THIR vs. KSPY

Last updated Apr 1, 2026

Compare and contrast key facts about THOR Index Rotation ETF (THIR) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY).

THIR and KSPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. THIR is a passively managed fund by THOR that tracks the performance of the THOR SDQ Rotation Index. It was launched on Sep 23, 2024. KSPY is a passively managed fund by KraneShares that tracks the performance of the Hedgeye Hedged Equity Index. It was launched on Jul 15, 2024. Both THIR and KSPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

THIR vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Index Rotation ETF (THIR) and Kraneshares Hedgeye Hedged Equity Index ETF (KSPY). The values are adjusted to include any dividend payments, if applicable.

THIR vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THIR THOR Index Rotation ETF	-3.75%	25.22%	3.26%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	-0.11%	13.89%	3.22%

Returns By Period

In the year-to-date period, THIR achieves a -3.75% return, which is significantly lower than KSPY's -0.11% return.

THIR

• 1D: 2.48%
• 1M: -5.13%
• YTD: -3.75%
• 6M: -0.89%
• 1Y: 25.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSPY

• 1D: 2.05%
• 1M: -2.19%
• YTD: -0.11%
• 6M: 2.76%
• 1Y: 14.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THIR vs. KSPY - Expense Ratio Comparison

THIR has a 0.70% expense ratio, which is lower than KSPY's 0.78% expense ratio.

KSPY

Kraneshares Hedgeye Hedged Equity Index ETF

THIR

THOR Index Rotation ETF

Return for Risk

THIR vs. KSPY — Risk / Return Rank

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

THIR

THIR Risk / Return Rank: 91
THIR Sharpe Ratio Rank: 91
THIR Sortino Ratio Rank: 94
THIR Omega Ratio Rank: 89
THIR Calmar Ratio Rank: 88
THIR Martin Ratio Rank: 92

KSPY

KSPY Risk / Return Rank: 77
KSPY Sharpe Ratio Rank: 69
KSPY Sortino Ratio Rank: 73
KSPY Omega Ratio Rank: 84
KSPY Calmar Ratio Rank: 71
KSPY Martin Ratio Rank: 88

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.

THIR vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Index Rotation ETF (THIR) 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.

	THIR	KSPY	Difference
Sharpe ratio Return per unit of total volatility	2.05	1.25	+0.80
Sortino ratio Return per unit of downside risk	2.94	1.89	+1.05
Omega ratio Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio Return relative to maximum drawdown	2.78	1.87	+0.91
Martin ratio Return relative to average drawdown	12.69	11.16	+1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THIR vs. KSPY - Sharpe Ratio Comparison

The current THIR Sharpe Ratio is 2.05, which is higher than the KSPY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of THIR and KSPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	THIR	KSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.25	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.92	+0.30

Correlation

The correlation between THIR and KSPY is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

THIR vs. KSPY - Dividend Comparison

THIR's dividend yield for the trailing twelve months is around 0.37%, less than KSPY's 6.17% yield.

	TTM	2025	2024
THIR THOR Index Rotation ETF	0.37%	0.35%	0.29%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	6.17%	6.16%	1.31%

Drawdowns

THIR vs. KSPY - Drawdown Comparison

The maximum THIR drawdown since its inception was -10.05%, smaller than the maximum KSPY drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for THIR and KSPY.

Drawdown Indicators

	THIR	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-11.67%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.00%	-0.88%
Current Drawdown Current decline from peak	-6.62%	-2.51%	-4.11%
Average Drawdown Average peak-to-trough decline	-1.88%	-1.28%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.34%	+0.61%

Volatility

THIR vs. KSPY - Volatility Comparison

THOR Index Rotation ETF (THIR) has a higher volatility of 4.55% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 4.03%. This indicates that THIR'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

	THIR	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	4.03%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	6.24%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.50%	11.92%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	10.98%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.86%	10.98%	+1.88%