Data as of Oct 28, 2026.
KHPI vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, KHPI returned +8.9% to SPY's +13.6%, and SPY charges 0.09% to KHPI's 0.98%.
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Net assets: $401m on Jun 30, 2026 for Kensington Hedged Premium Income ETF, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.89 points a year less; their one-year returns differ by 4.7 points.
| Measure | KHPI | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.9% | +13.6% |
| Price change, 1 year | fell 0.5% | rose 12.4% |
| Latest payout, annualized | 8.9% | |
| Benchmark | ||
| What it tracks | Benchmark: S&P 500, measured through SPY | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.98% | 0.09% |
| Net assets, KHPI as of Jun 30, 2026 and SPY as of Oct 27, 2026 | $401m | $814.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method
Risk and return
Sep 13, 2024 to Oct 23, 2026 · 110 weekly returnsEach against its own benchmark: KHPI against SPY, Sep 13, 2024 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.
SPY returned more: +38.8% to +24.2%. KHPI swung less: 8.8% to 14.7%. KHPI fell less at its worst: −10.5% to −16.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | KHPI | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +24.2% | +38.8% | SPY | Price change plus distributions, reinvested. |
| Annualized | +10.8% | +16.7% | SPY | Total return as a yearly rate. |
| Price return | +2.9% | +35.2% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.8% | 14.7% | KHPI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.7% | 9.6% | KHPI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −10.5% | −16.9% | KHPI | Deepest fall from a high to the low after it. |
| Upside capture | 42.7% | 99.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 55.8% | 100.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.55 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.85 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.75 | 0.85 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 1.16 | 1.30 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.119 | 0.133 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.02 | 0.99 | KHPI (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | VOO | The ETF each fund is measured against. | |
| Alpha | −0.3% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.15 | −0.51 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.0% to +4.3% | −0.3% to +0.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.80 | −0.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.4% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 110 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, KHPI and SPY hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
KHPI and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
No client brief for this pair: the two funds' holdings are dated 119 days apart.
KHPI
Over the year to Oct 28, 2026, KHPI paid 8.8% of its starting value in cash distributions while its price fell 0.5%. With every distribution reinvested, the fund returned +8.9%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was behind by 4.7 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 8.9%, paid monthly.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are KHPI and SPY in the same category?
- KHPI is an option-income ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, KHPI or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, KHPI returned +8.9% and SPY +13.6%.
- Which is cheaper, KHPI or SPY?
- SPY is cheaper, by 0.89 percentage points a year. That is about $89 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, KHPI against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/khpi-vs-spy
ETFIQ. (Oct 28, 2026). KHPI against SPY. Retrieved from https://etfiq.com/compare/any/khpi-vs-spy
[KHPI against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/khpi-vs-spy)
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