Data as of Nov 4, 2026.
KHPI vs OVLH: Dividend Yield & Total Return
Over the year to Nov 4, 2026, KHPI paid 9.0% of its price in cash against OVLH’s 0.3%, and returned more with it reinvested.
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Net assets: $401m on Jun 30, 2026 for Kensington Hedged Premium Income ETF, and $109m on Aug 31, 2026 for Overlay Shares Hedged Large Cap Equity ETF.
5.3 pts behind SPY
KHPI over 1 year: paid 9.0%, price +0.1%, total +9.5%, SPY +14.8%, −5.3 pts. Data to Nov 4, 2026.
SPY
+14.8%
KHPI
+9.5%
9.0% of it arrived as cash
5.3 pts behind SPY
Total return, distributions reinvested
5.3 pts behind SPY
KHPI over 1 year: paid 9.0%, price +0.1%, total +9.5%, SPY +14.8%, −5.3 pts. Data to Nov 4, 2026.
SPY
+14.8%
KHPI
+9.5%
9.0% cash
5.3 pts behind SPY
9.0% of it arrived as cash. Total return, distributions reinvested. KHPI over 1 year: paid 9.0%, price +0.1%, total +9.5%, SPY +14.8%, −5.3 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
Total return, distributions reinvested
7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
0.3% of it arrived as cash. Both charts share one scale, 0 to +14.8%. OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
Both charts share one scale, 0 to +14.8%. Data to Nov 4, 2026.Pair scorecard
OVLH costs 0.18 points a year less; their one-year returns differ by 2.5 points.
Points (pts) are percentage points.
| Measure | KHPI | OVLH |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +9.5% | +7.0% |
| Price change, 1 year | rose 0.1% | rose 6.7% |
| Return of capital, issuer estimate | 100% of the Nov 2, 2026 payment | 38% of the Dec 29, 2023 payment |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | Vanguard S&P 500 ETF, measured through VOO |
| Cost and size | ||
| Expense ratio | 0.98% | 0.80% |
| Net assets, KHPI as of Jun 30, 2026 and OVLH as of Aug 31, 2026 | $401m | $109m |
| Holdings | ||
| Holdings in common | 98% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Sep 13, 2024 to Oct 30, 2026 · 111 weekly returnsEach against its own benchmark: KHPI against SPY, Sep 13, 2024 to Oct 30, 2026; OVLH against VOO, Jan 22, 2021 to Oct 30, 2026.
From Sep 2024 to Oct 2026, OVLH returned more: +26.6% to +23.8%. KHPI swung slightly less: 8.8% to 9.2%. OVLH fell less at its worst: −8.0% to −10.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | KHPI | OVLH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +23.8% | +26.6% | OVLH | Price change plus distributions, reinvested. |
| Annualized | +10.5% | +11.7% | OVLH (slight) | Total return as a yearly rate. |
| Price return | +1.9% | +25.8% | OVLH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.8% | 9.2% | KHPI (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.7% | 5.4% | OVLH (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −10.5% | −8.0% | OVLH | Deepest fall from a high to the low after it. |
| Upside capture | 42.7% | 61.5% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 55.8% | 79.7% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.55 | 0.67 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.85 | 0.93 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.72 | 0.80 | OVLH (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.12 | 1.36 | OVLH | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.115 | 0.094 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.00 | 1.46 | OVLH | 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 | −1.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.15 | −0.85 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.0% to +4.3% | −3.5% to +1.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.78 | −0.78 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.4% | 6.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 111 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, KHPI and OVLH hold 98% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.
half
98% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | KHPI | OVLH | KHPI | OVLH | KHPI | OVLH |
| 3 months | +0.8% | −1.4% | 2.2% | 0.0% | +0.9 pts | −1.3 pts |
| 6 months | +4.6% | +1.6% | 4.5% | 0.0% | −0.5 pts | −3.5 pts |
| 1 year | +9.5% | +7.0% | 9.0% | 0.3% | −5.3 pts | −7.8 pts |
| 3 years | – | +58.6% | – | 1.7% | – | −24.8 pts |
| Since launchNot the same days: KHPI Sep 2024 · OVLH Jan 2021 | +26.2% | +73.9% | 19.9% | 3.2% | −17.0 pts | −47.2 pts |
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KHPI
Over the year to Nov 4, 2026, KHPI paid 9.0% of its starting value in cash distributions while its price rose 0.1%. With every distribution reinvested, the fund returned +9.5%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 5.3 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.1%, paid monthly. Kensington estimates that 100% of the distribution paid Nov 2, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
OVLH
Over the year to Nov 4, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 6.7%. With every distribution reinvested, the fund returned +7.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 7.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 0.3%, paid annually. Overlay Shares estimates that 38% of the distribution paid Dec 29, 2023 was a return of capital (its 19a-1 notice).
Questions people ask
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.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, KHPI against OVLH, data as of Nov 4, 2026. https://etfiq.com/compare/income/khpi-vs-ovlh
ETFIQ. (Nov 4, 2026). KHPI against OVLH. Retrieved from https://etfiq.com/compare/income/khpi-vs-ovlh
[KHPI against OVLH (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/khpi-vs-ovlh)
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