KSPY vs. KPRO

Last updated Apr 1, 2026

Compare and contrast key facts about Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO).

KSPY and KPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KSPY is a passively managed fund by KraneShares that tracks the performance of the Hedgeye Hedged Equity Index. It was launched on Jul 15, 2024. KPRO is an actively managed fund by KraneShares. It was launched on Feb 7, 2024.

Performance

KSPY vs. KPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). The values are adjusted to include any dividend payments, if applicable.

KSPY vs. KPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	-0.11%	13.89%	3.43%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	-3.52%	7.79%	6.55%

Returns By Period

In the year-to-date period, KSPY achieves a -0.11% return, which is significantly higher than KPRO's -3.52% return.

KSPY

• 1D: 2.05%
• 1M: -2.19%
• YTD: -0.11%
• 6M: 2.76%
• 1Y: 14.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KPRO

• 1D: 0.63%
• 1M: -2.42%
• YTD: -3.52%
• 6M: -9.99%
• 1Y: -0.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSPY vs. KPRO - Expense Ratio Comparison

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

KPRO

KraneShares 100% KWEB Defined Outcome January 2026 ETF

KSPY

Kraneshares Hedgeye Hedged Equity Index ETF

Return for Risk

KSPY vs. KPRO — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 77
KSPY Sharpe Ratio Rank: 69
KSPY Sortino Ratio Rank: 73
KSPY Omega Ratio Rank: 84
KSPY Calmar Ratio Rank: 71
KSPY Martin Ratio Rank: 88

KPRO

KPRO Risk / Return Rank: 11
KPRO Sharpe Ratio Rank: 11
KPRO Sortino Ratio Rank: 10
KPRO Omega Ratio Rank: 10
KPRO Calmar Ratio Rank: 12
KPRO Martin Ratio Rank: 11

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. KPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO). 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	KPRO	Difference
Sharpe ratio Return per unit of total volatility	1.25	-0.04	+1.29
Sortino ratio Return per unit of downside risk	1.89	0.00	+1.89
Omega ratio Gain probability vs. loss probability	1.34	1.00	+0.34
Calmar ratio Return relative to maximum drawdown	1.87	-0.03	+1.91
Martin ratio Return relative to average drawdown	11.16	-0.09	+11.25
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. KPRO - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 1.25, which is higher than the KPRO Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of KSPY and KPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KSPY	KPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	-0.04	+1.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.99	-0.07

Correlation

The correlation between KSPY and KPRO is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KSPY vs. KPRO - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 6.17%, more than KPRO's 2.75% yield.

	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	6.17%	6.16%	1.31%
KPRO KraneShares 100% KWEB Defined Outcome January 2026 ETF	2.75%	2.65%	3.70%

Drawdowns

KSPY vs. KPRO - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, which is greater than KPRO's maximum drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for KSPY and KPRO.

Drawdown Indicators

	KSPY	KPRO	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-11.01%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-11.01%	+3.01%
Current Drawdown Current decline from peak	-2.51%	-10.43%	+7.92%
Average Drawdown Average peak-to-trough decline	-1.28%	-1.73%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	4.09%	-2.75%

Volatility

KSPY vs. KPRO - Volatility Comparison

Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) has a higher volatility of 4.03% compared to KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) at 2.26%. This indicates that KSPY's price experiences larger fluctuations and is considered to be riskier than KPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	KPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	2.26%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	7.75%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	8.51%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.98%	7.84%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.98%	7.84%	+3.14%