KSPY vs. ONEH

Last updated Jun 5, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and ONEH (TrueShares Equity Hedge ETF) are both Equity Hedged funds. KSPY is passively managed, while ONEH is actively managed. At a 0.10 correlation, their price movements are largely independent. KSPY charges 0.78%/yr vs 0.79%/yr for ONEH.

Performance

KSPY vs. ONEH - Performance Comparison

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

Returns By Period

KSPY

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

ONEH

• 1D: 0.47%
• 1M: 0.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSPY vs. ONEH - Yearly Performance Comparison

	2026 (YTD)
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	3.58%
ONEH TrueShares Equity Hedge ETF	-1.72%

Correlation

The correlation between KSPY and ONEH is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 30, 2026	0.10

Return for Risk

KSPY vs. ONEH — 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. ONEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and TrueShares Equity Hedge ETF (ONEH). 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	ONEH	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	ONEH	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	-1.05	+2.22

Drawdowns

KSPY vs. ONEH - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, which is greater than ONEH's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for KSPY and ONEH.

Drawdown Indicators

	KSPY	ONEH	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-3.55%	-8.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	—	—
Current Drawdown Current decline from peak	-0.17%	-1.72%	+1.55%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.58%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	—	—

Volatility

Volatility by Period

	KSPY	ONEH	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%	4.71%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	4.71%	+5.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	4.71%	+5.81%

KSPY vs. ONEH - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is lower than ONEH's 0.79% expense ratio.

Dividends

KSPY vs. ONEH - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.84%, while ONEH has not paid dividends to shareholders.

Position	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.84%	6.16%	1.31%
ONEH TrueShares Equity Hedge ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSPY and ONEH in my portfolio?

KSPY and ONEH have a correlation of 0.10, 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 ONEH?

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 ONEH?

KSPY is cheaper with a 0.78% expense ratio, compared with 0.79% for ONEH.

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

KSPY has the higher dividend yield at 5.84%, compared with 0.00% for ONEH.

What is the main difference between KSPY and ONEH?

They also come from different issuers: KraneShares and TrueShares. Their fees differ too: 0.78% for KSPY and 0.79% for ONEH.