KSPY vs. KMLI

Last updated Jun 5, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and KMLI (KraneShares 2x Long MELI Daily ETF) are both exchange-traded funds - KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index, while KMLI is a Leveraged Equities fund actively managed by KraneShares. KSPY is passively managed, while KMLI is actively managed. At a 0.28 correlation, their price movements are largely independent. KSPY charges 0.78%/yr vs 1.26%/yr for KMLI.

Performance

KSPY vs. KMLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares 2x Long MELI Daily ETF (KMLI). 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 KMLI's -42.98% return.

KSPY

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

KMLI

• 1D: -0.51%
• 1M: -22.77%
• YTD: -42.98%
• 6M: -50.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSPY vs. KMLI - Yearly Performance Comparison

	2026 (YTD)	2025
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.54%	11.26%
KMLI KraneShares 2x Long MELI Daily ETF	-42.98%	-37.98%

Correlation

The correlation between KSPY and KMLI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.29

KSPY vs. KMLI - Sectors Allocation Comparison

Sectors	KSPY	KMLI
Technology	36.2%	-
Financial Services	11.9%	-
Communication Services	10.9%	-
Consumer Cyclical	10.1%	100.0%
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. KMLI — 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

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. KMLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares 2x Long MELI Daily ETF (KMLI). 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	KMLI	Difference
Sharpe ratio: Return per unit of total volatility	2.60	—	—
Sortino ratio: Return per unit of downside risk	3.75	—	—
Omega ratio: Gain probability vs. loss probability	1.59	—	—
Calmar ratio: Return relative to maximum drawdown	4.07	—	—
Martin ratio: Return relative to average drawdown	21.74	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KSPY	KMLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	-0.83	+2.00

Drawdowns

KSPY vs. KMLI - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum KMLI drawdown of -73.23%. Use the drawdown chart below to compare losses from any high point for KSPY and KMLI.

Drawdown Indicators

	KSPY	KMLI	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-73.23%	+61.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	—	—
Current Drawdown Current decline from peak	-0.17%	-70.65%	+70.48%
Average Drawdown Average peak-to-trough decline	-1.18%	-41.03%	+39.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	—	—

Volatility

Volatility by Period

	KSPY	KMLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.99%	79.26%	-72.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	79.26%	-68.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	79.26%	-68.74%

KSPY vs. KMLI - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is lower than KMLI's 1.26% expense ratio.

Dividends

KSPY vs. KMLI - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.84%, less than KMLI's 18.64% yield.

Position	TTM	2025	2024
KMLI KraneShares 2x Long MELI Daily ETF	18.64%	10.63%	0.00%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.84%	6.16%	1.31%

Frequently Asked Questions

Can I hold both KSPY and KMLI in my portfolio?

KSPY and KMLI have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KSPY or KMLI?

On fees, KSPY is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KSPY or KMLI?

KSPY is cheaper with a 0.78% expense ratio, compared with 1.26% for KMLI.

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

KMLI has the higher dividend yield at 18.64%, compared with 5.84% for KSPY.

What is the main difference between KSPY and KMLI?

KSPY is categorized as Equity Hedged, while KMLI is Leveraged Equities. Their fees differ too: 0.78% for KSPY and 1.26% for KMLI.