IAT vs. KIE

Last updated Jun 4, 2026

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 7.95%/yr vs 10.42%/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.

Returns By Period

In the year-to-date period, IAT achieves a 2.80% return, which is significantly higher than KIE's -9.36% return. Over the past 10 years, IAT has underperformed KIE with an annualized return of 7.95%, while KIE has yielded a comparatively higher 10.42% annualized return.

IAT

• 1D: -1.71%
• 1M: -1.74%
• YTD: 2.80%
• 6M: 7.09%
• 1Y: 22.99%
• 3Y*: 22.20%
• 5Y*: 1.35%
• 10Y*: 7.95%

KIE

• 1D: -1.61%
• 1M: -3.59%
• YTD: -9.36%
• 6M: -7.05%
• 1Y: -7.54%
• 3Y*: 12.94%
• 5Y*: 8.23%
• 10Y*: 10.42%

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

IAT vs. KIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAT iShares U.S. Regional Banks ETF	2.80%	13.05%	24.36%	-8.53%	-20.61%	38.89%	-7.60%	31.38%	-17.45%	10.42%
KIE SPDR S&P Insurance ETF	-9.36%	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 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.78

Over the past year, the correlation between IAT and KIE has dropped to 0.56 - 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%	97.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	2.5%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 27
IAT Sharpe Ratio Rank: 29
IAT Sortino Ratio Rank: 28
IAT Omega Ratio Rank: 29
IAT Calmar Ratio Rank: 27
IAT Martin Ratio Rank: 25

KIE

KIE Risk / Return Rank: 4
KIE Sharpe Ratio Rank: 5
KIE Sortino Ratio Rank: 4
KIE Omega Ratio Rank: 4
KIE Calmar Ratio Rank: 3
KIE Martin Ratio Rank: 1

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.

	IAT	KIE	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.47	+1.53
Sortino ratio: Return per unit of downside risk	1.52	-0.55	+2.07
Omega ratio: Gain probability vs. loss probability	1.20	0.94	+0.26
Calmar ratio: Return relative to maximum drawdown	1.32	-0.64	+1.96
Martin ratio: Return relative to average drawdown	3.38	-1.57	+4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAT vs. KIE - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.06, which is higher than the KIE Sharpe Ratio of -0.47. 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.

Sharpe Ratios by Period

	IAT	KIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.47	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.45	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.49	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.28	-0.19

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.

Drawdown Indicators

	IAT	KIE	Difference
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	-9.75%	-10.67%	+0.92%
Average Drawdown Average peak-to-trough decline	-26.97%	-12.04%	-14.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	4.81%	+2.00%

Volatility

IAT vs. KIE - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 6.12% compared to SPDR S&P Insurance ETF (KIE) at 4.59%. 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.

Volatility by Period

	IAT	KIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	4.59%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	11.16%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	16.10%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.03%	18.37%	+10.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.78%	21.17%	+9.61%

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 2.88%, more than KIE's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAT iShares U.S. Regional Banks ETF	2.88%	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	1.71%	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 IAT and KIE in my portfolio?

IAT and KIE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAT or KIE?

IAT has higher volatility (6.12%) compared to KIE (4.59%). In terms of maximum drawdown, IAT dropped -77.22% vs KIE's -75.30%.

Which ETF is better, IAT or KIE?

On 10-year performance, KIE leads with 10.42% vs 7.95% for IAT. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAT or KIE?

Over the 10-year period, KIE has performed better with a 10.42% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAT or KIE?

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

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

IAT has the higher dividend yield at 2.88%, compared with 1.71% for KIE.

What is the main difference between IAT and 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.

Which has better risk-adjusted returns?

IAT currently has the higher Sharpe Ratio (1.06 vs -0.47), 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.