BPAY vs. KWT

Last updated Jun 24, 2026

BPAY (BlackRock Future Financial and Technology ETF) and KWT (iShares MSCI Kuwait ETF) are both Financials Equities funds. BPAY is actively managed, while KWT is passively managed. Over the past 3 years, BPAY returned 9.14%/yr vs 9.96%/yr for KWT. At a 0.33 correlation, their price movements are largely independent. BPAY charges 0.70%/yr vs 0.74%/yr for KWT.

Performance

BPAY vs. KWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Future Financial and Technology ETF (BPAY) and iShares MSCI Kuwait ETF (KWT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPAY achieves a -10.19% return, which is significantly lower than KWT's -0.88% return.

BPAY

• 1D: -1.19%
• 1M: 0.93%
• YTD: -10.19%
• 6M: -12.22%
• 1Y: -17.49%
• 3Y*: 9.14%
• 5Y*: —
• 10Y*: —

KWT

• 1D: -0.15%
• 1M: 0.72%
• YTD: -0.88%
• 6M: -2.41%
• 1Y: 8.71%
• 3Y*: 9.96%
• 5Y*: 8.66%
• 10Y*: —

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

BPAY vs. KWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	-10.19%	8.54%	17.28%	13.19%	-16.32%
KWT iShares MSCI Kuwait ETF	-0.88%	25.38%	11.29%	-4.71%	-6.56%

Correlation

The correlation between BPAY and KWT is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 18, 2022	0.33

BPAY vs. KWT - Sectors Allocation Comparison

Sectors	BPAY	KWT
Financial Services	58.0%	66.0%
Technology	30.5%	-
Consumer Cyclical	6.4%	1.7%
Industrials	5.1%	9.5%
Real Estate	2.2%	11.3%
Basic Materials	-	2.0%
Communication Services	-	6.3%
Consumer Defensive	-	2.6%
Energy	-	-
Healthcare	-	-
Utilities	-	0.6%

Return for Risk

BPAY vs. KWT — Risk / Return Rank

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

BPAY

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

KWT

KWT Risk / Return Rank: 19
KWT Sharpe Ratio Rank: 20
KWT Sortino Ratio Rank: 19
KWT Omega Ratio Rank: 21
KWT Calmar Ratio Rank: 18
KWT Martin Ratio Rank: 17

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. KWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) and iShares MSCI Kuwait ETF (KWT). 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	KWT	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	0.65	-1.32
Sortino ratio: Return per unit of downside risk	-0.81	1.01	-1.82
Omega ratio: Gain probability vs. loss probability	0.91	1.14	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.52	0.76	-1.28
Martin ratio: Return relative to average drawdown	-0.98	1.75	-2.73

BPAY vs. KWT - Sharpe Ratio Comparison

The current BPAY Sharpe Ratio is -0.68, which is lower than the KWT Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of BPAY and KWT, 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. KWT - Drawdown Comparison

The maximum BPAY drawdown since its inception was -33.62%, which is greater than KWT's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for BPAY and KWT.

Drawdown Indicators

	BPAY	KWT	Difference
Max Drawdown Largest peak-to-trough decline	-33.62%	-24.37%	-9.25%
Max Drawdown (1Y) Largest decline over 1 year	-33.62%	-11.54%	-22.08%
Max Drawdown (3Y) Largest decline over 3 years	-33.62%	-15.72%	-17.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.37%	—
Current Drawdown Current decline from peak	-24.12%	-5.67%	-18.45%
Average Drawdown Average peak-to-trough decline	-10.72%	-7.29%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.90%	4.97%	+12.93%

Volatility

BPAY vs. KWT - Volatility Comparison

BlackRock Future Financial and Technology ETF (BPAY) has a higher volatility of 9.68% compared to iShares MSCI Kuwait ETF (KWT) at 3.49%. This indicates that BPAY's price experiences larger fluctuations and is considered to be riskier than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPAY	KWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	3.49%	+6.19%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	11.72%	+8.02%
Volatility (1Y) Calculated over the trailing 1-year period	25.97%	13.57%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.48%	13.65%	+10.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	13.92%	+10.56%

BPAY vs. KWT - Expense Ratio Comparison

BPAY has a 0.70% expense ratio, which is lower than KWT's 0.74% expense ratio.

Dividends

BPAY vs. KWT - Dividend Comparison

BPAY's dividend yield for the trailing twelve months is around 7.55%, more than KWT's 5.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BPAY BlackRock Future Financial and Technology ETF	7.55%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%
KWT iShares MSCI Kuwait ETF	5.56%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%

Frequently Asked Questions

Can I hold both BPAY and KWT in my portfolio?

BPAY and KWT have a correlation of 0.27, 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 KWT?

BPAY has higher volatility (9.68%) compared to KWT (3.49%). In terms of maximum drawdown, BPAY dropped -33.62% vs KWT's -24.37%.

Which ETF is better, BPAY or KWT?

On 3-year performance, KWT leads with 9.96% vs 9.14% for BPAY. On fees, BPAY is cheaper at 0.70% per year. On volatility, KWT has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BPAY or KWT?

Over the 3-year period, KWT has performed better with a 9.96% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BPAY or KWT?

BPAY is cheaper with a 0.70% expense ratio, compared with 0.74% for KWT.

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

BPAY has the higher dividend yield at 7.55%, compared with 5.56% for KWT.

What is the main difference between BPAY and KWT?

They also come from different issuers: BlackRock and iShares. Their fees differ too: 0.70% for BPAY and 0.74% for KWT.

Which has better risk-adjusted returns?

KWT currently has the higher Sharpe Ratio (0.65 vs -0.68), 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.