KVLE vs. SPY

Last updated Jun 3, 2026

KVLE (KFA Value Liner Dynamic Core Equity Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KVLE is a Large Cap Value Equities fund tracking the 3D/L Value Line Dynamic Core Equity Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KVLE returned 9.95%/yr vs 14.20%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. KVLE charges 0.56%/yr vs 0.09%/yr for SPY.

Performance

KVLE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KFA Value Liner Dynamic Core Equity Index ETF (KVLE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KVLE having a 11.23% return and SPY slightly higher at 11.69%.

KVLE

• 1D: 0.29%
• 1M: 4.55%
• YTD: 11.23%
• 6M: 11.46%
• 1Y: 20.71%
• 3Y*: 15.28%
• 5Y*: 9.95%
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

KVLE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KVLE KFA Value Liner Dynamic Core Equity Index ETF	11.23%	9.34%	18.25%	10.49%	-5.96%	28.01%	1.36%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	3.37%

Correlation

The correlation between KVLE and SPY is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020	0.84

The correlation between KVLE and SPY has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

KVLE vs. SPY - Sectors Allocation Comparison

Sectors	KVLE	SPY
Technology	27.0%	35.9%
Industrials	12.6%	7.8%
Financial Services	12.2%	11.8%
Real Estate	12.0%	1.9%
Healthcare	9.3%	8.4%
Consumer Cyclical	9.2%	10.3%
Consumer Defensive	6.8%	4.8%
Energy	4.6%	3.6%
Communication Services	3.9%	11.3%
Basic Materials	1.3%	1.8%
Utilities	0.7%	2.4%

Return for Risk

KVLE vs. SPY — Risk / Return Rank

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

KVLE

KVLE Risk / Return Rank: 51
KVLE Sharpe Ratio Rank: 55
KVLE Sortino Ratio Rank: 56
KVLE Omega Ratio Rank: 54
KVLE Calmar Ratio Rank: 43
KVLE Martin Ratio Rank: 50

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

KVLE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KFA Value Liner Dynamic Core Equity Index ETF (KVLE) and State Street SPDR S&P 500 ETF (SPY). 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.

	KVLE	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.52	-0.63
Sortino ratio Return per unit of downside risk	2.69	3.42	-0.73
Omega ratio Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio Return relative to maximum drawdown	2.18	3.42	-1.24
Martin ratio Return relative to average drawdown	8.36	15.93	-7.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KVLE vs. SPY - Sharpe Ratio Comparison

The current KVLE Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of KVLE and SPY, 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

	KVLE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.52	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.84	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.59	+0.31

Drawdowns

KVLE vs. SPY - Drawdown Comparison

The maximum KVLE drawdown since its inception was -18.38%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KVLE and SPY.

Drawdown Indicators

	KVLE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-55.19%	+36.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-8.88%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.39%	-18.76%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.38%	-24.50%	+6.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.21%	-9.05%	+5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.91%	+0.59%

Volatility

KVLE vs. SPY - Volatility Comparison

KFA Value Liner Dynamic Core Equity Index ETF (KVLE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.70% and 2.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KVLE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	2.75%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	8.89%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	11.81%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	17.05%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	17.94%	-3.61%

KVLE vs. SPY - Expense Ratio Comparison

KVLE has a 0.56% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KVLE vs. SPY - Dividend Comparison

KVLE's dividend yield for the trailing twelve months is around 7.24%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KVLE KFA Value Liner Dynamic Core Equity Index ETF	7.24%	7.90%	7.99%	2.53%	5.78%	9.51%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KVLE and SPY in my portfolio?

KVLE and SPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KVLE or SPY?

SPY has higher volatility (2.75%) compared to KVLE (2.70%). In terms of maximum drawdown, KVLE dropped -18.38% vs SPY's -55.19%.

Which ETF is better, KVLE or SPY?

On 5-year performance, SPY leads with 14.20% vs 9.95% for KVLE. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KVLE or SPY?

Over the 5-year period, SPY has performed better with a 14.20% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KVLE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.56% for KVLE.

Which ETF pays a higher dividend yield, KVLE or SPY?

KVLE has the higher dividend yield at 7.24%, compared with 0.97% for SPY.

What is the main difference between KVLE and SPY?

KVLE is categorized as Large Cap Value Equities, while SPY is S&P 500. KVLE tracks 3D/L Value Line Dynamic Core Equity Index, while SPY tracks S&P 500 Index. They also come from different issuers: CICC and State Street. Their fees differ too: 0.56% for KVLE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 1.89), 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.