SPIAX vs. KNGLX

Last updated Aug 1, 2026

SPIAX (Invesco S&P 500 Index A) and KNGLX (CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund) are both mutual funds - SPIAX is a S&P 500 fund tracking the S&P 500, while KNGLX is a Derivative Income fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. Both are passively managed. Over the past 5 years, SPIAX returned 12.09%/yr vs 4.72%/yr for KNGLX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. SPIAX charges 0.54%/yr vs 1.20%/yr for KNGLX.

Performance

SPIAX vs. KNGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Index A (SPIAX) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). 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 SPIAX having a 9.04% return and KNGLX slightly higher at 9.49%.

SPIAX

• 1D: 1.66%
• 1M: -0.58%
• 6M: 7.53%
• YTD: 9.04%
• 1Y: 20.06%
• 3Y*: 18.40%
• 5Y*: 12.09%
• 10Y*: 14.39%
• ALL TIME*: 8.70%

KNGLX

• 1D: -1.62%
• 1M: -0.95%
• 6M: 4.36%
• YTD: 9.49%
• 1Y: 13.94%
• 3Y*: 5.83%
• 5Y*: 4.72%
• 10Y*: —
• ALL TIME*: 7.68%

*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)
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	$0.00	$0.00	$0.00
SPIAX Invesco S&P 500 Index A	$0.00	$0.00	$0.00

SPIAX vs. KNGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPIAX Invesco S&P 500 Index A	9.04%	17.23%	24.34%	25.63%	-18.56%	27.99%	17.84%	30.78%	-4.97%
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	9.49%	6.43%	2.91%	6.46%	-7.29%	23.23%	7.08%	26.58%	-4.64%

Correlation

The correlation between SPIAX and KNGLX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.74

Over the past year, the correlation between SPIAX and KNGLX has dropped to 0.30 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

SPIAX vs. KNGLX — Risk / Return Rank

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

SPIAX

SPIAX Risk / Return Rank: 55
SPIAX Sharpe Ratio Rank: 53
SPIAX Sortino Ratio Rank: 50
SPIAX Omega Ratio Rank: 50
SPIAX Calmar Ratio Rank: 56
SPIAX Martin Ratio Rank: 68

KNGLX

KNGLX Risk / Return Rank: 35
KNGLX Sharpe Ratio Rank: 38
KNGLX Sortino Ratio Rank: 42
KNGLX Omega Ratio Rank: 34
KNGLX Calmar Ratio Rank: 34
KNGLX Martin Ratio Rank: 27

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.

SPIAX vs. KNGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Index A (SPIAX) and CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX). 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.

	SPIAX	KNGLX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.14	+0.25
Sortino ratio: Return per unit of downside risk	1.94	1.76	+0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.20	+0.05
Calmar ratio: Return relative to maximum drawdown	1.99	1.45	+0.54
Martin ratio: Return relative to average drawdown	8.49	3.79	+4.70

SPIAX vs. KNGLX - Sharpe Ratio Comparison

The current SPIAX Sharpe Ratio is 1.39, which is comparable to the KNGLX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SPIAX and KNGLX, 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

SPIAX vs. KNGLX - Drawdown Comparison

The maximum SPIAX drawdown since its inception was -55.47%, which is greater than KNGLX's maximum drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for SPIAX and KNGLX.

Drawdown Indicators

	SPIAX	KNGLX	Difference
Max Drawdown Largest peak-to-trough decline	-55.47%	-31.48%	-23.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-8.90%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-14.79%	-4.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-18.25%	-6.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	—	—
Current Drawdown Current decline from peak	-2.19%	-2.04%	-0.15%
Average Drawdown Average peak-to-trough decline	-10.73%	-4.58%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.39%	-1.29%

Volatility

SPIAX vs. KNGLX - Volatility Comparison

The current volatility for Invesco S&P 500 Index A (SPIAX) is 3.44%, while CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund (KNGLX) has a volatility of 4.83%. This indicates that SPIAX experiences smaller price fluctuations and is considered to be less risky than KNGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIAX	KNGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	4.83%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	8.80%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	11.38%	+1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	14.10%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	17.10%	+0.99%

SPIAX vs. KNGLX - Expense Ratio Comparison

SPIAX has a 0.54% expense ratio, which is lower than KNGLX's 1.20% expense ratio.

Dividends

SPIAX vs. KNGLX - Dividend Comparison

SPIAX's dividend yield for the trailing twelve months is around 0.93%, less than KNGLX's 12.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KNGLX CBOE Vest S&P 500 Dividend Aristocrats Target Income Fund	12.25%	8.02%	9.60%	7.99%	4.54%	4.41%	3.53%	4.53%	4.74%	0.00%	0.00%	0.00%
SPIAX Invesco S&P 500 Index A	0.93%	1.01%	1.08%	1.04%	1.07%	1.90%	1.26%	1.93%	2.59%	1.28%	1.28%	1.53%

Frequently Asked Questions

Can I hold both SPIAX and KNGLX in my portfolio?

SPIAX and KNGLX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIAX or KNGLX?

KNGLX has higher volatility (4.83%) compared to SPIAX (3.44%). In terms of maximum drawdown, SPIAX dropped -55.47% vs KNGLX's -31.48%.

Which has better risk-adjusted returns?

SPIAX currently has the higher Sharpe Ratio (1.39 vs 1.14), 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.