SPYvsKSPYETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. KraneShares Hedgeye Hedged Equity Index ETF (KSPY) is part of the Options Strategies segment. Both ETFs have the same top 3 sector exposures: Technology, Finance and Consumer Non-Cyclicals. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.88% for KSPY. SPY is up 12.64% year-to-date (YTD) with -$10.18B in YTD flows. KSPY performs worse with 9.21% YTD performance, and +$64M in YTD flows. Run a side-by-side ETF comparison of SPY and KSPY below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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SPY vs KSPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY KSPY | -0.42%+0.44% | +2.25%+2.53% | +12.64%+9.21% | +16.60%+13.77% | +78.10%n/a | +87.72%n/a |
| Flows | SPY KSPY | -$22.02B+$3M | -$2.60B+$24M | -$10.18B+$64M | +$10.24B+$89M | +$54.14B- | +$54.69B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY KSPY | +11.14%+6.94% | +12.90%+7.80% | +15.02%n/a | +17.02%n/a |
| Max drawdown | SPY KSPY | -3.40%-1.88% | -8.89%-4.44% | -18.74%n/a | -24.50%n/a |
| Max drawdown duration | SPY KSPY | 19d12d | 76d48d | 126dn/a | 708dn/a |
Trading data
SPY | KSPY | |
Last sale 9/18/2026 at 1:30 PM | $761.69 | $29.98 |
| Previous close 09/17/2026 | $762.60 | $29.96 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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SPY | KSPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
SPY | KSPY | |
|---|---|---|
| Last price | $761.69 | $29.98 |
| 1D performance | -0.12% | +0.07% |
| AuM | $785.05 B | $127.50 M |
| E/R | 0.0945% | 0.88% |
Characteristics
SPY | KSPY | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | KraneShares |
| Benchmark | S&P 500 Index | Hedgeye Hedged Equity Index |
| N° of holdings | 497 | 497 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | July 16, 2024 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
96.41%
Other
3.59%
KSPY
USA
96.76%
Other
3.24%
Sectors
SPY
Technology
44.7%
Finance
13.9%
Consumer Non-Cycl.
9.41%
Healthcare
8.88%
Industrials
7.86%
Other
15.24%
KSPY
Technology
44.86%
Finance
13.95%
Consumer Non-Cycl.
9.44%
Healthcare
8.92%
Industrials
7.89%
Other
14.94%
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Diversification
SPY
Total weight of top 15 holdings out of 15
43.98%
KSPY
Total weight of top 15 holdings out of 15
44.14%
Top 15 holdings
Data as of July 31, 2026
SPY
NVIDIA Corp.
7.55%
Apple, Inc.
7.04%
Microsoft Corp.
5.36%
Amazon.com, Inc.
4.13%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.86%
Alphabet, Inc.
2.62%
Meta Platforms, Inc.
1.90%
JPMorgan Chase & Co.
1.46%
Berkshire Hathaway, Inc.
1.46%
Micron Technology, Inc.
1.44%
Eli Lilly & Co.
1.41%
Tesla, Inc.
1.36%
Advanced Micro Devices, Inc.
1.21%
Johnson & Johnson
0.96%
KSPY
NVIDIA Corp.
7.57%
Apple, Inc.
7.07%
Microsoft Corp.
5.38%
Amazon.com, Inc.
4.14%
Alphabet, Inc.
3.25%
Broadcom Inc.
2.87%
Alphabet, Inc.
2.63%
Meta Platforms, Inc.
1.90%
JPMorgan Chase & Co.
1.47%
Berkshire Hathaway, Inc.
1.46%
Micron Technology, Inc.
1.45%
Eli Lilly & Co.
1.42%
Tesla, Inc.
1.37%
Advanced Micro Devices, Inc.
1.21%
Johnson & Johnson
0.96%
Frequently asked questions about SPY and KSPY
How have the SPY and KSPY ETFs performed in 2026?
As of September 18, 2026, SPY is up 12.64% year-to-date (YTD), while KSPY has returned 9.21%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or KSPY?
Year-to-date, the SPY ETF saw -$10.18B in flows, compared to +$64M for KSPY.
Which ETF is more volatile: SPY or KSPY?
Over the past year, SPY had a volatility of 12.9%, while KSPY experienced 7.8%.
Which ETF is bigger: SPY or KSPY?
As of September 18, 2026, SPY holds $785.05 B in assets under management (AUM), while KSPY manages $127.50 M.
What sectors do the SPY and KSPY ETFs invest in?
SPY leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, KSPY focuses on Technology, Finance and Consumer Non-Cyclicals.
What are the top holdings of the SPY ETF and KSPY ETF?
SPY top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. KSPY holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..
Which ETF is more diversified: SPY or KSPY?
SPY holds 500 securities with 43.98% of its assets in the top 15. KSPY has 500 securities and a top 15 weight of 44.14%.
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Latest news about SPY & KSPY
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