Data as of Nov 4, 2026.
KSPY vs PHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, KSPY moved less with the S&P 500 than PHEQ: correlation +0.92 against +0.94.
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Net assets: $135m on Nov 4, 2026 for KraneShares Hedgeye Hedged Equity Index ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.
PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.
Pair scorecard
PHEQ costs 0.59 points a year less; their one-year returns differ by 0.6 points.
| Measure | KSPY | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.8% | +11.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.88% | 0.29% |
| Net assets, KSPY as of Nov 4, 2026 and PHEQ as of Jun 30, 2026 | $135m | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.46: about 0.46% for each 1% | +0.40: about 0.40% for each 1% |
| Its average week when the S&P 500 fell | fell 0.44% | fell 0.34% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Jul 26, 2024 to Oct 30, 2026 · 118 weekly returns · each against VOOFrom Jul 2024 to Oct 2026, KSPY and PHEQ returned about the same: +30.0% and +30.1%. KSPY and PHEQ swung about the same: 8.1% and 8.2%. KSPY fell less at its worst: −10.1% to −11.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | KSPY | PHEQ | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +30.0% | +30.1% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +12.2% | +12.3% | Tie | Total return as a yearly rate. | |
| Price return | +20.9% | +26.9% | PHEQ | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.1% | 8.2% | Tie | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.8% | 5.5% | PHEQ (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −10.1% | −11.4% | KSPY | Deepest fall from a high to the low after it. | |
| Upside capture | 42.1% | 42.2% | 100.0% | Tie | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 51.9% | 51.9% | 100.0% | Tie | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.49 | 0.53 | 1.00 | KSPY lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.82 | 0.91 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.95 | 0.95 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.33 | 1.41 | PHEQ (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.157 | 0.148 | 0.127 | KSPY (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.21 | 1.08 | KSPY | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +1.5% a year | +1.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.65 | 0.68 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.1% to +6.1% | −2.2% to +4.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.59 | −0.65 | KSPY (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.3% | 7.5% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 118 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | KSPY | PHEQ | KSPY | PHEQ |
| 3 months | +1.4% | +2.2% | +1.5 pts vs VOO | +2.3 pts vs VOO |
| 6 months | +6.0% | +5.1% | +1.0 pts vs VOO | +0.1 pts vs VOO |
| 1 year | +11.8% | +11.2% | −3.0 pts vs VOO | −3.6 pts vs VOO |
| 3 years | – | +49.5% | – | −33.8 pts vs VOO |
| Since launchNot the same days: KSPY Jul 2024 · PHEQ Oct 2023 | +30.0% | +51.1% | −9.5 pts vs VOO | −35.7 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
KSPY and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, KSPY’s weekly returns had a correlation of +0.92 with the S&P 500 and PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, KSPY averaged −0.44% and PHEQ −0.34%. Over the same weeks, KSPY finished 7.9 percentage points ahead of cash and PHEQ finished 7.2 points ahead of cash.
Client brief:
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KSPY
KSPY is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.92 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks KSPY fell 0.44% on average, a down-week capture of 41.0%. Over the same 52 weeks KSPY returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
PHEQ
PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, KSPY or PHEQ?
- Over the 52 weeks to Nov 4, 2026, KSPY’s weekly returns had a correlation of +0.92 with the S&P 500 and PHEQ’s +0.94, so KSPY moved less with the index.
- Which did better when the S&P 500 fell, KSPY or PHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, KSPY averaged −0.44% and PHEQ −0.34%, so PHEQ returned more in those weeks.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, KSPY against PHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/kspy-vs-pheq
ETFIQ. (Nov 4, 2026). KSPY against PHEQ. Retrieved from https://etfiq.com/compare/alternatives/kspy-vs-pheq
[KSPY against PHEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/kspy-vs-pheq)
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