SPYH vs. KSPY

Last updated Jun 24, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both Equity Hedged funds. SPYH is actively managed, while KSPY is passively managed. Over the past year, SPYH returned 15.64% vs 16.25% for KSPY. Their correlation of 0.85 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 0.78%/yr for KSPY.

Performance

SPYH vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 3.89% return, which is significantly lower than KSPY's 5.14% return.

SPYH

• 1D: -1.00%
• 1M: -1.05%
• YTD: 3.89%
• 6M: 3.22%
• 1Y: 15.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSPY

• 1D: -1.10%
• 1M: 0.10%
• YTD: 5.14%
• 6M: 4.57%
• 1Y: 16.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	20.01%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.14%	14.48%

Correlation

The correlation between SPYH and KSPY is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.85

The correlation between SPYH and KSPY has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

SPYH vs. KSPY - Sectors Allocation Comparison

Sectors	SPYH	KSPY
Technology	38.7%	38.4%
Financial Services	11.2%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	9.7%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.4%	7.9%
Consumer Defensive	4.7%	4.6%
Energy	3.3%	3.2%
Utilities	2.3%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYH vs. KSPY — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 63
SPYH Sharpe Ratio Rank: 62
SPYH Sortino Ratio Rank: 60
SPYH Omega Ratio Rank: 64
SPYH Calmar Ratio Rank: 57
SPYH Martin Ratio Rank: 70

KSPY

KSPY Risk / Return Rank: 81
KSPY Sharpe Ratio Rank: 75
KSPY Sortino Ratio Rank: 78
KSPY Omega Ratio Rank: 86
KSPY Calmar Ratio Rank: 77
KSPY Martin Ratio Rank: 90

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.

SPYH vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

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.

	SPYH	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.20	-0.30
Sortino ratio: Return per unit of downside risk	2.60	3.17	-0.57
Omega ratio: Gain probability vs. loss probability	1.36	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	2.61	3.66	-1.05
Martin ratio: Return relative to average drawdown	12.08	18.92	-6.84

SPYH vs. KSPY - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.90, which is comparable to the KSPY Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SPYH and KSPY, 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

SPYH vs. KSPY - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for SPYH and KSPY.

Drawdown Indicators

	SPYH	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-11.67%	+4.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-4.46%	-1.56%
Current Drawdown Current decline from peak	-2.13%	-1.60%	-0.53%
Average Drawdown Average peak-to-trough decline	-0.75%	-1.17%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.86%	+0.44%

Volatility

SPYH vs. KSPY - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 3.28% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 2.91%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than KSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.91%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	6.07%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	7.44%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	10.57%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	10.57%	+1.87%

SPYH vs. KSPY - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than KSPY's 0.78% expense ratio.

Dividends

SPYH vs. KSPY - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.68%, more than KSPY's 5.86% yield.

Position	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.86%	6.16%	1.31%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%	0.00%

Frequently Asked Questions

Can I hold both SPYH and KSPY in my portfolio?

SPYH and KSPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or KSPY?

SPYH has higher volatility (3.28%) compared to KSPY (2.91%). In terms of maximum drawdown, SPYH dropped -7.22% vs KSPY's -11.67%.

Which ETF is better, SPYH or KSPY?

On 1-year performance, KSPY leads with 16.25% vs 15.64% for SPYH. On fees, SPYH is cheaper at 0.68% per year. On volatility, KSPY has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or KSPY?

Over the 1-year period, KSPY has performed better with a 16.25% return vs 15.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or KSPY?

SPYH is cheaper with a 0.68% expense ratio, compared with 0.78% for KSPY.

Which ETF pays a higher dividend yield, SPYH or KSPY?

SPYH has the higher dividend yield at 7.68%, compared with 5.86% for KSPY.

What is the main difference between SPYH and KSPY?

They also come from different issuers: NEOS and KraneShares. Their fees differ too: 0.68% for SPYH and 0.78% for KSPY.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.20 vs 1.90), 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.