MRSK vs. KSPY

Last updated Aug 4, 2026

MRSK (Agility Shares Managed Risk ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both Equity Hedged funds. MRSK is actively managed, while KSPY is passively managed. Over the past year, MRSK returned 17.03% vs 18.09% for KSPY. Their 0.75 correlation means they have sometimes moved together and sometimes differently. MRSK charges 0.99%/yr vs 0.78%/yr for KSPY.

Performance

MRSK vs. KSPY - Performance Comparison

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

Returns By Period

In the year-to-date period, MRSK achieves a 6.64% return, which is significantly lower than KSPY's 8.60% return.

MRSK

• 1D: 0.81%
• 1M: 1.48%
• 6M: 5.13%
• YTD: 6.64%
• 1Y: 17.03%
• 3Y*: 11.11%
• 5Y*: 7.63%
• 10Y*: —
• ALL TIME*: 11.15%

KSPY

• 1D: 0.39%
• 1M: 1.96%
• 6M: 6.24%
• YTD: 8.60%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.82%

*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	$1.58M	$1.28M	$1.11M
MRSK Agility Shares Managed Risk ETF	$835.57K	$1.53M	$1.06M

MRSK vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRSK Agility Shares Managed Risk ETF	6.64%	11.93%	1.65%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	8.60%	13.89%	3.51%

Correlation

The correlation between MRSK and KSPY is 0.73, 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.	0.73
Correlation (All Time) Calculated using the full available price history since Jul 16, 2024	0.75

The correlation between MRSK and KSPY has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

MRSK vs. KSPY — Risk / Return Rank

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

MRSK

MRSK Risk / Return Rank: 64
MRSK Sharpe Ratio Rank: 65
MRSK Sortino Ratio Rank: 62
MRSK Omega Ratio Rank: 66
MRSK Calmar Ratio Rank: 59
MRSK Martin Ratio Rank: 67

KSPY

KSPY Risk / Return Rank: 92
KSPY Sharpe Ratio Rank: 90
KSPY Sortino Ratio Rank: 91
KSPY Omega Ratio Rank: 93
KSPY Calmar Ratio Rank: 90
KSPY Martin Ratio Rank: 94

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.

MRSK vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agility Shares Managed Risk ETF (MRSK) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). 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.

	MRSK	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.37	-0.80
Sortino ratio: Return per unit of downside risk	2.19	3.45	-1.25
Omega ratio: Gain probability vs. loss probability	1.29	1.50	-0.21
Calmar ratio: Return relative to maximum drawdown	2.19	4.07	-1.89
Martin ratio: Return relative to average drawdown	8.57	20.26	-11.69

MRSK vs. KSPY - Sharpe Ratio Comparison

The current MRSK Sharpe Ratio is 1.57, which is lower than the KSPY Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of MRSK and KSPY, 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

MRSK vs. KSPY - Drawdown Comparison

The maximum MRSK drawdown since its inception was -14.70%, which is greater than KSPY's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for MRSK and KSPY.

Drawdown Indicators

	MRSK	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.70%	-11.67%	-3.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-4.46%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-12.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.70%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.51%	-1.13%	-2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.89%	+1.10%

Volatility

MRSK vs. KSPY - Volatility Comparison

Agility Shares Managed Risk ETF (MRSK) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) have volatilities of 1.93% and 1.97%, 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

	MRSK	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	1.97%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	6.18%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.91%	7.69%	+3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	10.41%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.80%	10.41%	+1.39%

MRSK vs. KSPY - Expense Ratio Comparison

MRSK has a 0.99% expense ratio, which is higher than KSPY's 0.78% expense ratio.

Dividends

MRSK vs. KSPY - Dividend Comparison

MRSK's dividend yield for the trailing twelve months is around 0.35%, less than KSPY's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.68%	6.16%	1.31%	0.00%	0.00%	0.00%	0.00%
MRSK Agility Shares Managed Risk ETF	0.35%	0.37%	0.44%	0.60%	1.11%	14.20%	4.29%

Frequently Asked Questions

Can I hold both MRSK and KSPY in my portfolio?

MRSK and KSPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRSK or KSPY?

KSPY has higher volatility (1.97%) compared to MRSK (1.93%). In terms of maximum drawdown, MRSK dropped -14.70% vs KSPY's -11.67%.

Which ETF is better, MRSK or KSPY?

On 1-year performance, KSPY leads with 18.09% vs 17.03% for MRSK. On fees, KSPY is cheaper at 0.78% 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, MRSK or KSPY?

Over the 1-year period, KSPY has performed better with a 18.09% return vs 17.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRSK or KSPY?

KSPY is cheaper with a 0.78% expense ratio, compared with 0.99% for MRSK.

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

KSPY has the higher dividend yield at 5.68%, compared with 0.35% for MRSK.

What is the main difference between MRSK and KSPY?

They also come from different issuers: Toews and KraneShares. Their fees differ too: 0.99% for MRSK and 0.78% for KSPY.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.37 vs 1.57), 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.