FIW vs. KNG

Last updated Jun 4, 2026

FIW (First Trust Water ETF) and KNG (FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - FIW is a Water Equities fund tracking the ISE Clean Edge Water Index, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. Both are passively managed. Over the past 5 years, FIW returned 5.36%/yr vs 4.31%/yr for KNG. Their correlation of 0.84 suggests significant overlap in exposure. FIW charges 0.54%/yr vs 0.75%/yr for KNG.

Performance

FIW vs. KNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Water ETF (FIW) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIW achieves a -3.78% return, which is significantly lower than KNG's 2.20% return.

FIW

• 1D: 0.28%
• 1M: -0.84%
• YTD: -3.78%
• 6M: -6.34%
• 1Y: -2.02%
• 3Y*: 7.84%
• 5Y*: 5.36%
• 10Y*: 12.18%

KNG

• 1D: -0.04%
• 1M: 0.89%
• YTD: 2.20%
• 6M: 2.33%
• 1Y: 7.44%
• 3Y*: 7.06%
• 5Y*: 4.31%
• 10Y*: —

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

FIW vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIW First Trust Water ETF	-3.78%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-6.05%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	2.20%	6.63%	5.99%	7.48%	-7.03%	24.78%	7.21%	26.64%	-0.84%

Correlation

The correlation between FIW and KNG is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 28, 2018	0.85

The correlation between FIW and KNG has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

FIW vs. KNG - Sectors Allocation Comparison

Sectors	FIW	KNG
Industrials	54.1%	20.3%
Utilities	16.2%	6.1%
Healthcare	8.1%	10.1%
Technology	8.1%	4.3%
Basic Materials	5.4%	10.2%
Consumer Cyclical	2.7%	5.5%
Consumer Defensive	2.7%	23.5%
Communication Services	-	-
Energy	-	3.0%
Financial Services	-	12.7%
Real Estate	-	4.4%

Return for Risk

FIW vs. KNG — Risk / Return Rank

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

FIW

FIW Risk / Return Rank: 7
FIW Sharpe Ratio Rank: 7
FIW Sortino Ratio Rank: 7
FIW Omega Ratio Rank: 7
FIW Calmar Ratio Rank: 7
FIW Martin Ratio Rank: 7

KNG

KNG Risk / Return Rank: 20
KNG Sharpe Ratio Rank: 21
KNG Sortino Ratio Rank: 21
KNG Omega Ratio Rank: 19
KNG Calmar Ratio Rank: 20
KNG Martin Ratio Rank: 19

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.

FIW vs. KNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) and FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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.

	FIW	KNG	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	0.73	-0.87
Sortino ratio: Return per unit of downside risk	-0.08	1.15	-1.23
Omega ratio: Gain probability vs. loss probability	0.99	1.13	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.15	0.87	-1.01
Martin ratio: Return relative to average drawdown	-0.38	2.25	-2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIW vs. KNG - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is -0.13, which is lower than the KNG Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FIW and KNG, 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

	FIW	KNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	0.73	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.32	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.49	-0.06

Drawdowns

FIW vs. KNG - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, which is greater than KNG's maximum drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for FIW and KNG.

Drawdown Indicators

	FIW	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-35.12%	-17.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.81%	-8.61%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-14.24%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-18.20%	-10.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	—	—
Current Drawdown Current decline from peak	-9.76%	-5.89%	-3.87%
Average Drawdown Average peak-to-trough decline	-8.30%	-4.13%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	3.32%	+2.01%

Volatility

FIW vs. KNG - Volatility Comparison

First Trust Water ETF (FIW) has a higher volatility of 4.45% compared to FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) at 2.29%. This indicates that FIW's price experiences larger fluctuations and is considered to be riskier than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIW	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	2.29%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	7.39%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	10.19%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	13.59%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	17.18%	+2.72%

FIW vs. KNG - Expense Ratio Comparison

FIW has a 0.54% expense ratio, which is lower than KNG's 0.75% expense ratio.

Dividends

FIW vs. KNG - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.79%, less than KNG's 8.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.79%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
KNG FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	8.67%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIW and KNG in my portfolio?

FIW and KNG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIW or KNG?

FIW has higher volatility (4.45%) compared to KNG (2.29%). In terms of maximum drawdown, FIW dropped -52.75% vs KNG's -35.12%.

Which ETF is better, FIW or KNG?

On 5-year performance, FIW leads with 5.36% vs 4.31% for KNG. On fees, FIW is cheaper at 0.54% per year. On volatility, KNG has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIW or KNG?

Over the 5-year period, FIW has performed better with a 5.36% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIW or KNG?

FIW is cheaper with a 0.54% expense ratio, compared with 0.75% for KNG.

Which ETF pays a higher dividend yield, FIW or KNG?

KNG has the higher dividend yield at 8.67%, compared with 0.79% for FIW.

What is the main difference between FIW and KNG?

FIW is categorized as Water Equities, while KNG is Dividend. FIW tracks ISE Clean Edge Water Index, while KNG tracks Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. Their fees differ too: 0.54% for FIW and 0.75% for KNG.

Which has better risk-adjusted returns?

KNG currently has the higher Sharpe Ratio (0.73 vs -0.13), 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.