KSPY vs. BNDD

Last updated Jun 5, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index, while BNDD is a Government Bonds fund actively managed by KraneShares. KSPY is passively managed, while BNDD is actively managed. Over the past year, KSPY returned 18.08% vs 2.37% for BNDD. At a 0.14 correlation, their price movements are largely independent. KSPY charges 0.78%/yr vs 1.02%/yr for BNDD.

Performance

KSPY vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSPY achieves a 5.54% return, which is significantly higher than BNDD's 4.38% return.

KSPY

• 1D: 0.10%
• 1M: 1.61%
• YTD: 5.54%
• 6M: 5.98%
• 1Y: 18.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: 0.06%
• 1M: 0.95%
• YTD: 4.38%
• 6M: 2.33%
• 1Y: 2.37%
• 3Y*: -3.83%
• 5Y*: —
• 10Y*: —

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

KSPY vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.54%	13.89%	3.43%
BNDD Quadratic Deflation ETF	4.38%	-8.17%	-5.34%

Correlation

The correlation between KSPY and BNDD is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 17, 2024	0.14

KSPY vs. BNDD - Sectors Allocation Comparison

Sectors	KSPY	BNDD
Technology	36.2%	-
Financial Services	11.9%	77.7%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

KSPY vs. BNDD — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 86
KSPY Sharpe Ratio Rank: 81
KSPY Sortino Ratio Rank: 85
KSPY Omega Ratio Rank: 91
KSPY Calmar Ratio Rank: 80
KSPY Martin Ratio Rank: 91

BNDD

BNDD Risk / Return Rank: 13
BNDD Sharpe Ratio Rank: 12
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 14
BNDD Martin Ratio Rank: 13

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.

KSPY vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Quadratic Deflation ETF (BNDD). 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.

	KSPY	BNDD	Difference
Sharpe ratio: Return per unit of total volatility	2.60	0.23	+2.37
Sortino ratio: Return per unit of downside risk	3.75	0.39	+3.36
Omega ratio: Gain probability vs. loss probability	1.59	1.05	+0.54
Calmar ratio: Return relative to maximum drawdown	4.07	0.39	+3.68
Martin ratio: Return relative to average drawdown	21.74	0.84	+20.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSPY vs. BNDD - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 2.60, which is higher than the BNDD Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of KSPY and BNDD, 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

	KSPY	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	0.23	+2.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	-0.33	+1.50

Drawdowns

KSPY vs. BNDD - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for KSPY and BNDD.

Drawdown Indicators

	KSPY	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-30.87%	+19.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-6.09%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-0.17%	-26.46%	+26.29%
Average Drawdown Average peak-to-trough decline	-1.18%	-19.34%	+18.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	2.83%	-2.00%

Volatility

KSPY vs. BNDD - Volatility Comparison

The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 0.66%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.17%. This indicates that KSPY experiences smaller price fluctuations and is considered to be less risky than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	2.17%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	8.07%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	6.99%	10.59%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	13.37%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	13.37%	-2.85%

KSPY vs. BNDD - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

KSPY vs. BNDD - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.84%, more than BNDD's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.60%	3.82%	3.85%	4.30%	43.17%	1.04%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.84%	6.16%	1.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSPY and BNDD in my portfolio?

KSPY and BNDD have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSPY or BNDD?

BNDD has higher volatility (2.17%) compared to KSPY (0.66%). In terms of maximum drawdown, KSPY dropped -11.67% vs BNDD's -30.87%.

Which ETF is better, KSPY or BNDD?

On 1-year performance, KSPY leads with 18.08% vs 2.37% for BNDD. On fees, KSPY is cheaper at 0.78% per year. On volatility, KSPY has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSPY or BNDD?

Over the 1-year period, KSPY has performed better with a 18.08% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSPY or BNDD?

KSPY is cheaper with a 0.78% expense ratio, compared with 1.02% for BNDD.

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

KSPY has the higher dividend yield at 5.84%, compared with 3.60% for BNDD.

What is the main difference between KSPY and BNDD?

KSPY is categorized as Equity Hedged, while BNDD is Government Bonds. Their fees differ too: 0.78% for KSPY and 1.02% for BNDD.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.60 vs 0.23), 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.