CCAP vs. KBWD

Last updated Jul 14, 2026

CCAP (Crescent Capital BDC, Inc.) is a stock, while KBWD (Invesco KBW High Dividend Yield Financial ETF) is Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index. Over the past 5 years, CCAP returned 0.77%/yr vs 1.33%/yr for KBWD. At a 0.45 correlation, their price movements are largely independent.

Performance

CCAP vs. KBWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Crescent Capital BDC, Inc. (CCAP) and Invesco KBW High Dividend Yield Financial ETF (KBWD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCAP achieves a -16.52% return, which is significantly lower than KBWD's -3.66% return.

CCAP

• 1D: -1.17%
• 1M: 0.38%
• 6M: -18.83%
• YTD: -16.52%
• 1Y: -15.41%
• 3Y*: -1.14%
• 5Y*: 0.77%
• 10Y*: —

KBWD

• 1D: -0.88%
• 1M: 0.08%
• 6M: -7.19%
• YTD: -3.66%
• 1Y: -1.54%
• 3Y*: 3.61%
• 5Y*: 1.33%
• 10Y*: 4.71%

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

CCAP vs. KBWD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CCAP Crescent Capital BDC, Inc.	-16.52%	-17.51%	23.51%	52.61%	-17.99%	32.51%	0.98%
KBWD Invesco KBW High Dividend Yield Financial ETF	-3.66%	5.59%	4.30%	20.21%	-19.14%	31.89%	-16.50%

Correlation

The correlation between CCAP and KBWD is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.45

Over the past year, CCAP and KBWD have become more correlated (0.65) than their long-term average of 0.45, meaning their price movements have been converging.

Return for Risk

CCAP vs. KBWD — Risk / Return Rank

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

CCAP

CCAP Risk / Return Rank: 17
CCAP Sharpe Ratio Rank: 18
CCAP Sortino Ratio Rank: 18
CCAP Omega Ratio Rank: 19
CCAP Calmar Ratio Rank: 21
CCAP Martin Ratio Rank: 11

KBWD

KBWD Risk / Return Rank: 8
KBWD Sharpe Ratio Rank: 8
KBWD Sortino Ratio Rank: 8
KBWD Omega Ratio Rank: 8
KBWD Calmar Ratio Rank: 8
KBWD Martin Ratio Rank: 8

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.

CCAP vs. KBWD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Crescent Capital BDC, Inc. (CCAP) and Invesco KBW High Dividend Yield Financial ETF (KBWD). 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.

	CCAP	KBWD	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	-0.10	-0.51
Sortino ratio: Return per unit of downside risk	-0.70	-0.03	-0.67
Omega ratio: Gain probability vs. loss probability	0.91	1.00	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.63	-0.10	-0.53
Martin ratio: Return relative to average drawdown	-1.32	-0.23	-1.10

CCAP vs. KBWD - Sharpe Ratio Comparison

The current CCAP Sharpe Ratio is -0.61, which is lower than the KBWD Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of CCAP and KBWD, 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

CCAP vs. KBWD - Drawdown Comparison

The maximum CCAP drawdown since its inception was -63.68%, which is greater than KBWD's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for CCAP and KBWD.

Drawdown Indicators

	CCAP	KBWD	Difference
Max Drawdown Largest peak-to-trough decline	-63.68%	-58.63%	-5.05%
Max Drawdown (1Y) Largest decline over 1 year	-24.39%	-15.05%	-9.34%
Max Drawdown (3Y) Largest decline over 3 years	-35.83%	-19.65%	-16.18%
Max Drawdown (5Y) Largest decline over 5 years	-35.83%	-30.74%	-5.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-58.63%	—
Current Drawdown Current decline from peak	-33.82%	-10.50%	-23.32%
Average Drawdown Average peak-to-trough decline	-13.11%	-7.43%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.66%	6.79%	+4.87%

Volatility

CCAP vs. KBWD - Volatility Comparison

Crescent Capital BDC, Inc. (CCAP) has a higher volatility of 5.41% compared to Invesco KBW High Dividend Yield Financial ETF (KBWD) at 3.93%. This indicates that CCAP's price experiences larger fluctuations and is considered to be riskier than KBWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCAP	KBWD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	3.93%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	20.47%	12.53%	+7.94%
Volatility (1Y) Calculated over the trailing 1-year period	25.57%	15.67%	+9.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.32%	19.79%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.76%	23.24%	+10.52%

Dividends

CCAP vs. KBWD - Dividend Comparison

CCAP's dividend yield for the trailing twelve months is around 15.33%, more than KBWD's 14.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCAP Crescent Capital BDC, Inc.	15.33%	13.02%	10.61%	10.41%	14.83%	9.63%	11.26%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.21%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%

Frequently Asked Questions

Can I hold both CCAP and KBWD in my portfolio?

CCAP and KBWD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCAP or KBWD?

CCAP has higher volatility (5.41%) compared to KBWD (3.93%). In terms of maximum drawdown, CCAP dropped -63.68% vs KBWD's -58.63%.

Which has better risk-adjusted returns?

KBWD currently has the higher Sharpe Ratio (-0.10 vs -0.61), 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.