KSPY vs. PHDG

Last updated Jun 5, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds - KSPY tracks the Hedgeye Hedged Equity Index while PHDG tracks the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past year, KSPY returned 18.08% vs 26.83% for PHDG. At a 0.45 correlation, their price movements are largely independent. KSPY charges 0.78%/yr vs 0.39%/yr for PHDG.

Performance

KSPY vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Invesco S&P 500 Downside Hedged ETF (PHDG). 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 lower than PHDG's 15.43% return.

KSPY

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

PHDG

• 1D: 1.44%
• 1M: 5.27%
• YTD: 15.43%
• 6M: 13.92%
• 1Y: 26.83%
• 3Y*: 11.64%
• 5Y*: 5.75%
• 10Y*: 7.32%

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

KSPY vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.54%	13.89%	3.43%
PHDG Invesco S&P 500 Downside Hedged ETF	15.43%	2.72%	-2.72%

Correlation

The correlation between KSPY and PHDG is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 17, 2024	0.45

The correlation between KSPY and PHDG has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

KSPY vs. PHDG - Sectors Allocation Comparison

Sectors	KSPY	PHDG
Technology	36.2%	35.1%
Financial Services	11.9%	11.9%
Communication Services	10.9%	11.0%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.7%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

KSPY vs. PHDG — 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

PHDG

PHDG Risk / Return Rank: 92
PHDG Sharpe Ratio Rank: 90
PHDG Sortino Ratio Rank: 92
PHDG Omega Ratio Rank: 89
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

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. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Invesco S&P 500 Downside Hedged ETF (PHDG). 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	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.03	-0.43
Sortino ratio: Return per unit of downside risk	3.75	4.47	-0.72
Omega ratio: Gain probability vs. loss probability	1.59	1.56	+0.03
Calmar ratio: Return relative to maximum drawdown	4.07	7.65	-3.58
Martin ratio: Return relative to average drawdown	21.74	28.46	-6.72
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. PHDG - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 2.60, which is comparable to the PHDG Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of KSPY and PHDG, 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	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	3.03	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.54	+0.63

Drawdowns

KSPY vs. PHDG - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for KSPY and PHDG.

Drawdown Indicators

	KSPY	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-17.70%	+6.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-3.52%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-1.18%	-6.24%	+5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.95%	-0.12%

Volatility

KSPY vs. PHDG - Volatility Comparison

The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 0.66%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 3.19%. This indicates that KSPY experiences smaller price fluctuations and is considered to be less risky than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	3.19%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	6.77%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	6.99%	8.91%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	10.94%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	11.93%	-1.41%

KSPY vs. PHDG - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

KSPY vs. PHDG - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.84%, more than PHDG's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.84%	6.16%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHDG Invesco S&P 500 Downside Hedged ETF	1.84%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%

Frequently Asked Questions

Can I hold both KSPY and PHDG in my portfolio?

KSPY and PHDG have a correlation of 0.51, 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 PHDG?

PHDG has higher volatility (3.19%) compared to KSPY (0.66%). In terms of maximum drawdown, KSPY dropped -11.67% vs PHDG's -17.70%.

Which ETF is better, KSPY or PHDG?

On 1-year performance, PHDG leads with 26.83% vs 18.08% for KSPY. On fees, PHDG is cheaper at 0.39% 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 PHDG?

Over the 1-year period, PHDG has performed better with a 26.83% return vs 18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSPY or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.78% for KSPY.

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

KSPY has the higher dividend yield at 5.84%, compared with 1.84% for PHDG.

What is the main difference between KSPY and PHDG?

KSPY tracks Hedgeye Hedged Equity Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 0.78% for KSPY and 0.39% for PHDG.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (3.03 vs 2.60), 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.