KIO vs. USA
KIO (KKR Income Opportunities Fund) is Multisector Bonds fund managed by KKR Asset Management, while USA (Liberty All-Star Equity Fund) is a stock. Over the past 10 years, KIO returned 7.65%/yr vs 12.21%/yr for USA. At a 0.43 correlation, their price movements are largely independent.
Performance
KIO vs. USA - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 4.73% return, which is significantly higher than USA's 0.07% return. Over the past 10 years, KIO has underperformed USA with an annualized return of 7.65%, while USA has yielded a comparatively higher 12.21% annualized return.
KIO
- 1D
- 0.18%
- 1M
- 1.89%
- 6M
- 3.57%
- YTD
- 4.73%
- 1Y
- 2.20%
- 3Y*
- 11.09%
- 5Y*
- 3.87%
- 10Y*
- 7.65%
USA
- 1D
- -0.17%
- 1M
- 3.66%
- 6M
- -1.50%
- YTD
- 0.07%
- 1Y
- -2.85%
- 3Y*
- 6.88%
- 5Y*
- 1.83%
- 10Y*
- 12.21%
KIO vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 4.73% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
USA Liberty All-Star Equity Fund | 0.07% | 0.09% | 20.81% | 23.17% | -25.20% | 33.76% | 12.89% | 39.70% | -5.06% | 34.66% |
Correlation
The correlation between KIO and USA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2013 | 0.43 |
The correlation between KIO and USA has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
KIO vs. USA — Risk / Return Rank
KIO
USA
KIO vs. USA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and Liberty All-Star Equity Fund (USA). 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.
| KIO | USA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.98 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | -0.20 | +0.40 |
| Martin ratioReturn relative to average drawdown | 0.43 | -0.50 | +0.93 |
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Drawdowns
KIO vs. USA - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for KIO and USA.
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Drawdown Indicators
| KIO | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -69.15% | +25.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -14.30% | +3.29% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -17.69% | -5.16% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | -34.05% | +2.18% |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | -47.07% | +3.20% |
Current DrawdownCurrent decline from peak | -6.77% | -5.31% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -11.51% | +3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.09% | 5.74% | -0.65% |
Volatility
KIO vs. USA - Volatility Comparison
The current volatility for KKR Income Opportunities Fund (KIO) is 2.19%, while Liberty All-Star Equity Fund (USA) has a volatility of 4.46%. This indicates that KIO experiences smaller price fluctuations and is considered to be less risky than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KIO | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 4.46% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 7.82% | 10.80% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.15% | 13.94% | -3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 20.19% | -7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 22.56% | -6.22% |
Dividends
KIO vs. USA - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 12.95%, more than USA's 11.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 12.95% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
USA Liberty All-Star Equity Fund | 11.43% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Frequently Asked Questions
KIO and USA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (4.46%) compared to KIO (2.19%). In terms of maximum drawdown, KIO dropped -43.87% vs USA's -69.15%.
KIO currently has the higher Sharpe Ratio (0.22 vs -0.21), 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.
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