KONG vs. XSHD

Last updated Aug 4, 2026

KONG (Formidable Fortress ETF) and XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) are both exchange-traded funds - KONG is a Equity Hedged fund actively managed by Formidable, while XSHD is a Dividend fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index. KONG is actively managed, while XSHD is passively managed. Over the past 5 years, KONG returned 5.52%/yr vs -2.71%/yr for XSHD. Their 0.66 correlation means they have sometimes moved together and sometimes differently. KONG charges 0.89%/yr vs 0.30%/yr for XSHD.

Performance

KONG vs. XSHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable Fortress ETF (KONG) and Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KONG achieves a 5.64% return, which is significantly lower than XSHD's 14.67% return.

KONG

• 1D: 1.18%
• 1M: 2.29%
• 6M: 4.16%
• YTD: 5.64%
• 1Y: 7.92%
• 3Y*: 8.47%
• 5Y*: 5.52%
• 10Y*: —
• ALL TIME*: 5.71%

XSHD

• 1D: 0.71%
• 1M: 0.27%
• 6M: 7.76%
• YTD: 14.67%
• 1Y: 16.47%
• 3Y*: 2.14%
• 5Y*: -2.71%
• 10Y*: —
• ALL TIME*: -0.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KONG Formidable Fortress ETF	$14.69K	$9.34K	$25.25K
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	$445.72K	$396.15K	$476.24K

KONG vs. XSHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	5.64%	6.56%	9.67%	12.71%	-9.63%	5.15%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	14.67%	-6.41%	-5.25%	3.00%	-19.48%	1.73%

Correlation

The correlation between KONG and XSHD is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Jul 22, 2021	0.66

The correlation between KONG and XSHD shifts across timeframes, from 0.52 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

KONG vs. XSHD - Sectors Allocation Comparison

Sectors	KONG	XSHD
Technology	31.3%	-
Industrials	14.4%	10.5%
Healthcare	13.1%	0.6%
Financial Services	7.7%	0.1%
Communication Services	7.3%	4.2%
Real Estate	5.7%	40.3%
Energy	5.5%	7.6%
Basic Materials	4.7%	6.7%
Consumer Cyclical	2.8%	4.6%
Utilities	2.4%	11.5%
Consumer Defensive	2.1%	12.1%

Return for Risk

KONG vs. XSHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KONG

KONG Risk / Return Rank: 29
KONG Sharpe Ratio Rank: 28
KONG Sortino Ratio Rank: 27
KONG Omega Ratio Rank: 26
KONG Calmar Ratio Rank: 28
KONG Martin Ratio Rank: 34

XSHD

XSHD Risk / Return Rank: 43
XSHD Sharpe Ratio Rank: 43
XSHD Sortino Ratio Rank: 46
XSHD Omega Ratio Rank: 41
XSHD Calmar Ratio Rank: 43
XSHD Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KONG vs. XSHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) and Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD). 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.

	KONG	XSHD	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.11	-0.40
Sortino ratio: Return per unit of downside risk	1.06	1.73	-0.67
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	0.93	1.57	-0.64
Martin ratio: Return relative to average drawdown	3.48	4.41	-0.92

KONG vs. XSHD - Sharpe Ratio Comparison

The current KONG Sharpe Ratio is 0.71, which is lower than the XSHD Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of KONG and XSHD, 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

KONG vs. XSHD - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, smaller than the maximum XSHD drawdown of -49.53%. Use the drawdown chart below to compare losses from any high point for KONG and XSHD.

Drawdown Indicators

	KONG	XSHD	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-49.53%	+29.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-10.51%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-20.77%	+5.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	-34.67%	+16.33%
Current Drawdown Current decline from peak	0.00%	-20.14%	+20.14%
Average Drawdown Average peak-to-trough decline	-5.68%	-16.44%	+10.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	3.74%	-1.46%

Volatility

KONG vs. XSHD - Volatility Comparison

The current volatility for Formidable Fortress ETF (KONG) is 3.44%, while Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) has a volatility of 4.69%. This indicates that KONG experiences smaller price fluctuations and is considered to be less risky than XSHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KONG	XSHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	4.69%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	10.22%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	14.94%	-3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	18.81%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	22.14%	-7.64%

KONG vs. XSHD - Expense Ratio Comparison

KONG has a 0.89% expense ratio, which is higher than XSHD's 0.30% expense ratio.

Dividends

KONG vs. XSHD - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.35%, less than XSHD's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KONG Formidable Fortress ETF	0.35%	0.37%	0.78%	0.69%	0.49%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	4.89%	6.45%	7.25%	7.62%	6.77%	3.86%	5.55%	4.88%	5.49%	4.11%	0.41%

Frequently Asked Questions

Can I hold both KONG and XSHD in my portfolio?

KONG and XSHD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KONG or XSHD?

XSHD has higher volatility (4.69%) compared to KONG (3.44%). In terms of maximum drawdown, KONG dropped -19.98% vs XSHD's -49.53%.

Which ETF is better, KONG or XSHD?

On 5-year performance, KONG leads with 5.52% vs -2.71% for XSHD. On fees, XSHD is cheaper at 0.30% per year. On volatility, KONG has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KONG or XSHD?

Over the 5-year period, KONG has performed better with a 5.52% return vs -2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KONG or XSHD?

XSHD is cheaper with a 0.30% expense ratio, compared with 0.89% for KONG.

Which ETF pays a higher dividend yield, KONG or XSHD?

XSHD has the higher dividend yield at 4.89%, compared with 0.35% for KONG.

What is the main difference between KONG and XSHD?

KONG is categorized as Equity Hedged, while XSHD is Dividend. They also come from different issuers: Formidable and Invesco. Their fees differ too: 0.89% for KONG and 0.30% for XSHD.

Which has better risk-adjusted returns?

XSHD currently has the higher Sharpe Ratio (1.11 vs 0.71), 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.