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IAT vs. KCE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. KCE

Last updated Aug 2, 2026
Documentation

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 9.76%/yr vs 17.91%/yr for KCE. Their 0.79 correlation means they have sometimes moved together and sometimes differently. 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 16.55% return, which is significantly higher than KCE's 7.80% return. Over the past 10 years, IAT has underperformed KCE with an annualized return of 9.76%, while KCE has yielded a comparatively higher 17.91% annualized return.

IAT

1D
0.05%
1M
1.29%
6M
10.79%
YTD
16.55%
1Y
33.38%
3Y*
22.18%
5Y*
5.94%
10Y*
9.76%
ALL TIME*
3.78%

KCE

1D
0.03%
1M
4.36%
6M
3.69%
YTD
7.80%
1Y
8.96%
3Y*
22.76%
5Y*
13.13%
10Y*
17.91%
ALL TIME*
7.64%
*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
$7.75M$9.87M$9.53M

KCE

SPDR S&P Capital Markets ETF
$2.68M$2.28M$2.42M

IAT vs. KCE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		16.55%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		7.80%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 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.59

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

0.71

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

0.76

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

0.77

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

0.79

Over the past year, the correlation between IAT and KCE has dropped to 0.59 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

IAT vs. KCE - Sectors Allocation Comparison

Sectors
IAT
KCE

Financial Services

100.0%
97.2%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

2.8%

Utilities

-

-

Financial Services

IAT
100.0%
KCE
97.2%

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
2.8%

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 historical risk-adjusted metric ranks over the past 12 months.
IAT
IAT Risk / Return Rank: 5353
Overall Rank
IAT Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 5656
Sortino Ratio Rank
IAT Omega Ratio Rank: 5858
Omega Ratio Rank
IAT Calmar Ratio Rank: 4949
Calmar Ratio Rank
IAT Martin Ratio Rank: 4242
Martin Ratio Rank
KCE
KCE Risk / Return Rank: 1818
Overall Rank
KCE Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
KCE Sortino Ratio Rank: 1818
Sortino Ratio Rank
KCE Omega Ratio Rank: 1717
Omega Ratio Rank
KCE Calmar Ratio Rank: 1717
Calmar Ratio Rank
KCE Martin Ratio Rank: 1818
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. 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
1.40
0.31

+1.08

Sortino ratioReturn per unit of downside risk
1.93
0.57

+1.35

Omega ratioGain probability vs. loss probability

1.25

1.07

+0.19

Calmar ratioReturn relative to maximum drawdown

1.75

0.37

+1.38

Martin ratioReturn relative to average drawdown

4.51

0.95

+3.57

IAT vs. KCE - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.40, which is higher than the KCE Sharpe Ratio of 0.31. 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

-2.53%

-1.11%

-1.42%

Average Drawdown

Average peak-to-trough decline

-26.77%

-22.65%

-4.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.77%

6.84%

-0.07%

Volatility

IAT vs. KCE - Volatility Comparison

The current volatility for iShares U.S. Regional Banks ETF (IAT) is 5.49%, while SPDR S&P Capital Markets ETF (KCE) has a volatility of 6.54%. This indicates that IAT experiences smaller price fluctuations and is considered to be less risky 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

5.49%

6.54%

-1.05%

Volatility (6M)

Calculated over the trailing 6-month period

16.01%

15.90%

+0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

21.95%

20.72%

+1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.76%

23.13%

+5.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.67%

22.88%

+7.79%

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 2.54%, more than KCE's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.54%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		1.67%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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KCE has higher volatility (6.54%) compared to IAT (5.49%). In terms of maximum drawdown, IAT dropped -77.22% vs KCE's -74.00%.

On 10-year performance, KCE leads with 17.91% vs 9.76% for IAT. On fees, KCE is cheaper at 0.35% per year. On volatility, IAT has been the lower-risk option at 5.49%. 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 17.91% return vs 9.76%. 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 2.54%, compared with 1.67% 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 (1.40 vs 0.31), 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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