CM vs. KBE
CM (Canadian Imperial Bank of Commerce) is a stock, while KBE (State Street SPDR S&P Bank ETF) is Financials Equities fund tracking the S&P Banks Select Industry Index. Over the past 10 years, CM returned 18.55%/yr vs 11.05%/yr for KBE. Their 0.57 correlation means they have sometimes moved together and sometimes differently.
Performance
CM vs. KBE - Performance Comparison
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Returns By Period
In the year-to-date period, CM achieves a 32.80% return, which is significantly higher than KBE's 16.05% return. Over the past 10 years, CM has outperformed KBE with an annualized return of 18.55%, while KBE has yielded a comparatively lower 11.05% annualized return.
CM
- 1D
- 0.24%
- 1M
- 4.08%
- 6M
- 30.24%
- YTD
- 32.80%
- 1Y
- 70.53%
- 3Y*
- 46.73%
- 5Y*
- 21.43%
- 10Y*
- 18.55%
- ALL TIME*
- 13.80%
KBE
- 1D
- 0.24%
- 1M
- 1.50%
- 6M
- 10.80%
- YTD
- 16.05%
- 1Y
- 29.08%
- 3Y*
- 22.07%
- 5Y*
- 10.07%
- 10Y*
- 11.05%
- ALL TIME*
- 3.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $112.13M | $139.31M | $149.20M | |
| $98.17M | $107.02M | $128.95M |
CM vs. KBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 32.80% | 49.02% | 37.83% | 27.23% | -25.71% | 42.29% | 9.25% | 19.22% | -19.75% | 26.58% |
KBE State Street SPDR S&P Bank ETF | 16.05% | 12.36% | 23.78% | 5.30% | -14.83% | 33.46% | -8.75% | 29.78% | -19.65% | 10.49% |
Correlation
The correlation between CM and KBE is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.57 |
The correlation between CM and KBE shifts across timeframes, from 0.50 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CM vs. KBE — Risk / Return Rank
CM
KBE
CM vs. KBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM) and State Street SPDR S&P Bank ETF (KBE). 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.
| CM | KBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.24 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 6.65 | 1.85 | +4.80 |
| Martin ratioReturn relative to average drawdown | 26.12 | 4.90 | +21.22 |
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Drawdowns
CM vs. KBE - Drawdown Comparison
The maximum CM drawdown since its inception was -71.70%, smaller than the maximum KBE drawdown of -83.15%. Use the drawdown chart below to compare losses from any high point for CM and KBE.
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Drawdown Indicators
| CM | KBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.70% | -83.15% | +11.45% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -14.63% | +3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -17.35% | -25.97% | +8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -45.25% | +4.64% |
Max Drawdown (10Y)Largest decline over 10 years | -47.82% | -53.14% | +5.32% |
Current DrawdownCurrent decline from peak | -2.22% | -2.30% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -14.59% | -27.33% | +12.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.74% | 5.50% | -2.76% |
Volatility
CM vs. KBE - Volatility Comparison
Canadian Imperial Bank of Commerce (CM) has a higher volatility of 6.74% compared to State Street SPDR S&P Bank ETF (KBE) at 5.24%. This indicates that CM's price experiences larger fluctuations and is considered to be riskier than KBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CM | KBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 5.24% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 16.61% | 14.49% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.84% | 21.29% | -1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.50% | 27.05% | -5.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.64% | 29.67% | -7.03% |
Dividends
CM vs. KBE - Dividend Comparison
CM's dividend yield for the trailing twelve months is around 2.54%, more than KBE's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 2.54% | 3.17% | 4.21% | 5.88% | 7.77% | 4.08% | 5.06% | 6.47% | 5.48% | 5.28% | 5.93% | 6.71% |
KBE State Street SPDR S&P Bank ETF | 2.11% | 2.51% | 2.35% | 2.78% | 2.99% | 2.16% | 2.44% | 2.33% | 2.18% | 1.36% | 1.39% | 1.70% |
Frequently Asked Questions
CM and KBE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CM has higher volatility (6.74%) compared to KBE (5.24%). In terms of maximum drawdown, CM dropped -71.70% vs KBE's -83.15%.
CM currently has the higher Sharpe Ratio (3.62 vs 1.27), 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.
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