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IAT vs. KBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. KBE

Last updated Aug 4, 2026
Documentation

IAT (iShares U.S. Regional Banks ETF) and KBE (State Street SPDR S&P Bank ETF) are both Financials Equities funds - IAT tracks the Dow Jones U.S. Select Regional Banks Index while KBE tracks the S&P Banks Select Industry Index. Both are passively managed. Over the past 10 years, IAT returned 9.38%/yr vs 10.65%/yr for KBE. Their 0.97 correlation means they have historically moved very closely together. IAT charges 0.42%/yr vs 0.35%/yr for KBE.

Performance

IAT vs. KBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and State Street SPDR S&P Bank ETF (KBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with IAT having a 17.93% return and KBE slightly lower at 17.50%. Over the past 10 years, IAT has underperformed KBE with an annualized return of 9.38%, while KBE has yielded a comparatively higher 10.65% annualized return.

IAT

1D
1.19%
1M
2.49%
6M
9.97%
YTD
17.93%
1Y
34.96%
3Y*
22.54%
5Y*
6.16%
10Y*
9.38%
ALL TIME*
3.84%

KBE

1D
1.25%
1M
2.77%
6M
10.56%
YTD
17.50%
1Y
30.69%
3Y*
22.23%
5Y*
10.37%
10Y*
10.65%
ALL TIME*
3.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IAT

iShares U.S. Regional Banks ETF
$7.95M$9.88M$9.64M

KBE

State Street SPDR S&P Bank ETF
$86.64M$98.95M$130.23M

IAT vs. KBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		17.93%13.05%24.36%-8.53%-20.61%38.89%-7.60%31.38%-17.45%10.42%
KBE
State Street SPDR S&P Bank ETF		17.50%12.36%23.78%5.30%-14.83%33.46%-8.75%29.78%-19.65%10.49%

Correlation

The correlation between IAT and KBE is 0.95, 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.

0.95

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.98

Correlation (All Time)
Calculated using the full available price history since May 5, 2006

0.97

The correlation between IAT and KBE has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

IAT vs. KBE - Sectors Allocation Comparison

Sectors
IAT
KBE

Financial Services

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

IAT
100.0%
KBE
100.0%

Basic Materials

IAT

-

KBE

-

Communication Services

IAT

-

KBE

-

Consumer Cyclical

IAT

-

KBE

-

Consumer Defensive

IAT

-

KBE

-

Energy

IAT

-

KBE

-

Healthcare

IAT

-

KBE

-

Industrials

IAT

-

KBE

-

Real Estate

IAT

-

KBE

-

Technology

IAT

-

KBE

-

Utilities

IAT

-

KBE

-

Compare stocks, funds, or ETFs

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iShares U.S. Regional Banks ETF

State Street SPDR S&P Bank ETF

Often compared with IAT:
IAT vs. KREIAT vs. KCEIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPY
Often compared with KBE:
KBE vs. XLFKBE vs. KREKBE vs. KBWBKBE vs. IYFKBE vs. KBWPKBE vs. FNCLKBE vs. CM

Return for Risk

IAT vs. KBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IAT
IAT Risk / Return Rank: 5959
Overall Rank
IAT Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 6262
Sortino Ratio Rank
IAT Omega Ratio Rank: 6565
Omega Ratio Rank
IAT Calmar Ratio Rank: 5454
Calmar Ratio Rank
IAT Martin Ratio Rank: 4545
Martin Ratio Rank
KBE
KBE Risk / Return Rank: 5757
Overall Rank
KBE Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
KBE Sortino Ratio Rank: 5757
Sortino Ratio Rank
KBE Omega Ratio Rank: 6161
Omega Ratio Rank
KBE Calmar Ratio Rank: 5858
Calmar Ratio Rank
KBE Martin Ratio Rank: 4848
Martin Ratio Rank
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.

IAT vs. KBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and State Street SPDR S&P Bank ETF (KBE). 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.

IATKBEDifference
Sharpe ratioReturn per unit of total volatility
1.61
1.45

+0.16

Sortino ratioReturn per unit of downside risk
2.17
2.03

+0.14

Omega ratioGain probability vs. loss probability

1.29

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

2.01

2.11

-0.10

Martin ratioReturn relative to average drawdown

5.18

5.59

-0.42

IAT vs. KBE - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.61, which is comparable to the KBE Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IAT and KBE, 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

IAT vs. KBE - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, smaller than the maximum KBE drawdown of -83.15%. Use the drawdown chart below to compare losses from any high point for IAT and KBE.

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Drawdown Indicators

IATKBEDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-83.15%

+5.93%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-14.63%

-2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-25.97%

-3.32%

Max Drawdown (5Y)

Largest decline over 5 years

-55.55%

-45.25%

-10.30%

Max Drawdown (10Y)

Largest decline over 10 years

-55.55%

-53.14%

-2.41%

Current Drawdown

Current decline from peak

-1.37%

-1.08%

-0.29%

Average Drawdown

Average peak-to-trough decline

-26.77%

-27.33%

+0.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.77%

5.50%

+1.27%

Volatility

IAT vs. KBE - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) and State Street SPDR S&P Bank ETF (KBE) have volatilities of 5.50% and 5.24%, 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.

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Volatility by Period

IATKBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

5.24%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

16.05%

14.51%

+1.54%

Volatility (1Y)

Calculated over the trailing 1-year period

21.84%

21.26%

+0.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.76%

27.05%

+1.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.68%

29.68%

+1.00%

IAT vs. KBE - Expense Ratio Comparison

IAT has a 0.42% expense ratio, which is higher than KBE's 0.35% expense ratio.

Dividends

IAT vs. KBE - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.51%, more than KBE's 2.08% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.51%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
KBE
State Street SPDR S&P Bank ETF		2.08%2.51%2.35%2.78%2.99%2.16%2.44%2.33%2.18%1.36%1.39%1.70%

Frequently Asked Questions

With a correlation of 0.95, IAT and KBE 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.

IAT has higher volatility (5.50%) compared to KBE (5.24%). In terms of maximum drawdown, IAT dropped -77.22% vs KBE's -83.15%.

On 10-year performance, KBE leads with 10.65% vs 9.38% for IAT. On fees, KBE is cheaper at 0.35% per year. On volatility, KBE has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBE has performed better with a 10.65% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBE is cheaper with a 0.35% expense ratio, compared with 0.42% for IAT.

IAT has the higher dividend yield at 2.51%, compared with 2.08% for KBE.

IAT tracks Dow Jones U.S. Select Regional Banks Index, while KBE tracks S&P Banks Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.42% for IAT and 0.35% for KBE.

IAT currently has the higher Sharpe Ratio (1.61 vs 1.45), 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.

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