KIO vs SPY
KKR Income Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, KIO or SPY?
High Yield Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | KIO | SPY |
|---|---|---|
| Expense Ratio | 4.59% | 0.09%Best |
| AUM | $490M | $814.4B |
| Dividend Yield | 12.29% | 1.01% |
| Holdings | 327 | 505 |
| YTD Return | +3.80% | +13.34%Best |
| 1Y Return | -0.07% | +19.97%Best |
| 3Y Return (annualized) | +8.30% | +21.20%Best |
| 5Y Return (annualized) | +2.88% | +12.81%Best |
| Volatility (annualized) | 14.3%Best | 14.4% |
| Max Drawdown | -54.5% | -34.1%Best |
| $10,000 over 5 years | $11,525 | $18,270Best |
| Fund Family | KKR Funds | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Jul 26, 2013 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jul 26, 2013 to Sep 4, 2026 (13.1 years).
KIO vs SPY 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 13.1 years both funds cover.
KIO vs SPY Performance
KKR Income Opportunities Fund (KIO) is an ETF from KKR Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KIO returned -0.07% while SPY returned +19.97%. Year to date, KIO is up 3.80% versus a gain of 13.34% for SPY.
Over three years, KIO compounded at +8.30% per year against +21.20% for SPY; over five years the annualized figures are +2.88% and +12.81% respectively. Across the full 13-year window we track, SPY has the edge at +12.90% annualized vs +0.09%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 14.3% for KIO. 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 -54.5% for KIO and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KIO charges 4.59% per year while SPY charges 0.09%. On a $10,000 position that is $459 vs $9 annually, a gap of $450 per year that compounds over a long holding period. On income, KIO currently yields 12.29% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 97 holdings in KIO and 503 in SPY, totalling 72.8% and 100.0% of the two funds. That is not enough of KIO to divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
The two holdings books were reported 185 days apart, KIO as of Jan 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 97 positions we hold weights for in KIO and 503 in SPY, against full books of 327 and 505.
Top Shared Holdings
| Stock | Weight in KIO | Weight in SPY | Difference |
|---|---|---|---|
| NCLHNorwegian Cruise Line Holdings, Ltd. | 0.34% | 0.01% | 0.33% |
You are not choosing between two funds in isolation.
Whichever of KIO and SPY 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, KIO or SPY?
KIO has an expense ratio of 4.59% while SPY charges 0.09%. SPY is the cheaper option, by $450 a year on a $10,000 investment.
Which performed better, KIO or SPY?
Over the past year KIO returned -0.07% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), KIO annualized +0.09% vs +12.90% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KIO or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 14.3% for KIO. Worst drawdown: KIO -54.5% vs SPY -34.1%.
Should I hold both KIO and SPY?
KIO and SPY have a monthly-return correlation of 0.67, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, KIO or SPY?
KIO yields 12.29% while SPY yields 1.01%, so KIO currently pays the higher dividend yield.
Is SPY better than KIO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.