QGRD vs. KSPY
QGRD (Horizon NASDAQ-100 Defined Risk ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both Equity Hedged funds. QGRD is actively managed, while KSPY is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. QGRD charges 0.85%/yr vs 0.78%/yr for KSPY.
Performance
QGRD vs. KSPY - Performance Comparison
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Returns By Period
In the year-to-date period, QGRD achieves a 10.11% return, which is significantly higher than KSPY's 4.57% return.
QGRD
- 1D
- -3.94%
- 1M
- 1.47%
- YTD
- 10.11%
- 6M
- 7.90%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KSPY
- 1D
- -0.91%
- 1M
- 0.49%
- YTD
- 4.57%
- 6M
- 4.76%
- 1Y
- 17.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QGRD vs. KSPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QGRD Horizon NASDAQ-100 Defined Risk ETF | 10.11% | 8.34% |
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 4.57% | 9.08% |
Correlation
The correlation between QGRD and KSPY is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025 | 0.73 |
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Return for Risk
QGRD vs. KSPY — Risk / Return Rank
QGRD
KSPY
QGRD vs. KSPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| QGRD | KSPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 1.11 | +0.48 |
Drawdowns
QGRD vs. KSPY - Drawdown Comparison
The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for QGRD and KSPY.
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Drawdown Indicators
| QGRD | KSPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.41% | -11.67% | +2.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -4.46% | — |
Current DrawdownCurrent decline from peak | -4.45% | -1.09% | -3.36% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -1.18% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.84% | — |
Volatility
QGRD vs. KSPY - Volatility Comparison
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Volatility by Period
| QGRD | KSPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.59% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.56% | 7.06% | +6.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 10.53% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.56% | 10.53% | +3.03% |
QGRD vs. KSPY - Expense Ratio Comparison
QGRD has a 0.85% expense ratio, which is higher than KSPY's 0.78% expense ratio.
Dividends
QGRD vs. KSPY - Dividend Comparison
QGRD's dividend yield for the trailing twelve months is around 1.42%, less than KSPY's 5.89% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 5.89% | 6.16% | 1.31% |
QGRD Horizon NASDAQ-100 Defined Risk ETF | 1.42% | 1.57% | 0.00% |
Frequently Asked Questions
QGRD 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.
On fees, KSPY is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.
KSPY is cheaper with a 0.78% expense ratio, compared with 0.85% for QGRD.
KSPY has the higher dividend yield at 5.89%, compared with 1.42% for QGRD.
They also come from different issuers: Horizon and KraneShares. Their fees differ too: 0.85% for QGRD and 0.78% for KSPY.
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