KSPY vs. KLIP

Last updated Aug 2, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index, while KLIP is a China Equities fund actively managed by KraneShares. KSPY is passively managed, while KLIP is actively managed. Over the past year, KSPY returned 17.63% vs -3.45% for KLIP. Their 0.42 correlation means their historical movements had little consistent relationship. KSPY charges 0.78%/yr vs 0.95%/yr for KLIP.

Performance

KSPY vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSPY achieves a 8.18% return, which is significantly higher than KLIP's -7.10% return.

KSPY

• 1D: 0.59%
• 1M: 1.57%
• 6M: 6.05%
• YTD: 8.18%
• 1Y: 17.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.66%

KLIP

• 1D: 0.31%
• 1M: 6.50%
• 6M: -11.47%
• YTD: -7.10%
• 1Y: -3.45%
• 3Y*: 6.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.43%

*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)
KLIP KraneShares China Internet and Covered Call Strategy ETF	$623.83K	$609.30K	$993.79K
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	$1.53M	$1.83M	$1.08M

KSPY vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	8.18%	13.89%	3.51%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-7.10%	16.92%	1.30%

Correlation

The correlation between KSPY and KLIP is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (All Time) Calculated using the full available price history since Jul 16, 2024	0.42

KSPY vs. KLIP - Sectors Allocation Comparison

Sectors	KSPY	KLIP
Technology	37.9%	4.2%
Financial Services	11.7%	2.0%
Communication Services	10.0%	45.8%
Consumer Cyclical	9.6%	34.2%
Healthcare	9.1%	6.0%
Industrials	8.4%	-
Consumer Defensive	4.6%	4.0%
Energy	3.0%	-
Utilities	2.3%	-
Real Estate	1.9%	3.9%
Basic Materials	1.7%	-

Return for Risk

KSPY vs. KLIP — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 91
KSPY Sharpe Ratio Rank: 88
KSPY Sortino Ratio Rank: 90
KSPY Omega Ratio Rank: 92
KSPY Calmar Ratio Rank: 89
KSPY Martin Ratio Rank: 94

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 7
KLIP Sortino Ratio Rank: 7
KLIP Omega Ratio Rank: 7
KLIP Calmar Ratio Rank: 8
KLIP Martin Ratio Rank: 8

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.

KSPY vs. KLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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.

	KSPY	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	2.16	-0.26	+2.42
Sortino ratio: Return per unit of downside risk	3.14	-0.25	+3.39
Omega ratio: Gain probability vs. loss probability	1.45	0.97	+0.48
Calmar ratio: Return relative to maximum drawdown	3.74	-0.20	+3.94
Martin ratio: Return relative to average drawdown	18.61	-0.46	+19.08

KSPY vs. KLIP - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 2.16, which is higher than the KLIP Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of KSPY and KLIP, 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

KSPY vs. KLIP - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum KLIP drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for KSPY and KLIP.

Drawdown Indicators

	KSPY	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-21.48%	+9.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-21.48%	+17.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.48%	—
Current Drawdown Current decline from peak	0.00%	-12.44%	+12.44%
Average Drawdown Average peak-to-trough decline	-1.14%	-4.32%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	9.19%	-8.29%

Volatility

KSPY vs. KLIP - Volatility Comparison

The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 1.96%, while KraneShares China Internet and Covered Call Strategy ETF (KLIP) has a volatility of 2.40%. This indicates that KSPY experiences smaller price fluctuations and is considered to be less risky than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	2.40%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	13.02%	-6.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	16.59%	-8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.42%	17.99%	-7.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.42%	17.99%	-7.57%

KSPY vs. KLIP - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is lower than KLIP's 0.95% expense ratio.

Dividends

KSPY vs. KLIP - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.70%, less than KLIP's 27.63% yield.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.63%	25.14%	54.26%	61.22%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.70%	6.16%	1.31%	0.00%

Frequently Asked Questions

Can I hold both KSPY and KLIP in my portfolio?

KSPY and KLIP have a correlation of 0.44, 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 KLIP?

KLIP has higher volatility (2.40%) compared to KSPY (1.96%). In terms of maximum drawdown, KSPY dropped -11.67% vs KLIP's -21.48%.

Which ETF is better, KSPY or KLIP?

On 1-year performance, KSPY leads with 17.63% vs -3.45% for KLIP. On fees, KSPY is cheaper at 0.78% per year. On volatility, KSPY has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSPY or KLIP?

Over the 1-year period, KSPY has performed better with a 17.63% return vs -3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSPY or KLIP?

KSPY is cheaper with a 0.78% expense ratio, compared with 0.95% for KLIP.

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

KLIP has the higher dividend yield at 27.63%, compared with 5.70% for KSPY.

What is the main difference between KSPY and KLIP?

KSPY is categorized as Equity Hedged, while KLIP is China Equities. Their fees differ too: 0.78% for KSPY and 0.95% for KLIP.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.16 vs -0.26), 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.