QQQH vs. KHPI

Last updated Jun 25, 2026

QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) and KHPI (Kensington Hedged Premium Income ETF) are both exchange-traded funds - QQQH is a Nasdaq-100 fund managed by Neos, while KHPI is a Derivative Income fund actively managed by Kensington Asset Management. Over the past year, QQQH returned 14.15% vs 11.96% for KHPI. A 0.75 correlation means they provide meaningful diversification when combined. QQQH charges 0.68%/yr vs 0.96%/yr for KHPI.

Performance

QQQH vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and Kensington Hedged Premium Income ETF (KHPI). 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 QQQH having a 4.35% return and KHPI slightly higher at 4.44%.

QQQH

• 1D: -1.18%
• 1M: -1.69%
• YTD: 4.35%
• 6M: 3.42%
• 1Y: 14.15%
• 3Y*: 17.76%
• 5Y*: 7.95%
• 10Y*: —

KHPI

• 1D: -0.08%
• 1M: -0.25%
• YTD: 4.44%
• 6M: 3.89%
• 1Y: 11.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQH vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	4.35%	14.17%	8.66%
KHPI Kensington Hedged Premium Income ETF	4.44%	11.14%	3.90%

Correlation

The correlation between QQQH and KHPI is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.75

The correlation between QQQH and KHPI has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

QQQH vs. KHPI — Risk / Return Rank

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

QQQH

QQQH Risk / Return Rank: 44
QQQH Sharpe Ratio Rank: 41
QQQH Sortino Ratio Rank: 38
QQQH Omega Ratio Rank: 42
QQQH Calmar Ratio Rank: 45
QQQH Martin Ratio Rank: 54

KHPI

KHPI Risk / Return Rank: 50
KHPI Sharpe Ratio Rank: 52
KHPI Sortino Ratio Rank: 53
KHPI Omega Ratio Rank: 52
KHPI Calmar Ratio Rank: 41
KHPI Martin Ratio Rank: 54

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.

QQQH vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) 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.

	QQQH	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.58	-0.26
Sortino ratio: Return per unit of downside risk	1.81	2.27	-0.46
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.04	1.83	+0.21
Martin ratio: Return relative to average drawdown	8.47	8.41	+0.06

QQQH vs. KHPI - Sharpe Ratio Comparison

The current QQQH Sharpe Ratio is 1.32, which is comparable to the KHPI Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of QQQH 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

QQQH vs. KHPI - Drawdown Comparison

The maximum QQQH drawdown since its inception was -31.24%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for QQQH and KHPI.

Drawdown Indicators

	QQQH	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.24%	-10.58%	-20.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-6.55%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	-3.32%	-1.45%	-1.87%
Average Drawdown Average peak-to-trough decline	-8.21%	-1.23%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.42%	+0.25%

Volatility

QQQH vs. KHPI - Volatility Comparison

NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) has a higher volatility of 5.33% compared to Kensington Hedged Premium Income ETF (KHPI) at 2.79%. This indicates that QQQH'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

	QQQH	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	2.79%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	5.91%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	7.60%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.36%	9.65%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	9.65%	+3.81%

QQQH vs. KHPI - Expense Ratio Comparison

QQQH has a 0.68% expense ratio, which is lower than KHPI's 0.96% expense ratio.

Dividends

QQQH vs. KHPI - Dividend Comparison

QQQH's dividend yield for the trailing twelve months is around 9.04%, more than KHPI's 8.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KHPI Kensington Hedged Premium Income ETF	8.95%	8.90%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	9.04%	8.86%	7.53%	7.18%	9.05%	7.77%	7.48%	0.65%

Frequently Asked Questions

Can I hold both QQQH and KHPI in my portfolio?

QQQH and KHPI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQH or KHPI?

QQQH has higher volatility (5.33%) compared to KHPI (2.79%). In terms of maximum drawdown, QQQH dropped -31.24% vs KHPI's -10.58%.

Which ETF is better, QQQH or KHPI?

On 1-year performance, QQQH leads with 14.15% vs 11.96% for KHPI. On fees, QQQH is cheaper at 0.68% per year. On volatility, KHPI has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQH or KHPI?

Over the 1-year period, QQQH has performed better with a 14.15% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQH or KHPI?

QQQH is cheaper with a 0.68% expense ratio, compared with 0.96% for KHPI.

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

QQQH has the higher dividend yield at 9.04%, compared with 8.95% for KHPI.

What is the main difference between QQQH and KHPI?

QQQH is categorized as Nasdaq-100, while KHPI is Derivative Income. They also come from different issuers: Neos and Kensington Asset Management. Their fees differ too: 0.68% for QQQH and 0.96% for KHPI.

Which has better risk-adjusted returns?

KHPI currently has the higher Sharpe Ratio (1.58 vs 1.32), 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.