BPAY vs. KBWP

Last updated Jul 14, 2026

BPAY (BlackRock Future Financial and Technology ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds. BPAY is actively managed, while KBWP is passively managed. Over the past 3 years, BPAY returned 10.10%/yr vs 21.34%/yr for KBWP. At a 0.36 correlation, their price movements are largely independent. BPAY charges 0.70%/yr vs 0.35%/yr for KBWP.

Performance

BPAY vs. KBWP - Performance Comparison

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

Returns By Period

In the year-to-date period, BPAY achieves a -2.19% return, which is significantly lower than KBWP's 7.17% return.

BPAY

• 1D: -1.19%
• 1M: 10.36%
• 6M: -5.00%
• YTD: -2.19%
• 1Y: -11.61%
• 3Y*: 10.10%
• 5Y*: —
• 10Y*: —

KBWP

• 1D: 1.89%
• 1M: 11.00%
• 6M: 9.15%
• YTD: 7.17%
• 1Y: 16.77%
• 3Y*: 21.34%
• 5Y*: 14.45%
• 10Y*: 12.86%

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

BPAY vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	-2.19%	8.54%	17.28%	13.19%	-16.32%
KBWP Invesco KBW Property & Casualty Insurance ETF	7.17%	11.49%	30.45%	7.09%	6.87%

Correlation

The correlation between BPAY and KBWP is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Aug 18, 2022	0.36

Over the past year, the correlation between BPAY and KBWP has dropped to 0.14 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

BPAY vs. KBWP - Sectors Allocation Comparison

Sectors	BPAY	KBWP
Financial Services	58.0%	100.0%
Technology	30.5%	-
Consumer Cyclical	6.4%	-
Industrials	5.1%	-
Real Estate	2.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

BPAY vs. KBWP — Risk / Return Rank

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

BPAY

BPAY Risk / Return Rank: 6
BPAY Sharpe Ratio Rank: 6
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

KBWP

KBWP Risk / Return Rank: 36
KBWP Sharpe Ratio Rank: 34
KBWP Sortino Ratio Rank: 34
KBWP Omega Ratio Rank: 33
KBWP Calmar Ratio Rank: 44
KBWP Martin Ratio Rank: 34

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.

BPAY vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BPAY	KBWP	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.99	-1.43
Sortino ratio: Return per unit of downside risk	-0.46	1.47	-1.93
Omega ratio: Gain probability vs. loss probability	0.95	1.18	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.35	1.76	-2.11
Martin ratio: Return relative to average drawdown	-0.63	4.01	-4.64

BPAY vs. KBWP - Sharpe Ratio Comparison

The current BPAY Sharpe Ratio is -0.45, which is lower than the KBWP Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of BPAY 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.

Drawdowns

BPAY vs. KBWP - Drawdown Comparison

The maximum BPAY drawdown since its inception was -33.62%, smaller than the maximum KBWP drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for BPAY and KBWP.

Drawdown Indicators

	BPAY	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-33.62%	-39.76%	+6.14%
Max Drawdown (1Y) Largest decline over 1 year	-33.62%	-9.56%	-24.06%
Max Drawdown (3Y) Largest decline over 3 years	-33.62%	-12.29%	-21.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.76%	—
Current Drawdown Current decline from peak	-17.37%	0.00%	-17.37%
Average Drawdown Average peak-to-trough decline	-10.83%	-4.36%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.39%	4.19%	+14.20%

Volatility

BPAY vs. KBWP - Volatility Comparison

BlackRock Future Financial and Technology ETF (BPAY) has a higher volatility of 7.54% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 6.38%. This indicates that BPAY'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

	BPAY	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	6.38%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	13.09%	+7.12%
Volatility (1Y) Calculated over the trailing 1-year period	26.17%	17.08%	+9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.51%	18.60%	+5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.51%	20.76%	+3.75%

BPAY vs. KBWP - Expense Ratio Comparison

BPAY has a 0.70% expense ratio, which is higher than KBWP's 0.35% expense ratio.

Dividends

BPAY vs. KBWP - Dividend Comparison

BPAY's dividend yield for the trailing twelve months is around 6.93%, more than KBWP's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPAY BlackRock Future Financial and Technology ETF	6.93%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWP Invesco KBW Property & Casualty Insurance ETF	1.83%	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 BPAY and KBWP in my portfolio?

BPAY and KBWP have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPAY or KBWP?

BPAY has higher volatility (7.54%) compared to KBWP (6.38%). In terms of maximum drawdown, BPAY dropped -33.62% vs KBWP's -39.76%.

Which ETF is better, BPAY or KBWP?

On 3-year performance, KBWP leads with 21.34% vs 10.10% for BPAY. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BPAY or KBWP?

Over the 3-year period, KBWP has performed better with a 21.34% return vs 10.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BPAY or KBWP?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.70% for BPAY.

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

BPAY has the higher dividend yield at 6.93%, compared with 1.83% for KBWP.

What is the main difference between BPAY and KBWP?

They also come from different issuers: BlackRock and Invesco. Their fees differ too: 0.70% for BPAY and 0.35% for KBWP.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (0.99 vs -0.45), 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.