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IAT vs. KCE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. KCE

Last updated Jun 23, 2026

IAT (iShares U.S. Regional Banks ETF) and KCE (SPDR S&P Capital Markets ETF) are both Financials Equities funds - IAT tracks the Dow Jones U.S. Select Regional Banks Index while KCE tracks the S&P Capital Markets Select Industry Index. Both are passively managed. Over the past 10 years, IAT returned 9.56%/yr vs 18.10%/yr for KCE. A 0.80 correlation means they provide meaningful diversification when combined. IAT charges 0.42%/yr vs 0.35%/yr for KCE.

Performance

IAT vs. KCE - Performance Comparison

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

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Returns By Period

In the year-to-date period, IAT achieves a 10.17% return, which is significantly higher than KCE's 3.75% return. Over the past 10 years, IAT has underperformed KCE with an annualized return of 9.56%, while KCE has yielded a comparatively higher 18.10% annualized return.

IAT

1D
1.04%
1M
5.50%
YTD
10.17%
6M
7.40%
1Y
31.68%
3Y*
26.82%
5Y*
4.27%
10Y*
9.56%

KCE

1D
-0.09%
1M
1.69%
YTD
3.75%
6M
1.86%
1Y
14.65%
3Y*
25.85%
5Y*
12.91%
10Y*
18.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAT vs. KCE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		10.17%13.05%24.36%-8.53%-20.61%38.89%-7.60%31.38%-17.45%10.42%
KCE
SPDR S&P Capital Markets ETF		3.75%10.76%37.51%32.04%-22.14%40.05%30.82%27.13%-15.63%32.01%

Correlation

The correlation between IAT and KCE is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.63

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

0.73

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

0.77

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

0.78

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

0.80

The correlation between IAT and KCE shifts across timeframes, from 0.63 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

IAT vs. KCE - Sectors Allocation Comparison

Sectors
IAT
KCE

Financial Services

100.0%
98.8%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

1.2%

Utilities

-

-

Financial Services

IAT
100.0%
KCE
98.8%

Basic Materials

IAT

-

KCE

-

Communication Services

IAT

-

KCE

-

Consumer Cyclical

IAT

-

KCE

-

Consumer Defensive

IAT

-

KCE

-

Energy

IAT

-

KCE

-

Healthcare

IAT

-

KCE

-

Industrials

IAT

-

KCE

-

Real Estate

IAT

-

KCE

-

Technology

IAT

-

KCE
1.2%

Utilities

IAT

-

KCE

-

Compare stocks, funds, or ETFs

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iShares U.S. Regional Banks ETF

SPDR S&P Capital Markets ETF

Often compared with IAT:
IAT vs. KREIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPYIAT vs. SWPPX
Often compared with KCE:
KCE vs. IAIKCE vs. XLFKCE vs. PSPKCE vs. BIBLKCE vs. FXOKCE vs. EUFNKCE vs. BCD

Return for Risk

IAT vs. KCE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAT
IAT Risk / Return Rank: 3939
Overall Rank
IAT Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 4040
Sortino Ratio Rank
IAT Omega Ratio Rank: 4141
Omega Ratio Rank
IAT Calmar Ratio Rank: 3737
Calmar Ratio Rank
IAT Martin Ratio Rank: 3333
Martin Ratio Rank
KCE
KCE Risk / Return Rank: 2020
Overall Rank
KCE Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
KCE Sortino Ratio Rank: 2020
Sortino Ratio Rank
KCE Omega Ratio Rank: 2020
Omega Ratio Rank
KCE Calmar Ratio Rank: 1919
Calmar Ratio Rank
KCE Martin Ratio Rank: 2020
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.

IAT vs. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and SPDR S&P Capital Markets ETF (KCE). 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.

IATKCEDifference
Sharpe ratioReturn per unit of total volatility
1.45
0.74

+0.71

Sortino ratioReturn per unit of downside risk
1.99
1.11

+0.88

Omega ratioGain probability vs. loss probability

1.26

1.14

+0.13

Calmar ratioReturn relative to maximum drawdown

1.82

0.84

+0.98

Martin ratioReturn relative to average drawdown

4.63

2.19

+2.44

IAT vs. KCE - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.45, which is higher than the KCE Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IAT and KCE, 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. KCE - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, roughly equal to the maximum KCE drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for IAT and KCE.

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Drawdown Indicators

IATKCEDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-74.00%

-3.22%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-17.44%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-26.31%

-2.98%

Max Drawdown (5Y)

Largest decline over 5 years

-55.55%

-34.45%

-21.10%

Max Drawdown (10Y)

Largest decline over 10 years

-55.55%

-40.78%

-14.77%

Current Drawdown

Current decline from peak

-3.29%

-3.67%

+0.38%

Average Drawdown

Average peak-to-trough decline

-26.92%

-22.76%

-4.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.87%

6.71%

+0.16%

Volatility

IAT vs. KCE - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.69% compared to SPDR S&P Capital Markets ETF (KCE) at 5.60%. This indicates that IAT's price experiences larger fluctuations and is considered to be riskier than KCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IATKCEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

5.60%

+1.09%

Volatility (6M)

Calculated over the trailing 6-month period

16.07%

15.28%

+0.79%

Volatility (1Y)

Calculated over the trailing 1-year period

22.01%

19.98%

+2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.95%

23.05%

+5.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.81%

23.09%

+7.72%

IAT vs. KCE - Expense Ratio Comparison

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

Dividends

IAT vs. KCE - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.69%, more than KCE's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.69%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
KCE
SPDR S&P Capital Markets ETF		2.13%1.63%1.56%1.82%2.42%1.53%2.20%2.32%2.67%1.95%2.30%2.43%

Frequently Asked Questions

IAT and KCE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAT has higher volatility (6.69%) compared to KCE (5.60%). In terms of maximum drawdown, IAT dropped -77.22% vs KCE's -74.00%.

On 10-year performance, KCE leads with 18.10% vs 9.56% for IAT. On fees, KCE is cheaper at 0.35% per year. On volatility, KCE has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KCE has performed better with a 18.10% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IAT has the higher dividend yield at 2.69%, compared with 2.13% for KCE.

IAT tracks Dow Jones U.S. Select Regional Banks Index, while KCE tracks S&P Capital Markets 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 KCE.

IAT currently has the higher Sharpe Ratio (1.45 vs 0.74), 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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