KPRO vs SPY
KraneShares 100% KWEB Defined Outcome January 2026 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | KPRO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.04% | 0.09% | |
| AUM | $3M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | -4.35% | +13.75% | |
| 1Y Return | -5.40% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 8.1% | 15.3% | |
| Max Drawdown | -15.4% | -56.5% | |
| Fund Family | KraneShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 7, 2024 | Jan 22, 1993 |
KPRO vs SPY Performance
KraneShares 100% KWEB Defined Outcome January 2026 ETF (KPRO) is a ETF from KraneShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year KPRO returned -5.40% while SPY returned +22.91%. Year to date, KPRO is down 4.35% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.1% for KPRO. 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 -15.4% for KPRO and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
KPRO charges 1.04% per year while SPY charges 0.09%. On a $10,000 position that is $104 vs $9 annually, a gap of $95 per year that compounds over a long holding period. On income, KPRO currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
KPRO and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, KPRO or SPY?
KPRO has an expense ratio of 1.04% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $95 per year of difference.
Which performed better, KPRO or SPY?
Over the past year KPRO returned -5.40% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), KPRO annualized +4.07% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, KPRO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.1% for KPRO. Worst drawdown: KPRO -15.4% vs SPY -56.5%.
Should I hold both KPRO and SPY?
KPRO and SPY have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between KPRO and SPY?
KPRO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, KPRO or SPY?
KPRO yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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