IAK vs. KIE

Last updated Aug 2, 2026

IAK (iShares U.S. Insurance ETF) and KIE (SPDR S&P Insurance ETF) are both Financials Equities funds - IAK tracks the Dow Jones U.S. Select Insurance Index while KIE tracks the S&P Insurance Select Industry Index. Both are passively managed. Over the past 10 years, IAK returned 13.45%/yr vs 12.47%/yr for KIE. Their correlation of 0.95 means they have usually moved in the same direction. IAK charges 0.38%/yr vs 0.35%/yr for KIE.

Performance

IAK vs. KIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Insurance ETF (IAK) and SPDR S&P Insurance ETF (KIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAK achieves a 10.07% return, which is significantly higher than KIE's 7.74% return. Over the past 10 years, IAK has outperformed KIE with an annualized return of 13.45%, while KIE has yielded a comparatively lower 12.47% annualized return.

IAK

• 1D: -0.31%
• 1M: -0.06%
• 6M: 12.67%
• YTD: 10.07%
• 1Y: 19.63%
• 3Y*: 19.72%
• 5Y*: 15.95%
• 10Y*: 13.45%
• ALL TIME*: 7.39%

KIE

• 1D: -0.28%
• 1M: 0.25%
• 6M: 10.90%
• YTD: 7.74%
• 1Y: 17.27%
• 3Y*: 16.63%
• 5Y*: 12.96%
• 10Y*: 12.47%
• ALL TIME*: 8.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAK iShares U.S. Insurance ETF	$14.76M	$20.90M	$11.89M
KIE SPDR S&P Insurance ETF	$67.06M	$84.89M	$78.95M

IAK vs. KIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAK iShares U.S. Insurance ETF	10.07%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%
KIE SPDR S&P Insurance ETF	7.74%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	12.83%

Correlation

The correlation between IAK and KIE is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.95

The correlation between IAK and KIE has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

IAK vs. KIE - Sectors Allocation Comparison

Sectors	IAK	KIE
Financial Services	99.3%	98.2%
Healthcare	0.7%	1.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IAK vs. KIE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IAK

IAK Risk / Return Rank: 53
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 45
IAK Calmar Ratio Rank: 71
IAK Martin Ratio Rank: 52

KIE

KIE Risk / Return Rank: 36
KIE Sharpe Ratio Rank: 37
KIE Sortino Ratio Rank: 37
KIE Omega Ratio Rank: 35
KIE Calmar Ratio Rank: 38
KIE Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IAK vs. KIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Insurance ETF (IAK) and SPDR S&P Insurance ETF (KIE). 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.

	IAK	KIE	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.90	+0.26
Sortino ratio: Return per unit of downside risk	1.72	1.39	+0.33
Omega ratio: Gain probability vs. loss probability	1.21	1.16	+0.05
Calmar ratio: Return relative to maximum drawdown	2.45	1.31	+1.14
Martin ratio: Return relative to average drawdown	5.96	3.28	+2.68

IAK vs. KIE - Sharpe Ratio Comparison

The current IAK Sharpe Ratio is 1.17, which is comparable to the KIE Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of IAK and KIE, 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

IAK vs. KIE - Drawdown Comparison

The maximum IAK drawdown since its inception was -77.38%, roughly equal to the maximum KIE drawdown of -75.30%. Use the drawdown chart below to compare losses from any high point for IAK and KIE.

Drawdown Indicators

	IAK	KIE	Difference
Max Drawdown Largest peak-to-trough decline	-77.38%	-75.30%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-11.81%	+4.19%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-12.65%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-14.76%	-15.68%	+0.92%
Max Drawdown (10Y) Largest decline over 10 years	-44.95%	-44.31%	-0.64%
Current Drawdown Current decline from peak	-3.23%	-3.33%	+0.10%
Average Drawdown Average peak-to-trough decline	-16.01%	-11.97%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	4.71%	-1.58%

Volatility

IAK vs. KIE - Volatility Comparison

iShares U.S. Insurance ETF (IAK) and SPDR S&P Insurance ETF (KIE) have volatilities of 7.03% and 6.86%, 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

	IAK	KIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.86%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	13.45%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	17.15%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	18.48%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	21.22%	-0.30%

IAK vs. KIE - Expense Ratio Comparison

IAK has a 0.38% expense ratio, which is higher than KIE's 0.35% expense ratio.

Dividends

IAK vs. KIE - Dividend Comparison

IAK's dividend yield for the trailing twelve months is around 2.43%, more than KIE's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.43%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
KIE SPDR S&P Insurance ETF	1.52%	1.57%	1.48%	1.45%	1.90%	1.95%	1.85%	1.76%	1.83%	1.56%	1.55%	1.65%

Frequently Asked Questions

Can I hold both IAK and KIE in my portfolio?

With a correlation of 0.92, IAK and KIE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IAK or KIE?

IAK has higher volatility (7.03%) compared to KIE (6.86%). In terms of maximum drawdown, IAK dropped -77.38% vs KIE's -75.30%.

Which ETF is better, IAK or KIE?

On 10-year performance, IAK leads with 13.45% vs 12.47% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAK or KIE?

Over the 10-year period, IAK has performed better with a 13.45% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAK or KIE?

KIE is cheaper with a 0.35% expense ratio, compared with 0.38% for IAK.

Which ETF pays a higher dividend yield, IAK or KIE?

IAK has the higher dividend yield at 2.43%, compared with 1.52% for KIE.

What is the main difference between IAK and KIE?

IAK tracks Dow Jones U.S. Select Insurance Index, while KIE tracks S&P Insurance Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.38% for IAK and 0.35% for KIE.

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (1.17 vs 0.90), 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.