KSPY vs. QGRD

Last updated Jul 14, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. KSPY is passively managed, while QGRD is actively managed. Over the past year, KSPY returned 17.15% vs 20.58% for QGRD. A 0.76 correlation means they provide meaningful diversification when combined. KSPY charges 0.78%/yr vs 0.85%/yr for QGRD.

Performance

KSPY vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSPY achieves a 7.40% return, which is significantly lower than QGRD's 11.09% return.

KSPY

• 1D: -0.24%
• 1M: 1.76%
• 6M: 5.80%
• YTD: 7.40%
• 1Y: 17.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -1.41%
• 1M: -1.04%
• 6M: 9.04%
• YTD: 11.09%
• 1Y: 20.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSPY vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	7.40%	9.14%
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.09%	8.15%

Correlation

The correlation between KSPY and QGRD is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.76

The correlation between KSPY and QGRD has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

Return for Risk

KSPY vs. QGRD — Risk / Return Rank

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

KSPY

KSPY Risk / Return Rank: 90
KSPY Sharpe Ratio Rank: 88
KSPY Sortino Ratio Rank: 90
KSPY Omega Ratio Rank: 92
KSPY Calmar Ratio Rank: 87
KSPY Martin Ratio Rank: 93

QGRD

QGRD Risk / Return Rank: 51
QGRD Sharpe Ratio Rank: 51
QGRD Sortino Ratio Rank: 47
QGRD Omega Ratio Rank: 49
QGRD Calmar Ratio Rank: 55
QGRD Martin Ratio Rank: 50

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.41	+0.86
Sortino ratio: Return per unit of downside risk	3.32	1.92	+1.40
Omega ratio: Gain probability vs. loss probability	1.49	1.25	+0.24
Calmar ratio: Return relative to maximum drawdown	3.86	2.20	+1.66
Martin ratio: Return relative to average drawdown	19.37	6.67	+12.69

KSPY vs. QGRD - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 2.28, which is higher than the QGRD Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of KSPY and QGRD, 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. QGRD - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for KSPY and QGRD.

Drawdown Indicators

	KSPY	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-9.41%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-9.41%	+4.95%
Current Drawdown Current decline from peak	-0.24%	-3.60%	+3.36%
Average Drawdown Average peak-to-trough decline	-1.16%	-2.23%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	3.09%	-2.20%

Volatility

KSPY vs. QGRD - Volatility Comparison

The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 2.97%, while Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a volatility of 6.71%. This indicates that KSPY experiences smaller price fluctuations and is considered to be less risky than QGRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	6.71%	-3.74%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	11.61%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	7.58%	14.66%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.50%	14.60%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.50%	14.60%	-4.10%

KSPY vs. QGRD - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

KSPY vs. QGRD - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.74%, more than QGRD's 1.41% yield.

Position	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.74%	6.16%	1.31%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.41%	1.57%	0.00%

Frequently Asked Questions

Can I hold both KSPY and QGRD in my portfolio?

KSPY and QGRD have a correlation of 0.76, 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 QGRD?

QGRD has higher volatility (6.71%) compared to KSPY (2.97%). In terms of maximum drawdown, KSPY dropped -11.67% vs QGRD's -9.41%.

Which ETF is better, KSPY or QGRD?

On 1-year performance, QGRD leads with 20.58% vs 17.15% for KSPY. On fees, KSPY is cheaper at 0.78% per year. On volatility, KSPY has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSPY or QGRD?

Over the 1-year period, QGRD has performed better with a 20.58% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSPY or QGRD?

KSPY is cheaper with a 0.78% expense ratio, compared with 0.85% for QGRD.

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

KSPY has the higher dividend yield at 5.74%, compared with 1.41% for QGRD.

What is the main difference between KSPY and QGRD?

They also come from different issuers: KraneShares and Horizon. Their fees differ too: 0.78% for KSPY and 0.85% for QGRD.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.28 vs 1.41), 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.