KHPI vs SMAX
Kensington Hedged Premium Income ETF vs iShares Large Cap Max Buffer Sep ETF
Which is better, KHPI or SMAX?
SMAX has been ahead.
SMAX has a lower expense ratio. SMAX led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.93.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KHPI | SMAX |
|---|---|---|
| Expense Ratio | 0.98% | 0.50%Best |
| AUM | $443M | $119M |
| Dividend Yield | 9.00% | 0.74% |
| Holdings | 7 | 7 |
| YTD Return | +0.58% | +6.06%Best |
| 1Y Return | +2.47% | +6.54%Best |
| Volatility (annualized) | 8.6% | 3.1%Best |
| Max Drawdown | -10.6% | -3.9%Best |
| $10,000 over 2 years | $11,361 | $11,434Best |
| Fund Family | Kensington Funds | iShares by BlackRock (US) |
| Category | Alternative | Alternative |
| Style | Option Writing | Option Writing |
| Inception | Sep 4, 2024 | Sep 30, 2024 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2 years row, are measured over the window both funds cover: Oct 1, 2024 to Oct 14, 2026 (2 years).
KHPI vs SMAX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2 years both funds cover.
KHPI vs SMAX Performance
Kensington Hedged Premium Income ETF (KHPI) is an ETF from Kensington Funds and iShares Large Cap Max Buffer Sep ETF (SMAX) is an ETF from iShares by BlackRock (US). Over the past year KHPI returned +2.47% while SMAX returned +6.54%. Year to date, KHPI is up 0.58% versus a gain of 6.06% for SMAX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KHPI has been the more volatile fund, with annualized monthly volatility of 8.6% compared with 3.1% for SMAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -10.6% for KHPI and -3.9% for SMAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
KHPI charges 0.98% per year while SMAX charges 0.50%. On a $10,000 position that is $98 vs $50 annually, a gap of $48 per year that compounds over a long holding period. On income, KHPI currently yields 9.00% against 0.74% for SMAX.
Holdings Overlap
We hold position weights for 1 holding in KHPI and 3 in SMAX, totalling 100.2% and 96.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in KHPI and 3 in SMAX, against full books of 7 and 7.
You are not choosing between two funds in isolation.
Whichever of KHPI and SMAX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KHPI or SMAX?
KHPI has an expense ratio of 0.98% while SMAX charges 0.50%. SMAX is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, KHPI or SMAX?
Over the past year KHPI returned +2.47% vs +6.54% for SMAX, so SMAX leads on 1-year performance. Over the longest common window we track (2 years), KHPI annualized +6.59% vs +6.93% for SMAX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KHPI or SMAX?
KHPI has been the more volatile fund at 8.6% annualized versus 3.1% for SMAX. Worst drawdown: KHPI -10.6% vs SMAX -3.9%.
Should I hold both KHPI and SMAX?
KHPI and SMAX have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, KHPI or SMAX?
KHPI yields 9.00% while SMAX yields 0.74%, so KHPI currently pays the higher dividend yield.
Is SMAX better than KHPI?
SMAX has a lower expense ratio. SMAX led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.93. Which one suits a particular account depends on what it is for. This is information, not a recommendation.