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IAT vs. KIE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAT vs. KIE

Last updated Jul 14, 2026
Documentation

IAT (iShares U.S. Regional Banks ETF) and KIE (SPDR S&P Insurance ETF) are both Financials Equities funds - IAT tracks the Dow Jones U.S. Select Regional Banks Index while KIE tracks the S&P Insurance Select Industry Index. Both are passively managed. Over the past 10 years, IAT returned 9.50%/yr vs 12.42%/yr for KIE. A 0.78 correlation means they provide meaningful diversification when combined. IAT charges 0.42%/yr vs 0.35%/yr for KIE.

Performance

IAT vs. KIE - 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 Insurance ETF (KIE). 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 16.18% return, which is significantly higher than KIE's 8.11% return. Over the past 10 years, IAT has underperformed KIE with an annualized return of 9.50%, while KIE has yielded a comparatively higher 12.42% annualized return.

IAT

1D
0.08%
1M
3.80%
6M
13.12%
YTD
16.18%
1Y
24.86%
3Y*
25.36%
5Y*
5.44%
10Y*
9.50%

KIE

1D
1.58%
1M
10.71%
6M
8.87%
YTD
8.11%
1Y
15.26%
3Y*
18.32%
5Y*
13.25%
10Y*
12.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAT vs. KIE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAT
iShares U.S. Regional Banks ETF		16.18%13.05%24.36%-8.53%-20.61%38.89%-7.60%31.38%-17.45%10.42%
KIE
SPDR S&P Insurance ETF		8.11%8.12%26.95%12.18%3.48%22.75%-3.04%27.19%-5.99%12.83%

Correlation

The correlation between IAT and KIE is 0.55, 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

0.55

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

0.58

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

0.69

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

0.74

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

0.78

Over the past year, the correlation between IAT and KIE has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

IAT vs. KIE - Sectors Allocation Comparison

Sectors
IAT
KIE

Financial Services

100.0%
96.9%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

3.1%

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

IAT
100.0%
KIE
96.9%

Basic Materials

IAT

-

KIE

-

Communication Services

IAT

-

KIE

-

Consumer Cyclical

IAT

-

KIE

-

Consumer Defensive

IAT

-

KIE

-

Energy

IAT

-

KIE

-

Healthcare

IAT

-

KIE
3.1%

Industrials

IAT

-

KIE

-

Real Estate

IAT

-

KIE

-

Technology

IAT

-

KIE

-

Utilities

IAT

-

KIE

-

Compare stocks, funds, or ETFs

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iShares U.S. Regional Banks ETF

SPDR S&P Insurance ETF

Often compared with IAT:
IAT vs. KREIAT vs. KCEIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPY
Often compared with KIE:
KIE vs. IAKKIE vs. KBWPKIE vs. XLFKIE vs. IAIKIE vs. RNRKIE vs. PAVEKIE vs. JQUA

Return for Risk

IAT vs. KIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAT
IAT Risk / Return Rank: 3636
Overall Rank
IAT Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 3737
Sortino Ratio Rank
IAT Omega Ratio Rank: 3939
Omega Ratio Rank
IAT Calmar Ratio Rank: 3535
Calmar Ratio Rank
IAT Martin Ratio Rank: 3131
Martin Ratio Rank
KIE
KIE Risk / Return Rank: 3131
Overall Rank
KIE Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
KIE Sortino Ratio Rank: 3131
Sortino Ratio Rank
KIE Omega Ratio Rank: 2929
Omega Ratio Rank
KIE Calmar Ratio Rank: 3232
Calmar Ratio Rank
KIE Martin Ratio Rank: 2929
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. KIE - 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 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.

IATKIEDifference
Sharpe ratioReturn per unit of total volatility
1.14
0.92

+0.22

Sortino ratioReturn per unit of downside risk
1.61
1.39

+0.22

Omega ratioGain probability vs. loss probability

1.21

1.16

+0.05

Calmar ratioReturn relative to maximum drawdown

1.43

1.30

+0.13

Martin ratioReturn relative to average drawdown

3.64

3.24

+0.39

IAT vs. KIE - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.14, which is comparable to the KIE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of IAT 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.

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Drawdowns

IAT vs. KIE - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, roughly equal to the maximum KIE drawdown of -75.30%. Use the drawdown chart below to compare losses from any high point for IAT and KIE.

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Drawdown Indicators

IATKIEDifference

Max Drawdown

Largest peak-to-trough decline

-77.22%

-75.30%

-1.92%

Max Drawdown (1Y)

Largest decline over 1 year

-17.49%

-11.81%

-5.68%

Max Drawdown (3Y)

Largest decline over 3 years

-29.29%

-12.65%

-16.64%

Max Drawdown (5Y)

Largest decline over 5 years

-55.55%

-15.68%

-39.87%

Max Drawdown (10Y)

Largest decline over 10 years

-55.55%

-44.31%

-11.24%

Current Drawdown

Current decline from peak

-0.20%

0.00%

-0.20%

Average Drawdown

Average peak-to-trough decline

-26.84%

-12.00%

-14.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.85%

4.71%

+2.14%

Volatility

IAT vs. KIE - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.20% compared to SPDR S&P Insurance ETF (KIE) at 5.71%. This indicates that IAT's price experiences larger fluctuations and is considered to be riskier than KIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IATKIEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.20%

5.71%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

16.36%

12.69%

+3.67%

Volatility (1Y)

Calculated over the trailing 1-year period

22.02%

16.76%

+5.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.89%

18.40%

+10.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.67%

21.15%

+9.52%

IAT vs. KIE - Expense Ratio Comparison

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

Dividends

IAT vs. KIE - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.55%, more than KIE's 1.52% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.55%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
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

IAT and KIE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAT has higher volatility (6.20%) compared to KIE (5.71%). In terms of maximum drawdown, IAT dropped -77.22% vs KIE's -75.30%.

On 10-year performance, KIE leads with 12.42% vs 9.50% for IAT. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KIE has performed better with a 12.42% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IAT has the higher dividend yield at 2.55%, compared with 1.52% for KIE.

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

IAT currently has the higher Sharpe Ratio (1.14 vs 0.92), 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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