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 7.74%/yr vs 12.16%/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 2.79% return, which is significantly higher than USA's -4.98% return. Over the past 10 years, KIO has underperformed USA with an annualized return of 7.74%, while USA has yielded a comparatively higher 12.16% annualized return.
KIO
- 1D
- 0.18%
- 1M
- 0.37%
- YTD
- 2.79%
- 6M
- 2.52%
- 1Y
- 2.02%
- 3Y*
- 10.72%
- 5Y*
- 3.81%
- 10Y*
- 7.74%
USA
- 1D
- 0.00%
- 1M
- -2.75%
- YTD
- -4.98%
- 6M
- -5.58%
- 1Y
- -5.68%
- 3Y*
- 7.02%
- 5Y*
- 0.23%
- 10Y*
- 12.16%
KIO vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 2.79% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
USA Liberty All-Star Equity Fund | -4.98% | 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 0.42, 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 (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
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 0.42 to 0.50 - 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 | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.95 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | -0.37 | +0.56 |
| Martin ratioReturn relative to average drawdown | 0.40 | -0.87 | +1.27 |
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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% | -15.28% | +4.27% |
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 | -8.49% | -10.08% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -11.51% | +3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 6.55% | -1.48% |
Volatility
KIO vs. USA - Volatility Comparison
The current volatility for KKR Income Opportunities Fund (KIO) is 2.21%, while Liberty All-Star Equity Fund (USA) has a volatility of 4.51%. 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 | 2.21% | 4.51% | -2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 7.68% | 10.75% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.02% | 13.92% | -3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.18% | 20.30% | -7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.35% | 22.57% | -6.22% |
Dividends
KIO vs. USA - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 13.05%, more than USA's 12.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 13.05% | 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 | 12.04% | 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 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (4.51%) compared to KIO (2.21%). In terms of maximum drawdown, KIO dropped -43.87% vs USA's -69.15%.
KIO currently has the higher Sharpe Ratio (0.20 vs -0.41), 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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