Drawdown Comparison

The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for KHYB and MSTY.

Drawdown Indicators

	KHYB	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-33.63%	-77.40%	+43.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-77.40%	+73.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	—	—
Current Drawdown Current decline from peak	-0.33%	-74.66%	+74.33%
Average Drawdown Average peak-to-trough decline	-9.59%	-28.01%	+18.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	52.19%	-51.30%

Volatility

KHYB vs. MSTY - Volatility Comparison

The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.79%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 23.76%. This indicates that KHYB experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KHYB	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	23.76%	-22.97%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	53.06%	-49.95%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	64.61%	-61.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	72.32%	-66.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.68%	72.32%	-66.64%

KHYB vs. MSTY - Expense Ratio Comparison

KHYB has a 0.69% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

KHYB vs. MSTY - Dividend Comparison

KHYB's dividend yield for the trailing twelve months is around 8.28%, less than MSTY's 289.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KHYB KraneShares Asia Pacific High Income Bond ETF	8.28%	7.59%	10.11%	15.55%	9.67%	6.22%	4.76%	4.86%	2.56%
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.43%	294.61%	104.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHYB and MSTY in my portfolio?

KHYB and MSTY have a correlation of 0.33, 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 MSTY?

MSTY has higher volatility (23.76%) compared to KHYB (0.79%). In terms of maximum drawdown, KHYB dropped -33.63% vs MSTY's -77.40%.

Which ETF is better, KHYB or MSTY?

On 1-year performance, KHYB leads with 8.87% vs -73.76% for MSTY. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHYB or MSTY?

Over the 1-year period, KHYB has performed better with a 8.87% return vs -73.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHYB or MSTY?

KHYB is cheaper with a 0.69% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 289.43%, compared with 8.28% for KHYB.

What is the main difference between KHYB and MSTY?

KHYB is categorized as Emerging Markets Bonds, while MSTY is Derivative Income. They also come from different issuers: KraneShares and YieldMax. Their fees differ too: 0.69% for KHYB and 0.99% for MSTY.

Which has better risk-adjusted returns?

KHYB currently has the higher Sharpe Ratio (2.58 vs -1.15), 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.