FOF vs. KBWD

Last updated Jun 13, 2026

FOF (Cohen & Steers Closed-End Opportunity Fund) and KBWD (Invesco KBW High Dividend Yield Financial ETF) are both funds - FOF is a Large Cap Value Equities fund actively managed by Cohen & Steers, while KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index. FOF is actively managed, while KBWD is passively managed. Over the past 10 years, FOF returned 10.81%/yr vs 5.25%/yr for KBWD. At a 0.48 correlation, their price movements are largely independent. FOF charges 0.95%/yr vs 1.24%/yr for KBWD.

Performance

FOF vs. KBWD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Closed-End Opportunity Fund (FOF) 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, FOF achieves a 5.89% return, which is significantly higher than KBWD's -3.74% return. Over the past 10 years, FOF has outperformed KBWD with an annualized return of 10.81%, while KBWD has yielded a comparatively lower 5.25% annualized return.

FOF

• 1D: 0.67%
• 1M: -1.20%
• YTD: 5.89%
• 6M: 7.91%
• 1Y: 17.62%
• 3Y*: 17.25%
• 5Y*: 7.55%
• 10Y*: 10.81%

KBWD

• 1D: 0.80%
• 1M: -0.31%
• YTD: -3.74%
• 6M: -4.15%
• 1Y: 3.52%
• 3Y*: 5.00%
• 5Y*: 0.34%
• 10Y*: 5.25%

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

FOF vs. KBWD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOF Cohen & Steers Closed-End Opportunity Fund	5.89%	13.01%	23.65%	17.90%	-22.69%	28.24%	1.52%	31.37%	-9.43%	23.41%
KBWD Invesco KBW High Dividend Yield Financial ETF	-3.74%	5.59%	4.30%	20.21%	-19.14%	31.89%	-15.58%	20.72%	-8.70%	12.06%

Correlation

The correlation between FOF and KBWD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.48

The correlation between FOF and KBWD shifts across timeframes, from 0.34 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FOF vs. KBWD — Risk / Return Rank

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

FOF

FOF Risk / Return Rank: 26
FOF Sharpe Ratio Rank: 31
FOF Sortino Ratio Rank: 30
FOF Omega Ratio Rank: 32
FOF Calmar Ratio Rank: 18
FOF Martin Ratio Rank: 18

KBWD

KBWD Risk / Return Rank: 11
KBWD Sharpe Ratio Rank: 11
KBWD Sortino Ratio Rank: 11
KBWD Omega Ratio Rank: 11
KBWD Calmar Ratio Rank: 11
KBWD Martin Ratio Rank: 11

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.

FOF vs. KBWD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Closed-End Opportunity Fund (FOF) 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.

	FOF	KBWD	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.13	+1.16
Sortino ratio: Return per unit of downside risk	1.82	0.29	+1.53
Omega ratio: Gain probability vs. loss probability	1.24	1.03	+0.21
Calmar ratio: Return relative to maximum drawdown	1.17	0.13	+1.04
Martin ratio: Return relative to average drawdown	3.85	0.32	+3.53

FOF vs. KBWD - Sharpe Ratio Comparison

The current FOF Sharpe Ratio is 1.28, which is higher than the KBWD Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of FOF 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

FOF vs. KBWD - Drawdown Comparison

The maximum FOF drawdown since its inception was -59.38%, roughly equal to the maximum KBWD drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for FOF and KBWD.

Drawdown Indicators

	FOF	KBWD	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-58.63%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-15.07%	-15.05%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-19.65%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.96%	-30.74%	+0.78%
Max Drawdown (10Y) Largest decline over 10 years	-49.74%	-58.63%	+8.89%
Current Drawdown Current decline from peak	-7.54%	-10.58%	+3.04%
Average Drawdown Average peak-to-trough decline	-9.35%	-7.41%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	6.10%	-1.54%

Volatility

FOF vs. KBWD - Volatility Comparison

Cohen & Steers Closed-End Opportunity Fund (FOF) and Invesco KBW High Dividend Yield Financial ETF (KBWD) have volatilities of 4.58% and 4.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOF	KBWD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.70%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	12.36%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	15.59%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	19.89%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	23.25%	-2.92%

FOF vs. KBWD - Expense Ratio Comparison

FOF has a 0.95% expense ratio, which is lower than KBWD's 1.24% expense ratio.

Dividends

FOF vs. KBWD - Dividend Comparison

FOF's dividend yield for the trailing twelve months is around 7.76%, less than KBWD's 14.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOF Cohen & Steers Closed-End Opportunity Fund	7.76%	7.91%	8.22%	9.32%	9.99%	7.06%	8.41%	7.78%	9.41%	7.84%	8.90%	9.49%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.14%	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 FOF and KBWD in my portfolio?

FOF and KBWD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOF or KBWD?

KBWD has higher volatility (4.70%) compared to FOF (4.58%). In terms of maximum drawdown, FOF dropped -59.38% vs KBWD's -58.63%.

Which has better risk-adjusted returns?

FOF currently has the higher Sharpe Ratio (1.28 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.