OVLH vs. KHPI

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and KHPI (Kensington Hedged Premium Income ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while KHPI is a Derivative Income fund actively managed by Kensington Asset Management. Both are actively managed. Over the past year, OVLH returned 15.28% vs 12.71% for KHPI. Their correlation of 0.83 suggests significant overlap in exposure. OVLH charges 0.80%/yr vs 0.96%/yr for KHPI.

Performance

OVLH vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Kensington Hedged Premium Income ETF (KHPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVLH achieves a 4.90% return, which is significantly higher than KHPI's 4.52% return.

OVLH

• 1D: -0.97%
• 1M: -1.38%
• YTD: 4.90%
• 6M: 4.28%
• 1Y: 15.28%
• 3Y*: 15.44%
• 5Y*: 9.11%
• 10Y*: —

KHPI

• 1D: -0.69%
• 1M: -0.18%
• YTD: 4.52%
• 6M: 4.13%
• 1Y: 12.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVLH Overlay Shares Hedged Large Cap Equity ETF	4.90%	15.77%	4.57%
KHPI Kensington Hedged Premium Income ETF	4.52%	11.14%	3.90%

Correlation

The correlation between OVLH and KHPI is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.83

The correlation between OVLH and KHPI has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

OVLH vs. KHPI — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 53
OVLH Sharpe Ratio Rank: 53
OVLH Sortino Ratio Rank: 54
OVLH Omega Ratio Rank: 51
OVLH Calmar Ratio Rank: 52
OVLH Martin Ratio Rank: 57

KHPI

KHPI Risk / Return Rank: 51
KHPI Sharpe Ratio Rank: 53
KHPI Sortino Ratio Rank: 53
KHPI Omega Ratio Rank: 53
KHPI Calmar Ratio Rank: 41
KHPI Martin Ratio Rank: 55

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.

OVLH vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Kensington Hedged Premium Income ETF (KHPI). 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.

	OVLH	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.68	+0.04
Sortino ratio: Return per unit of downside risk	2.44	2.40	+0.04
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.41	1.95	+0.47
Martin ratio: Return relative to average drawdown	9.50	8.96	+0.54

OVLH vs. KHPI - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.72, which is comparable to the KHPI Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of OVLH and KHPI, 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

OVLH vs. KHPI - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for OVLH and KHPI.

Drawdown Indicators

	OVLH	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-10.58%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-6.55%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	—	—
Current Drawdown Current decline from peak	-2.75%	-1.37%	-1.38%
Average Drawdown Average peak-to-trough decline	-4.99%	-1.23%	-3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.42%	+0.19%

Volatility

OVLH vs. KHPI - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 3.54% compared to Kensington Hedged Premium Income ETF (KHPI) at 2.82%. This indicates that OVLH's price experiences larger fluctuations and is considered to be riskier than KHPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	2.82%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	5.93%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	7.60%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	9.67%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	9.67%	+2.16%

OVLH vs. KHPI - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than KHPI's 0.96% expense ratio.

Dividends

OVLH vs. KHPI - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, less than KHPI's 8.94% yield.

Position	TTM	2025	2024	2023	2022	2021
KHPI Kensington Hedged Premium Income ETF	8.94%	8.90%	3.01%	0.00%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and KHPI in my portfolio?

OVLH and KHPI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVLH or KHPI?

OVLH has higher volatility (3.54%) compared to KHPI (2.82%). In terms of maximum drawdown, OVLH dropped -20.69% vs KHPI's -10.58%.

Which ETF is better, OVLH or KHPI?

On 1-year performance, OVLH leads with 15.28% vs 12.71% for KHPI. On fees, OVLH is cheaper at 0.80% per year. On volatility, KHPI has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or KHPI?

Over the 1-year period, OVLH has performed better with a 15.28% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or KHPI?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.96% for KHPI.

Which ETF pays a higher dividend yield, OVLH or KHPI?

KHPI has the higher dividend yield at 8.94%, compared with 0.29% for OVLH.

What is the main difference between OVLH and KHPI?

OVLH is categorized as Equity Hedged, while KHPI is Derivative Income. They also come from different issuers: Liquid Strategies and Kensington Asset Management. Their fees differ too: 0.80% for OVLH and 0.96% for KHPI.

Which has better risk-adjusted returns?

OVLH currently has the higher Sharpe Ratio (1.72 vs 1.68), 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.