SPUT vs. KHPI

Last updated Jun 4, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and KHPI (Kensington Hedged Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPUT returned 18.82% vs 15.09% for KHPI. Their correlation of 0.83 suggests significant overlap in exposure. SPUT charges 0.79%/yr vs 0.96%/yr for KHPI.

Performance

SPUT vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Premium Income Daily PutWrite ETF (SPUT) 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, SPUT achieves a 7.26% return, which is significantly higher than KHPI's 5.45% return.

SPUT

• 1D: -0.34%
• 1M: 3.05%
• YTD: 7.26%
• 6M: 7.80%
• 1Y: 18.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KHPI

• 1D: -0.50%
• 1M: 2.40%
• YTD: 5.45%
• 6M: 4.74%
• 1Y: 15.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUT vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	7.26%	13.20%
KHPI Kensington Hedged Premium Income ETF	5.45%	13.51%

Correlation

The correlation between SPUT and KHPI is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.83

The correlation between SPUT and KHPI has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

SPUT vs. KHPI — Risk / Return Rank

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

SPUT

SPUT Risk / Return Rank: 85
SPUT Sharpe Ratio Rank: 81
SPUT Sortino Ratio Rank: 82
SPUT Omega Ratio Rank: 85
SPUT Calmar Ratio Rank: 87
SPUT Martin Ratio Rank: 92

KHPI

KHPI Risk / Return Rank: 60
KHPI Sharpe Ratio Rank: 62
KHPI Sortino Ratio Rank: 65
KHPI Omega Ratio Rank: 64
KHPI Calmar Ratio Rank: 48
KHPI Martin Ratio Rank: 61

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.

SPUT vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) 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.

	SPUT	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.10	+0.52
Sortino ratio: Return per unit of downside risk	3.67	3.02	+0.65
Omega ratio: Gain probability vs. loss probability	1.53	1.39	+0.14
Calmar ratio: Return relative to maximum drawdown	4.96	2.31	+2.65
Martin ratio: Return relative to average drawdown	22.62	10.89	+11.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUT vs. KHPI - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 2.62, which is comparable to the KHPI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SPUT 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.

Sharpe Ratios by Period

	SPUT	KHPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.10	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.28	+0.26

Drawdowns

SPUT vs. KHPI - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, roughly equal to the maximum KHPI drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for SPUT and KHPI.

Drawdown Indicators

	SPUT	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-10.58%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-6.55%	+2.74%
Current Drawdown Current decline from peak	-0.34%	-0.50%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.23%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	1.39%	-0.56%

Volatility

SPUT vs. KHPI - Volatility Comparison

The current volatility for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) is 1.50%, while Kensington Hedged Premium Income ETF (KHPI) has a volatility of 2.20%. This indicates that SPUT experiences smaller price fluctuations and is considered to be less risky than KHPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	2.20%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	5.49%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	7.24%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.26%	9.61%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.26%	9.61%	+1.65%

SPUT vs. KHPI - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is lower than KHPI's 0.96% expense ratio.

Dividends

SPUT vs. KHPI - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.03%, less than KHPI's 8.86% yield.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.03%	4.66%	0.00%

Frequently Asked Questions

Can I hold both SPUT and KHPI in my portfolio?

SPUT and KHPI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUT or KHPI?

KHPI has higher volatility (2.20%) compared to SPUT (1.50%). In terms of maximum drawdown, SPUT dropped -10.55% vs KHPI's -10.58%.

Which ETF is better, SPUT or KHPI?

On 1-year performance, SPUT leads with 18.82% vs 15.09% for KHPI. On fees, SPUT is cheaper at 0.79% per year. On volatility, SPUT has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or KHPI?

Over the 1-year period, SPUT has performed better with a 18.82% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or KHPI?

SPUT is cheaper with a 0.79% expense ratio, compared with 0.96% for KHPI.

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

KHPI has the higher dividend yield at 8.86%, compared with 5.03% for SPUT.

What is the main difference between SPUT and KHPI?

They also come from different issuers: Innovator and Kensington Asset Management. Their fees differ too: 0.79% for SPUT and 0.96% for KHPI.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (2.62 vs 2.10), 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.