KBE vs. CM
KBE (SPDR S&P Bank ETF) is Financials Equities fund tracking the S&P Banks Select Industry Index, while CM (Canadian Imperial Bank of Commerce) is a stock. Over the past 10 years, KBE returned 10.94%/yr vs 17.61%/yr for CM. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
KBE vs. CM - Performance Comparison
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Returns By Period
In the year-to-date period, KBE achieves a 9.90% return, which is significantly lower than CM's 26.85% return. Over the past 10 years, KBE has underperformed CM with an annualized return of 10.94%, while CM has yielded a comparatively higher 17.61% annualized return.
KBE
- 1D
- 0.92%
- 1M
- 4.37%
- YTD
- 9.90%
- 6M
- 6.59%
- 1Y
- 27.34%
- 3Y*
- 27.15%
- 5Y*
- 8.02%
- 10Y*
- 10.94%
CM
- 1D
- 2.07%
- 1M
- -1.29%
- YTD
- 26.85%
- 6M
- 25.53%
- 1Y
- 71.46%
- 3Y*
- 46.66%
- 5Y*
- 20.02%
- 10Y*
- 17.61%
KBE vs. CM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBE SPDR S&P Bank ETF | 9.90% | 12.36% | 23.78% | 5.30% | -14.83% | 33.46% | -8.75% | 29.78% | -19.65% | 10.49% |
CM Canadian Imperial Bank of Commerce | 26.85% | 49.02% | 37.83% | 27.23% | -25.71% | 42.29% | 9.25% | 19.22% | -19.75% | 26.58% |
Correlation
The correlation between KBE and CM is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.57 |
The correlation between KBE and CM shifts across timeframes, from 0.50 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
KBE vs. CM — Risk / Return Rank
KBE
CM
KBE vs. CM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) and Canadian Imperial Bank of Commerce (CM). 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.
| KBE | CM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.62 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 6.66 | -4.78 |
| Martin ratioReturn relative to average drawdown | 4.93 | 26.04 | -21.11 |
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Drawdowns
KBE vs. CM - Drawdown Comparison
The maximum KBE drawdown since its inception was -83.15%, which is greater than CM's maximum drawdown of -71.70%. Use the drawdown chart below to compare losses from any high point for KBE and CM.
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Drawdown Indicators
| KBE | CM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.15% | -71.70% | -11.45% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -10.79% | -3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -25.97% | -19.47% | -6.50% |
Max Drawdown (5Y)Largest decline over 5 years | -45.25% | -40.61% | -4.64% |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | -47.82% | -5.32% |
Current DrawdownCurrent decline from peak | -1.05% | -1.54% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -27.47% | -14.65% | -12.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 2.75% | +2.81% |
Volatility
KBE vs. CM - Volatility Comparison
The current volatility for SPDR S&P Bank ETF (KBE) is 5.74%, while Canadian Imperial Bank of Commerce (CM) has a volatility of 7.83%. This indicates that KBE experiences smaller price fluctuations and is considered to be less risky than CM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KBE | CM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 7.83% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 15.07% | 16.03% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 19.14% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.24% | 21.42% | +5.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.85% | 22.62% | +7.23% |
Dividends
KBE vs. CM - Dividend Comparison
KBE's dividend yield for the trailing twelve months is around 2.78%, more than CM's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CM Canadian Imperial Bank of Commerce | 2.60% | 3.17% | 4.21% | 5.88% | 7.77% | 4.08% | 5.06% | 6.47% | 5.48% | 5.28% | 5.93% | 6.71% |
KBE SPDR S&P Bank ETF | 2.22% | 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
KBE and CM have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CM has higher volatility (7.83%) compared to KBE (5.74%). In terms of maximum drawdown, KBE dropped -83.15% vs CM's -71.70%.
CM currently has the higher Sharpe Ratio (3.76 vs 1.27), 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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