IQ

Data as of Nov 4, 2026.

vsOpen in the appCompare their flowsaskIQ about these two fundsAsk the committee about these two funds
Alternative ETFs

KSPY vs THEQ: Correlation to the S&P 500

Share
Share on XDownload as PDF

Over the year to Nov 4, 2026, KSPY moved less with the S&P 500 than THEQ: correlation +0.92 against +0.99.

askIQ about this page

askIQ about KSPY and THEQ

Net assets: $135m on Nov 4, 2026 for KraneShares Hedgeye Hedged Equity Index ETF, and $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF.

KSPY on its own →THEQ on its own →
At a glance
+0.92
KSPY correlation with the S&P 500
+0.99
THEQ correlation with the S&P 500
41.0%
KSPY down-week capture
72.3%
THEQ down-week capture
KSPY Fell 41% as much as the S&P 500
Fell 41% as much as the S&P 500KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.SPY−1.07%KSPY−0.44%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 41% as much as the S&P 500KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.SPY−1.07%KSPY−0.44%Average week when SPY fell

KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.

THEQ Fell 72% as much as the S&P 500
Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell

THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.

Pair scorecard

THEQ costs 0.42 points a year less; their one-year returns differ by 2.7 points; KSPY is 3.5 times larger.

KSPY vs THEQ: Correlation to the S&P 500
MeasureKSPYTHEQ
Return
Total return, 1 year+11.8%+9.1%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.88%0.46%
Net assets, as of Nov 3, 2026$133m$38m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.46: about 0.46% for each 1%+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fellfell 0.44%fell 0.77%
ETFIQ Stock Diversification Score · KSPY scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score47.8KSPY19.3THEQ

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

4.5, the lowest in this set 95.5, the highest

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 →

Method

Window by window

Window by window: KSPY vs THEQ: Correlation to the S&P 500
Total returnvs its benchmark
WindowKSPYTHEQKSPYTHEQ
3 months+1.4%−0.3%+1.5 pts vs VOO0.0 pts vs IWV
6 months+6.0%+3.0%+1.0 pts vs VOO−1.9 pts vs IWV
1 year+11.8%+9.1%−3.0 pts vs VOO−5.7 pts vs IWV
Since launchNot the same days: KSPY Jul 2024 · THEQ Mar 2025+30.0%+22.4%−9.5 pts vs VOO−14.5 pts vs IWV

Open this comparison in the app →

Side by side

KSPY KraneShares Hedgeye Hedged Equity Index ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer KraneShares T. Rowe Price
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.92 +0.99
Beta to the S&P 500 +0.46 +0.69
Down-week capture 41.0% 72.3%
Average week when the S&P 500 fell −0.44% −0.77%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +11.6% +9.0%
Against T-bills, percentage points +7.9 pts +5.3 pts
Expense ratio 0.88% 0.46%
First traded Jul 16, 2024 Mar 27, 2025
Net assets, KSPY as of Nov 4, 2026 and THEQ as of Nov 3, 2026 $135m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

KSPY and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, KSPY averaged −0.44% and THEQ −0.77%. Over the same weeks, KSPY finished 7.9 percentage points ahead of cash and THEQ finished 5.3 points ahead of cash.

Alert

KSPY and THEQ flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
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.

THEQ

THEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, KSPY or THEQ?
Over the 52 weeks to Nov 4, 2026, KSPY’s weekly returns had a correlation of +0.92 with the S&P 500 and THEQ’s +0.99, so KSPY moved less with the index.
Which did better when the S&P 500 fell, KSPY or THEQ?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, KSPY averaged −0.44% and THEQ −0.77%, so KSPY returned more in those weeks.
Which earned more than cash, KSPY or THEQ?
Over the same weeks, KSPY finished 7.9 percentage points ahead of cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, KSPY or THEQ?
KSPY charges 0.88% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
KSPY vs HELOKSPY vs ZHDGKSPY vs HEQQKSPY vs CCORTHEQ vs TOAKTHEQ vs ATTRTHEQ vs ZHDGTHEQ vs CCOR
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →KSPY on its own →THEQ on its own →KSPY dividend history →THEQ dividend history →Method →Standards and sources →
Sources and dates
KSPY filings on SEC EDGAR ↗
KSPY prospectus with the expense ratio (SEC) ↗
KraneShares page for KSPY ↗
THEQ filings on SEC EDGAR ↗
THEQ prospectus with the expense ratio (SEC) ↗
T. Rowe Price website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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.

Cite this pageCitation, APA and Markdown

ETFIQ, KSPY against THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/kspy-vs-theq

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.