THIR vs. KSPY

Last updated Jun 23, 2026

THIR (THOR Index Rotation ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both exchange-traded funds - THIR is a Tactical Allocation fund tracking the THOR SDQ Rotation Index, while KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index. Both are passively managed. Over the past year, THIR returned 23.63% vs 18.25% for KSPY. A 0.75 correlation means they provide meaningful diversification when combined. THIR charges 0.70%/yr vs 0.78%/yr for KSPY.

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.

Returns By Period

The year-to-date returns for both stocks are quite close, with THIR having a 6.61% return and KSPY slightly lower at 6.30%.

THIR

• 1D: -0.29%
• 1M: 1.42%
• YTD: 6.61%
• 6M: 5.81%
• 1Y: 23.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSPY

• 1D: -0.27%
• 1M: 1.21%
• YTD: 6.30%
• 6M: 5.95%
• 1Y: 18.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THIR vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THIR THOR Index Rotation ETF	6.61%	25.22%	3.16%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	6.30%	13.89%	3.20%

Correlation

The correlation between THIR and KSPY 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 24, 2024	0.75

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

THIR vs. KSPY - Sectors Allocation Comparison

Sectors	THIR	KSPY
Technology	48.5%	38.4%
Communication Services	12.7%	10.8%
Consumer Cyclical	10.8%	10.0%
Healthcare	6.0%	8.4%
Consumer Defensive	5.7%	4.6%
Financial Services	5.4%	11.0%
Industrials	5.2%	7.9%
Energy	1.8%	3.2%
Utilities	1.6%	2.1%
Basic Materials	1.4%	1.7%
Real Estate	0.9%	1.8%

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: 56
THIR Sharpe Ratio Rank: 57
THIR Sortino Ratio Rank: 56
THIR Omega Ratio Rank: 57
THIR Calmar Ratio Rank: 55
THIR Martin Ratio Rank: 55

KSPY

KSPY Risk / Return Rank: 86
KSPY Sharpe Ratio Rank: 81
KSPY Sortino Ratio Rank: 85
KSPY Omega Ratio Rank: 90
KSPY Calmar Ratio Rank: 81
KSPY Martin Ratio Rank: 92

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.

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.

	THIR	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.49	-0.62
Sortino ratio: Return per unit of downside risk	2.59	3.61	-1.03
Omega ratio: Gain probability vs. loss probability	1.34	1.55	-0.21
Calmar ratio: Return relative to maximum drawdown	2.67	4.11	-1.43
Martin ratio: Return relative to average drawdown	9.24	21.39	-12.15

THIR vs. KSPY - Sharpe Ratio Comparison

The current THIR Sharpe Ratio is 1.87, which is comparable to the KSPY Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of THIR 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

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%	-4.46%	-4.42%
Current Drawdown Current decline from peak	-1.86%	-0.51%	-1.35%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.17%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	0.85%	+1.71%

Volatility

THIR vs. KSPY - Volatility Comparison

THOR Index Rotation ETF (THIR) has a higher volatility of 6.29% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 2.67%. 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	6.29%	2.67%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	5.98%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	7.36%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.23%	10.55%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.23%	10.55%	+2.68%

THIR vs. KSPY - Expense Ratio Comparison

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

Dividends

THIR vs. KSPY - Dividend Comparison

THIR's dividend yield for the trailing twelve months is around 0.33%, less than KSPY's 5.80% yield.

Position	TTM	2025	2024
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.80%	6.16%	1.31%
THIR THOR Index Rotation ETF	0.33%	0.35%	0.29%

Frequently Asked Questions

Can I hold both THIR and KSPY in my portfolio?

THIR and KSPY 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, THIR or KSPY?

THIR has higher volatility (6.29%) compared to KSPY (2.67%). In terms of maximum drawdown, THIR dropped -10.05% vs KSPY's -11.67%.

Which ETF is better, THIR or KSPY?

On 1-year performance, THIR leads with 23.63% vs 18.25% for KSPY. On fees, THIR is cheaper at 0.70% per year. On volatility, KSPY has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THIR or KSPY?

Over the 1-year period, THIR has performed better with a 23.63% return vs 18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THIR or KSPY?

THIR is cheaper with a 0.70% expense ratio, compared with 0.78% for KSPY.

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

KSPY has the higher dividend yield at 5.80%, compared with 0.33% for THIR.

What is the main difference between THIR and KSPY?

THIR is categorized as Tactical Allocation, while KSPY is Equity Hedged. THIR tracks THOR SDQ Rotation Index, while KSPY tracks Hedgeye Hedged Equity Index. They also come from different issuers: THOR and KraneShares. Their fees differ too: 0.70% for THIR and 0.78% for KSPY.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.49 vs 1.87), 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.