VAMO vs. KSPY

Last updated Jun 4, 2026

VAMO (Cambria Value and Momentum ETF) and KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) are both exchange-traded funds - VAMO is a Momentum fund actively managed by Cambria, while KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index. VAMO is actively managed, while KSPY is passively managed. Over the past year, VAMO returned 18.13% vs 18.09% for KSPY. At a 0.45 correlation, their price movements are largely independent. VAMO charges 0.65%/yr vs 0.78%/yr for KSPY.

Performance

VAMO vs. KSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Value and Momentum ETF (VAMO) 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, VAMO achieves a 3.15% return, which is significantly lower than KSPY's 5.43% return.

VAMO

• 1D: 0.04%
• 1M: -1.08%
• YTD: 3.15%
• 6M: 4.57%
• 1Y: 18.13%
• 3Y*: 13.91%
• 5Y*: 8.12%
• 10Y*: 5.64%

KSPY

• 1D: -0.28%
• 1M: 1.96%
• YTD: 5.43%
• 6M: 5.87%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VAMO vs. KSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VAMO Cambria Value and Momentum ETF	3.15%	16.51%	1.65%
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.43%	13.89%	3.43%

Correlation

The correlation between VAMO and KSPY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 17, 2024	0.45

VAMO vs. KSPY - Sectors Allocation Comparison

Sectors	VAMO	KSPY
Financial Services	38.8%	11.9%
Energy	34.0%	3.5%
Consumer Cyclical	33.5%	10.1%
Industrials	21.4%	8.1%
Healthcare	17.5%	8.4%
Technology	8.3%	36.2%
Basic Materials	7.3%	1.8%
Consumer Defensive	6.5%	4.9%
Communication Services	5.0%	10.9%
Utilities	1.6%	2.3%
Real Estate	-	1.9%

Return for Risk

VAMO vs. KSPY — Risk / Return Rank

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

VAMO

VAMO Risk / Return Rank: 52
VAMO Sharpe Ratio Rank: 46
VAMO Sortino Ratio Rank: 49
VAMO Omega Ratio Rank: 44
VAMO Calmar Ratio Rank: 66
VAMO Martin Ratio Rank: 55

KSPY

KSPY Risk / Return Rank: 85
KSPY Sharpe Ratio Rank: 80
KSPY Sortino Ratio Rank: 84
KSPY Omega Ratio Rank: 91
KSPY Calmar Ratio Rank: 80
KSPY Martin Ratio Rank: 91

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.

VAMO vs. KSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Value and Momentum ETF (VAMO) 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.

	VAMO	KSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.60	-0.97
Sortino ratio: Return per unit of downside risk	2.40	3.76	-1.35
Omega ratio: Gain probability vs. loss probability	1.28	1.59	-0.31
Calmar ratio: Return relative to maximum drawdown	3.28	4.07	-0.79
Martin ratio: Return relative to average drawdown	9.47	21.74	-12.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAMO vs. KSPY - Sharpe Ratio Comparison

The current VAMO Sharpe Ratio is 1.63, which is lower than the KSPY Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of VAMO 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.

Sharpe Ratios by Period

	VAMO	KSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	2.60	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	1.17	-0.92

Drawdowns

VAMO vs. KSPY - Drawdown Comparison

The maximum VAMO drawdown since its inception was -41.84%, which is greater than KSPY's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for VAMO and KSPY.

Drawdown Indicators

	VAMO	KSPY	Difference
Max Drawdown Largest peak-to-trough decline	-41.84%	-11.67%	-30.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-4.46%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.84%	—	—
Current Drawdown Current decline from peak	-2.76%	-0.28%	-2.48%
Average Drawdown Average peak-to-trough decline	-9.98%	-1.18%	-8.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.83%	+1.09%

Volatility

VAMO vs. KSPY - Volatility Comparison

Cambria Value and Momentum ETF (VAMO) has a higher volatility of 2.97% compared to Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) at 0.76%. This indicates that VAMO'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

	VAMO	KSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.76%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	5.51%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	11.19%	7.00%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	10.53%	+6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	10.53%	+7.56%

VAMO vs. KSPY - Expense Ratio Comparison

VAMO has a 0.65% expense ratio, which is lower than KSPY's 0.78% expense ratio.

Dividends

VAMO vs. KSPY - Dividend Comparison

VAMO's dividend yield for the trailing twelve months is around 0.63%, less than KSPY's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSPY Kraneshares Hedgeye Hedged Equity Index ETF	5.85%	6.16%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAMO Cambria Value and Momentum ETF	0.63%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both VAMO and KSPY in my portfolio?

VAMO and KSPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAMO or KSPY?

VAMO has higher volatility (2.97%) compared to KSPY (0.76%). In terms of maximum drawdown, VAMO dropped -41.84% vs KSPY's -11.67%.

Which ETF is better, VAMO or KSPY?

On 1-year performance, VAMO leads with 18.13% vs 18.09% for KSPY. On fees, VAMO is cheaper at 0.65% per year. On volatility, KSPY has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VAMO or KSPY?

Over the 1-year period, VAMO has performed better with a 18.13% return vs 18.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VAMO or KSPY?

VAMO is cheaper with a 0.65% expense ratio, compared with 0.78% for KSPY.

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

KSPY has the higher dividend yield at 5.85%, compared with 0.63% for VAMO.

What is the main difference between VAMO and KSPY?

VAMO is categorized as Momentum, while KSPY is Equity Hedged. They also come from different issuers: Cambria and KraneShares. Their fees differ too: 0.65% for VAMO and 0.78% for KSPY.

Which has better risk-adjusted returns?

KSPY currently has the higher Sharpe Ratio (2.60 vs 1.63), 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.