BIZD vs. KBWP

Last updated Jun 4, 2026

BIZD (VanEck BDC Income ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - BIZD tracks the MVIS US Business Development Companies Index while KBWP tracks the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, BIZD returned 7.77%/yr vs 11.22%/yr for KBWP. At a 0.43 correlation, their price movements are largely independent. BIZD charges 0.42%/yr vs 0.35%/yr for KBWP.

Performance

BIZD vs. KBWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BIZD having a -8.99% return and KBWP slightly higher at -8.80%. Over the past 10 years, BIZD has underperformed KBWP with an annualized return of 7.77%, while KBWP has yielded a comparatively higher 11.22% annualized return.

BIZD

• 1D: -2.28%
• 1M: -6.62%
• YTD: -8.99%
• 6M: -10.20%
• 1Y: -12.94%
• 3Y*: 5.27%
• 5Y*: 4.03%
• 10Y*: 7.77%

KBWP

• 1D: -0.82%
• 1M: -2.90%
• YTD: -8.80%
• 6M: -4.88%
• 1Y: -7.04%
• 3Y*: 14.48%
• 5Y*: 9.97%
• 10Y*: 11.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIZD vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIZD VanEck BDC Income ETF	-8.99%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.80%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Correlation

The correlation between BIZD and KBWP is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 13, 2013	0.43

Over the past year, the correlation between BIZD and KBWP has dropped to 0.17 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

BIZD vs. KBWP - Sectors Allocation Comparison

Sectors	BIZD	KBWP
Financial Services	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BIZD vs. KBWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

KBWP

KBWP Risk / Return Rank: 3
KBWP Sharpe Ratio Rank: 5
KBWP Sortino Ratio Rank: 5
KBWP Omega Ratio Rank: 5
KBWP Calmar Ratio Rank: 3
KBWP Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIZD vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) and Invesco KBW Property & Casualty Insurance ETF (KBWP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BIZD	KBWP	Difference
Sharpe ratio Return per unit of total volatility	-0.72	-0.44	-0.28
Sortino ratio Return per unit of downside risk	-0.93	-0.49	-0.44
Omega ratio Gain probability vs. loss probability	0.90	0.94	-0.04
Calmar ratio Return relative to maximum drawdown	-0.58	-0.74	+0.15
Martin ratio Return relative to average drawdown	-1.03	-1.56	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIZD vs. KBWP - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.72, which is lower than the KBWP Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BIZD and KBWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIZD	KBWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-0.44	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.54	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.54	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.69	-0.39

Drawdowns

BIZD vs. KBWP - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for BIZD and KBWP.

Drawdown Indicators

	BIZD	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-39.76%	-15.68%
Max Drawdown (1Y) Largest decline over 1 year	-22.22%	-9.56%	-12.66%
Max Drawdown (3Y) Largest decline over 3 years	-22.56%	-12.29%	-10.27%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-17.00%	-5.91%
Max Drawdown (10Y) Largest decline over 10 years	-55.44%	-39.76%	-15.68%
Current Drawdown Current decline from peak	-19.27%	-9.56%	-9.71%
Average Drawdown Average peak-to-trough decline	-6.72%	-4.37%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.63%	4.72%	+7.91%

Volatility

BIZD vs. KBWP - Volatility Comparison

VanEck BDC Income ETF (BIZD) has a higher volatility of 4.79% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 4.16%. This indicates that BIZD's price experiences larger fluctuations and is considered to be riskier than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIZD	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	4.16%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	11.41%	+3.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	16.20%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	18.53%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	20.70%	+1.04%

BIZD vs. KBWP - Expense Ratio Comparison

BIZD has a 0.42% expense ratio, which is higher than KBWP's 0.35% expense ratio.

Dividends

BIZD vs. KBWP - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 13.87%, more than KBWP's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	13.87%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
KBWP Invesco KBW Property & Casualty Insurance ETF	2.03%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

Frequently Asked Questions

Can I hold both BIZD and KBWP in my portfolio?

BIZD and KBWP have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIZD or KBWP?

BIZD has higher volatility (4.79%) compared to KBWP (4.16%). In terms of maximum drawdown, BIZD dropped -55.44% vs KBWP's -39.76%.

Which ETF is better, BIZD or KBWP?

On 10-year performance, KBWP leads with 11.22% vs 7.77% for BIZD. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIZD or KBWP?

Over the 10-year period, KBWP has performed better with a 11.22% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIZD or KBWP?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.42% for BIZD.

Which ETF pays a higher dividend yield, BIZD or KBWP?

BIZD has the higher dividend yield at 13.87%, compared with 2.03% for KBWP.

What is the main difference between BIZD and KBWP?

BIZD tracks MVIS US Business Development Companies Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.42% for BIZD and 0.35% for KBWP.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (-0.44 vs -0.72), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.