XYZY vs. KHPI

Last updated Jun 4, 2026

XYZY (YieldMax XYZ Option Income Strategy ETF) and KHPI (Kensington Hedged Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, XYZY returned -0.20% vs 15.09% for KHPI. A 0.51 correlation means they provide meaningful diversification when combined. XYZY charges 0.99%/yr vs 0.96%/yr for KHPI.

Performance

XYZY vs. KHPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax XYZ Option Income Strategy ETF (XYZY) 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, XYZY achieves a -1.01% return, which is significantly lower than KHPI's 5.45% return.

XYZY

• 1D: -5.22%
• 1M: -4.39%
• YTD: -1.01%
• 6M: 6.08%
• 1Y: -0.20%
• 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)

XYZY vs. KHPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XYZY YieldMax XYZ Option Income Strategy ETF	-1.01%	-29.43%	22.44%
KHPI Kensington Hedged Premium Income ETF	5.45%	11.14%	4.29%

Correlation

The correlation between XYZY and KHPI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.51

The correlation between XYZY and KHPI has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

XYZY vs. KHPI — Risk / Return Rank

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

XYZY

XYZY Risk / Return Rank: 9
XYZY Sharpe Ratio Rank: 8
XYZY Sortino Ratio Rank: 10
XYZY Omega Ratio Rank: 10
XYZY Calmar Ratio Rank: 9
XYZY Martin Ratio Rank: 9

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.

XYZY vs. KHPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax XYZ Option Income Strategy ETF (XYZY) 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.

	XYZY	KHPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	2.10	-2.10
Sortino ratio: Return per unit of downside risk	0.26	3.02	-2.76
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.01	2.31	-2.32
Martin ratio: Return relative to average drawdown	-0.01	10.89	-10.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XYZY vs. KHPI - Sharpe Ratio Comparison

The current XYZY Sharpe Ratio is -0.01, which is lower than the KHPI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of XYZY 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

	XYZY	KHPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	2.10	-2.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.28	-1.09

Drawdowns

XYZY vs. KHPI - Drawdown Comparison

The maximum XYZY drawdown since its inception was -52.30%, which is greater than KHPI's maximum drawdown of -10.58%. Use the drawdown chart below to compare losses from any high point for XYZY and KHPI.

Drawdown Indicators

	XYZY	KHPI	Difference
Max Drawdown Largest peak-to-trough decline	-52.30%	-10.58%	-41.72%
Max Drawdown (1Y) Largest decline over 1 year	-37.72%	-6.55%	-31.17%
Current Drawdown Current decline from peak	-37.84%	-0.50%	-37.34%
Average Drawdown Average peak-to-trough decline	-21.82%	-1.23%	-20.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.18%	1.39%	+15.79%

Volatility

XYZY vs. KHPI - Volatility Comparison

YieldMax XYZ Option Income Strategy ETF (XYZY) has a higher volatility of 10.82% compared to Kensington Hedged Premium Income ETF (KHPI) at 2.20%. This indicates that XYZY's price experiences larger fluctuations and is considered to be riskier than KHPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYZY	KHPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	2.20%	+8.62%
Volatility (6M) Calculated over the trailing 6-month period	31.08%	5.49%	+25.59%
Volatility (1Y) Calculated over the trailing 1-year period	38.83%	7.24%	+31.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.20%	9.61%	+32.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.20%	9.61%	+32.59%

XYZY vs. KHPI - Expense Ratio Comparison

XYZY has a 0.99% expense ratio, which is higher than KHPI's 0.96% expense ratio.

Dividends

XYZY vs. KHPI - Dividend Comparison

XYZY's dividend yield for the trailing twelve months is around 109.42%, more than KHPI's 8.86% yield.

Position	TTM	2025	2024	2023
KHPI Kensington Hedged Premium Income ETF	8.86%	8.90%	3.01%	0.00%
XYZY YieldMax XYZ Option Income Strategy ETF	109.42%	95.35%	62.54%	9.85%

Frequently Asked Questions

Can I hold both XYZY and KHPI in my portfolio?

XYZY and KHPI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XYZY or KHPI?

XYZY has higher volatility (10.82%) compared to KHPI (2.20%). In terms of maximum drawdown, XYZY dropped -52.30% vs KHPI's -10.58%.

Which ETF is better, XYZY or KHPI?

On 1-year performance, KHPI leads with 15.09% vs -0.20% for XYZY. On fees, KHPI is cheaper at 0.96% per year. On volatility, KHPI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYZY or KHPI?

Over the 1-year period, KHPI has performed better with a 15.09% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYZY or KHPI?

KHPI is cheaper with a 0.96% expense ratio, compared with 0.99% for XYZY.

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

XYZY has the higher dividend yield at 109.42%, compared with 8.86% for KHPI.

What is the main difference between XYZY and KHPI?

They also come from different issuers: YieldMax and Kensington Asset Management. Their fees differ too: 0.99% for XYZY and 0.96% for KHPI.

Which has better risk-adjusted returns?

KHPI currently has the higher Sharpe Ratio (2.10 vs -0.01), 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.