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IAI vs. KBWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAI vs. KBWP

Last updated Jun 26, 2026

IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - IAI tracks the Dow Jones U.S. Select Investment Services Index while KBWP tracks the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, IAI returned 19.88%/yr vs 12.56%/yr for KBWP. A 0.51 correlation means they provide meaningful diversification when combined. IAI charges 0.38%/yr vs 0.35%/yr for KBWP.

Performance

IAI vs. KBWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAI achieves a -0.22% return, which is significantly higher than KBWP's -2.20% return. Over the past 10 years, IAI has outperformed KBWP with an annualized return of 19.88%, while KBWP has yielded a comparatively lower 12.56% annualized return.

IAI

1D
-2.00%
1M
-0.49%
YTD
-0.22%
6M
-2.69%
1Y
9.12%
3Y*
28.16%
5Y*
13.68%
10Y*
19.88%

KBWP

1D
-1.46%
1M
3.00%
YTD
-2.20%
6M
-2.91%
1Y
4.76%
3Y*
16.99%
5Y*
12.12%
10Y*
12.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAI vs. KBWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAI
iShares U.S. Broker-Dealers & Securities Exchanges ETF		-0.22%25.80%34.37%15.27%-10.87%40.48%18.61%24.26%-9.47%28.86%
KBWP
Invesco KBW Property & Casualty Insurance ETF		-2.20%11.49%30.45%7.09%10.16%20.61%-2.05%28.67%-2.76%8.86%

Correlation

The correlation between IAI and KBWP is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Dec 22, 2010

0.51

Over the past year, the correlation between IAI and KBWP has dropped to 0.15 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

IAI vs. KBWP - Sectors Allocation Comparison

Sectors
IAI
KBWP

Financial Services

99.9%
100.0%

Technology

0.1%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Utilities

-

-

Financial Services

IAI
99.9%
KBWP
100.0%

Technology

IAI
0.1%
KBWP

-

Basic Materials

IAI

-

KBWP

-

Communication Services

IAI

-

KBWP

-

Consumer Cyclical

IAI

-

KBWP

-

Consumer Defensive

IAI

-

KBWP

-

Energy

IAI

-

KBWP

-

Healthcare

IAI

-

KBWP

-

Industrials

IAI

-

KBWP

-

Real Estate

IAI

-

KBWP

-

Utilities

IAI

-

KBWP

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Broker-Dealers & Securities Exchanges ETF

Invesco KBW Property & Casualty Insurance ETF

Often compared with IAI:
IAI vs. KCEIAI vs. XLFIAI vs. SPYIAI vs. QQQIAI vs. FASIAI vs. KIEIAI vs. FXO
Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOO

Return for Risk

IAI vs. KBWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAI
IAI Risk / Return Rank: 1616
Overall Rank
IAI Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
IAI Sortino Ratio Rank: 1616
Sortino Ratio Rank
IAI Omega Ratio Rank: 1515
Omega Ratio Rank
IAI Calmar Ratio Rank: 1616
Calmar Ratio Rank
IAI Martin Ratio Rank: 1717
Martin Ratio Rank
KBWP
KBWP Risk / Return Rank: 1313
Overall Rank
KBWP Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 1212
Sortino Ratio Rank
KBWP Omega Ratio Rank: 1212
Omega Ratio Rank
KBWP Calmar Ratio Rank: 1515
Calmar Ratio Rank
KBWP Martin Ratio Rank: 1414
Martin Ratio Rank
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.

IAI vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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.

IAIKBWPDifference
Sharpe ratioReturn per unit of total volatility
0.47
0.29

+0.18

Sortino ratioReturn per unit of downside risk
0.76
0.51

+0.25

Omega ratioGain probability vs. loss probability

1.09

1.06

+0.03

Calmar ratioReturn relative to maximum drawdown

0.55

0.50

+0.05

Martin ratioReturn relative to average drawdown

1.57

1.09

+0.48

IAI vs. KBWP - Sharpe Ratio Comparison

The current IAI Sharpe Ratio is 0.47, which is higher than the KBWP Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of IAI and KBWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IAI vs. KBWP - Drawdown Comparison

The maximum IAI drawdown since its inception was -75.46%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for IAI and KBWP.

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Drawdown Indicators

IAIKBWPDifference

Max Drawdown

Largest peak-to-trough decline

-75.46%

-39.76%

-35.70%

Max Drawdown (1Y)

Largest decline over 1 year

-16.52%

-9.56%

-6.96%

Max Drawdown (3Y)

Largest decline over 3 years

-23.14%

-12.29%

-10.85%

Max Drawdown (5Y)

Largest decline over 5 years

-28.84%

-17.00%

-11.84%

Max Drawdown (10Y)

Largest decline over 10 years

-40.38%

-39.76%

-0.62%

Current Drawdown

Current decline from peak

-6.00%

-3.01%

-2.99%

Average Drawdown

Average peak-to-trough decline

-22.60%

-4.37%

-18.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.82%

4.36%

+1.46%

Volatility

IAI vs. KBWP - Volatility Comparison

iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 6.46% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 6.07%. This indicates that IAI's price experiences larger fluctuations and is considered to be riskier than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAIKBWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.46%

6.07%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

15.54%

12.20%

+3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

19.42%

16.63%

+2.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.45%

18.54%

+2.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.76%

20.73%

+2.03%

IAI vs. KBWP - Expense Ratio Comparison

IAI has a 0.38% expense ratio, which is higher than KBWP's 0.35% expense ratio.

Dividends

IAI vs. KBWP - Dividend Comparison

IAI's dividend yield for the trailing twelve months is around 1.15%, less than KBWP's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
IAI
iShares U.S. Broker-Dealers & Securities Exchanges ETF		1.15%0.95%1.05%1.80%2.14%1.31%1.55%1.52%1.58%1.37%1.49%1.31%
KBWP
Invesco KBW Property & Casualty Insurance ETF		2.00%1.58%1.64%1.68%1.99%3.02%1.93%1.99%2.11%1.90%2.14%1.35%

Frequently Asked Questions

IAI and KBWP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAI has higher volatility (6.46%) compared to KBWP (6.07%). In terms of maximum drawdown, IAI dropped -75.46% vs KBWP's -39.76%.

On 10-year performance, IAI leads with 19.88% vs 12.56% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IAI has performed better with a 19.88% return vs 12.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBWP is cheaper with a 0.35% expense ratio, compared with 0.38% for IAI.

KBWP has the higher dividend yield at 2.00%, compared with 1.15% for IAI.

IAI tracks Dow Jones U.S. Select Investment Services Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: iShares and Invesco. Their fees differ too: 0.38% for IAI and 0.35% for KBWP.

IAI currently has the higher Sharpe Ratio (0.47 vs 0.29), 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.

Portfolio Optimizer

Find the right allocation for IAI and KBWP

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