KWIN vs SPY
KraneShares Wahed Alternative Income Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KWIN or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 44.0%.
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 | KWIN | SPY |
|---|---|---|
| Expense Ratio | 0.51% | 0.09%Best |
| AUM | $63M | $777.9B |
| Dividend Yield | 0.00% | 1.00% |
| Holdings | 176 | 1,011 |
| YTD Return | +2.88% | +12.09%Best |
| 1Y Return | +3.57% | +12.45%Best |
| 3Y Return (annualized) | - | +21.45% |
| 5Y Return (annualized) | - | +11.87% |
| Volatility (annualized) | 0.7%Best | 13.3% |
| Max Drawdown | -1.6%Best | -8.9% |
| $10,000 over 1 years | $10,364 | $11,313Best |
| Top 10 Weight | 44.0% | 38.9%Best |
| Fund Family | KraneShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Nov 5, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Nov 5, 2025 to Nov 11, 2026 (1 years).
KWIN 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 1 years both funds cover.
KWIN vs SPY Performance
KraneShares Wahed Alternative Income Index ETF (KWIN) is an ETF from KraneShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KWIN returned +3.57% while SPY returned +12.45%. Year to date, KWIN is up 2.88% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 0.7% for KWIN. 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 -1.6% for KWIN and -8.9% 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 -0.06. They move largely independently of each other.
Fees and Cost Over Time
KWIN charges 0.51% per year while SPY charges 0.09%. On a $10,000 position that is $51 vs $9 annually, a gap of $42 per year that compounds over a long holding period. On income, KWIN currently yields 0.00% against 1.00% for SPY.
Holdings Overlap
96.0% of KWIN's money is in holdings SPY also owns. 10.8% of SPY's money is in holdings KWIN also owns.
Most of KWIN is already inside SPY. Owning both mostly buys the same companies twice.
25 positions in common, counted across the 25 positions we hold weights for in KWIN and 504 in SPY, against full books of 176 and 1,011.
What only one of them owns
Our book lists 474 positions for SPY that do not appear in our book for KWIN (88.9% of the fund), and 0 for KWIN that do not appear in SPY (0.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in KWIN | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 3.73% | 3.75% | 0.02% |
| AMDAdvanced Micro Devices Inc | 3.91% | 1.40% | 2.51% |
| ONOn Semiconductor Corp | 5.08% | 0.04% | 5.04% |
| NOWServicenow, Inc. | 4.86% | 0.22% | 4.64% |
| TSLATesla Inc | 3.43% | 1.56% | 1.87% |
| SMCISuper Micro Computer, Inc. | 4.88% | 0.03% | 4.85% |
| WDAYWorkday, Inc., Class A | 4.68% | 0.06% | 4.62% |
| ISRGIntuitive Surgical Inc | 4.44% | 0.22% | 4.22% |
| CRWDCrowdstrike Holdings Inc | 4.00% | 0.38% | 3.62% |
| SNPSSynopsys | 4.23% | 0.14% | 4.09% |
96.0% of KWIN is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KWIN or SPY?
KWIN has an expense ratio of 0.51% while SPY charges 0.09%. SPY is the cheaper option, by $42 a year on a $10,000 investment.
Which performed better, KWIN or SPY?
Over the past year KWIN returned +3.57% vs +12.45% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), KWIN annualized +3.64% vs +13.13% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KWIN or SPY?
SPY has been the more volatile fund at 13.3% annualized versus 0.7% for KWIN. Worst drawdown: KWIN -1.6% vs SPY -8.9%.
Should I hold both KWIN and SPY?
KWIN and SPY have a monthly-return correlation of -0.06, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between KWIN and SPY?
96.0% of KWIN's money is in holdings SPY also owns. 10.8% of SPY's is in holdings KWIN also owns. They hold 25 positions in common, counted across the 25 positions we hold weights for in KWIN and 504 in SPY.
Which pays a higher dividend, KWIN or SPY?
KWIN yields 0.00% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than KWIN?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 44.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.