IAI vs. KBWP

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Property & Casualty Insurance ETF (KBWP).

IAI and KBWP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IAI is a passively managed fund by iShares that tracks the performance of the DJ US Select / Investment Services. It was launched on May 1, 2006. KBWP is a passively managed fund by Invesco that tracks the performance of the KBW Nasdaq Property & Casualty (TR). It was launched on Dec 2, 2010. Both IAI and KBWP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

IAI vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.08%	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	-5.76%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Returns By Period

In the year-to-date period, IAI achieves a -8.08% return, which is significantly lower than KBWP's -5.76% return. Over the past 10 years, IAI has outperformed KBWP with an annualized return of 17.67%, while KBWP has yielded a comparatively lower 11.51% annualized return.

IAI

• 1D: 2.83%
• 1M: -3.40%
• YTD: -8.08%
• 6M: -6.55%
• 1Y: 18.54%
• 3Y*: 23.20%
• 5Y*: 13.70%
• 10Y*: 17.67%

KBWP

• 1D: 0.13%
• 1M: -5.12%
• YTD: -5.76%
• 6M: -2.54%
• 1Y: -2.65%
• 3Y*: 14.71%
• 5Y*: 11.89%
• 10Y*: 11.51%

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

IAI vs. KBWP - Expense Ratio Comparison

IAI has a 0.41% expense ratio, which is higher than KBWP's 0.35% expense ratio.

IAI

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

KBWP

Invesco KBW Property & Casualty Insurance ETF

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: 45
IAI Sharpe Ratio Rank: 45
IAI Sortino Ratio Rank: 45
IAI Omega Ratio Rank: 44
IAI Calmar Ratio Rank: 50
IAI Martin Ratio Rank: 40

KBWP

KBWP Risk / Return Rank: 9
KBWP Sharpe Ratio Rank: 9
KBWP Sortino Ratio Rank: 9
KBWP Omega Ratio Rank: 9
KBWP Calmar Ratio Rank: 10
KBWP Martin Ratio Rank: 9

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.

	IAI	KBWP	Difference
Sharpe ratio Return per unit of total volatility	0.77	-0.14	+0.91
Sortino ratio Return per unit of downside risk	1.17	-0.06	+1.23
Omega ratio Gain probability vs. loss probability	1.16	0.99	+0.17
Calmar ratio Return relative to maximum drawdown	1.16	-0.14	+1.30
Martin ratio Return relative to average drawdown	3.55	-0.37	+3.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAI vs. KBWP - Sharpe Ratio Comparison

The current IAI Sharpe Ratio is 0.77, which is higher than the KBWP Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of IAI and KBWP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IAI	KBWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.14	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.65	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.56	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.71	-0.44

Correlation

The correlation between IAI and KBWP is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IAI vs. KBWP - Dividend Comparison

IAI's dividend yield for the trailing twelve months is around 1.18%, less than KBWP's 1.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	1.18%	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	1.97%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

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.

Drawdown Indicators

	IAI	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-75.46%	-39.76%	-35.70%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-11.59%	-4.93%
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	-13.40%	-6.54%	-6.86%
Average Drawdown Average peak-to-trough decline	-22.80%	-4.35%	-18.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	4.48%	+0.91%

Volatility

IAI vs. KBWP - Volatility Comparison

iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 6.11% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 4.31%. 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.

Volatility by Period

	IAI	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	4.31%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	11.79%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	19.27%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.39%	18.49%	+2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	20.65%	+2.26%