KSPY vs. THIR

Last updated Aug 2, 2026

KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and THIR (THOR Index Rotation ETF) are both exchange-traded funds - KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index, while THIR is a Tactical Allocation fund tracking the THOR SDQ Rotation Index. Both are passively managed. Over the past year, KSPY returned 17.63% vs 14.97% for THIR. Their 0.76 correlation means they have sometimes moved together and sometimes differently. KSPY charges 0.78%/yr vs 0.70%/yr for THIR.

Performance

KSPY vs. THIR - Performance Comparison

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

Returns By Period

In the year-to-date period, KSPY achieves a 8.18% return, which is significantly higher than THIR's 3.97% return.

KSPY

• 1D: 0.59%
• 1M: 1.57%
• 6M: 6.05%
• YTD: 8.18%
• 1Y: 17.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.66%

THIR

• 1D: 0.54%
• 1M: -2.08%
• 6M: 2.38%
• YTD: 3.97%
• 1Y: 14.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	$1.53M	$1.83M	$1.08M
THIR THOR Index Rotation ETF	$834.89K	$1.75M	$1.80M

KSPY vs. THIR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	8.18%	13.89%	3.20%
THIR THOR Index Rotation ETF	3.97%	25.22%	3.16%

Correlation

The correlation between KSPY and THIR is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.76

The correlation between KSPY and THIR has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

KSPY vs. THIR - Sectors Allocation Comparison

Sectors	KSPY	THIR
Technology	37.9%	38.1%
Financial Services	11.7%	12.9%
Communication Services	10.0%	9.5%
Consumer Cyclical	9.6%	10.2%
Healthcare	9.1%	8.7%
Industrials	8.4%	9.9%
Consumer Defensive	4.6%	5.0%
Energy	3.0%	1.8%
Utilities	2.3%	1.2%
Real Estate	1.9%	0.6%
Basic Materials	1.7%	2.2%

Return for Risk

KSPY vs. THIR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KSPY

KSPY Risk / Return Rank: 91
KSPY Sharpe Ratio Rank: 88
KSPY Sortino Ratio Rank: 90
KSPY Omega Ratio Rank: 92
KSPY Calmar Ratio Rank: 89
KSPY Martin Ratio Rank: 94

THIR

THIR Risk / Return Rank: 41
THIR Sharpe Ratio Rank: 41
THIR Sortino Ratio Rank: 39
THIR Omega Ratio Rank: 39
THIR Calmar Ratio Rank: 42
THIR Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KSPY vs. THIR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and THOR Index Rotation ETF (THIR). 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	THIR	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.01	+1.15
Sortino ratio: Return per unit of downside risk	3.14	1.46	+1.69
Omega ratio: Gain probability vs. loss probability	1.45	1.18	+0.27
Calmar ratio: Return relative to maximum drawdown	3.74	1.50	+2.24
Martin ratio: Return relative to average drawdown	18.61	4.78	+13.83

KSPY vs. THIR - Sharpe Ratio Comparison

The current KSPY Sharpe Ratio is 2.16, which is higher than the THIR Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of KSPY and THIR, 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. THIR - Drawdown Comparison

The maximum KSPY drawdown since its inception was -11.67%, which is greater than THIR's maximum drawdown of -10.05%. Use the drawdown chart below to compare losses from any high point for KSPY and THIR.

Drawdown Indicators

	KSPY	THIR	Difference
Max Drawdown Largest peak-to-trough decline	-11.67%	-10.05%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-8.88%	+4.42%
Current Drawdown Current decline from peak	0.00%	-4.29%	+4.29%
Average Drawdown Average peak-to-trough decline	-1.14%	-2.07%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.78%	-1.88%

Volatility

KSPY vs. THIR - Volatility Comparison

The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 1.96%, while THOR Index Rotation ETF (THIR) has a volatility of 3.90%. This indicates that KSPY experiences smaller price fluctuations and is considered to be less risky than THIR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPY	THIR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	3.90%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	10.53%	-4.36%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	13.19%	-5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.42%	13.27%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.42%	13.27%	-2.85%

KSPY vs. THIR - Expense Ratio Comparison

KSPY has a 0.78% expense ratio, which is higher than THIR's 0.70% expense ratio.

Dividends

KSPY vs. THIR - Dividend Comparison

KSPY's dividend yield for the trailing twelve months is around 5.70%, more than THIR's 0.34% yield.

Position	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.70%	6.16%	1.31%
THIR THOR Index Rotation ETF	0.34%	0.35%	0.29%

Frequently Asked Questions

Can I hold both KSPY and THIR in my portfolio?

KSPY and THIR have a correlation of 0.79, 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 THIR?

THIR has higher volatility (3.90%) compared to KSPY (1.96%). In terms of maximum drawdown, KSPY dropped -11.67% vs THIR's -10.05%.

Which ETF is better, KSPY or THIR?

On 1-year performance, KSPY leads with 17.63% vs 14.97% for THIR. On fees, THIR is cheaper at 0.70% per year. On volatility, KSPY has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSPY or THIR?

Over the 1-year period, KSPY has performed better with a 17.63% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSPY or THIR?

THIR is cheaper with a 0.70% expense ratio, compared with 0.78% for KSPY.

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

KSPY has the higher dividend yield at 5.70%, compared with 0.34% for THIR.

What is the main difference between KSPY and THIR?

KSPY is categorized as Equity Hedged, while THIR is Tactical Allocation. KSPY tracks Hedgeye Hedged Equity Index, while THIR tracks THOR SDQ Rotation Index. They also come from different issuers: KraneShares and THOR. Their fees differ too: 0.78% for KSPY and 0.70% for THIR.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.16 vs 1.01), 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.