KBE vs. GS

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Bank ETF (KBE) and The Goldman Sachs Group, Inc. (GS).

KBE is a passively managed fund by State Street that tracks the performance of the S&P Banks Select Industry Index. It was launched on Nov 8, 2005.

Performance

KBE vs. GS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Bank ETF (KBE) and The Goldman Sachs Group, Inc. (GS). The values are adjusted to include any dividend payments, if applicable.

KBE vs. GS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBE SPDR S&P Bank ETF	-1.31%	12.36%	23.78%	5.30%	-14.83%	33.46%	-8.75%	29.78%	-19.65%	10.49%
GS The Goldman Sachs Group, Inc.	-3.25%	56.64%	52.03%	15.91%	-7.87%	47.61%	17.45%	40.48%	-33.53%	7.73%

Returns By Period

In the year-to-date period, KBE achieves a -1.31% return, which is significantly higher than GS's -3.25% return. Over the past 10 years, KBE has underperformed GS with an annualized return of 9.58%, while GS has yielded a comparatively higher 20.59% annualized return.

KBE

• 1D: 2.51%
• 1M: -1.89%
• YTD: -1.31%
• 6M: 1.47%
• 1Y: 15.33%
• 3Y*: 20.45%
• 5Y*: 5.49%
• 10Y*: 9.58%

GS

• 1D: 4.75%
• 1M: -1.06%
• YTD: -3.25%
• 6M: 7.32%
• 1Y: 58.07%
• 3Y*: 40.67%
• 5Y*: 23.83%
• 10Y*: 20.59%

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

Return for Risk

KBE vs. GS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KBE

KBE Risk / Return Rank: 37
KBE Sharpe Ratio Rank: 33
KBE Sortino Ratio Rank: 34
KBE Omega Ratio Rank: 35
KBE Calmar Ratio Rank: 46
KBE Martin Ratio Rank: 33

GS

GS Risk / Return Rank: 87
GS Sharpe Ratio Rank: 89
GS Sortino Ratio Rank: 85
GS Omega Ratio Rank: 86
GS Calmar Ratio Rank: 86
GS Martin Ratio Rank: 89

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.

KBE vs. GS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) and The Goldman Sachs Group, Inc. (GS). 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.

	KBE	GS	Difference
Sharpe ratio Return per unit of total volatility	0.59	1.82	-1.23
Sortino ratio Return per unit of downside risk	0.94	2.35	-1.41
Omega ratio Gain probability vs. loss probability	1.14	1.33	-0.20
Calmar ratio Return relative to maximum drawdown	1.11	3.04	-1.92
Martin ratio Return relative to average drawdown	2.83	9.70	-6.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBE vs. GS - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 0.59, which is lower than the GS Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of KBE and GS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KBE	GS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	1.82	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.87	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.70	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.31	-0.22

Correlation

The correlation between KBE and GS is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

KBE vs. GS - Dividend Comparison

KBE's dividend yield for the trailing twelve months is around 2.49%, more than GS's 1.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBE SPDR S&P Bank ETF	2.49%	2.51%	2.35%	2.78%	2.99%	2.16%	2.44%	2.33%	2.18%	1.36%	1.39%	1.70%
GS The Goldman Sachs Group, Inc.	1.83%	1.59%	2.01%	2.72%	2.62%	1.70%	1.90%	1.80%	1.89%	1.14%	1.09%	1.41%

Drawdowns

KBE vs. GS - Drawdown Comparison

The maximum KBE drawdown since its inception was -83.15%, which is greater than GS's maximum drawdown of -78.84%. Use the drawdown chart below to compare losses from any high point for KBE and GS.

Drawdown Indicators

	KBE	GS	Difference
Max Drawdown Largest peak-to-trough decline	-83.15%	-78.84%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-19.42%	+4.79%
Max Drawdown (5Y) Largest decline over 5 years	-45.25%	-32.84%	-12.41%
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	-48.75%	-4.39%
Current Drawdown Current decline from peak	-11.14%	-12.85%	+1.71%
Average Drawdown Average peak-to-trough decline	-27.72%	-22.75%	-4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	6.08%	-0.32%

Volatility

KBE vs. GS - Volatility Comparison

The current volatility for SPDR S&P Bank ETF (KBE) is 5.27%, while The Goldman Sachs Group, Inc. (GS) has a volatility of 9.44%. This indicates that KBE experiences smaller price fluctuations and is considered to be less risky than GS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBE	GS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	9.44%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	21.70%	-5.01%
Volatility (1Y) Calculated over the trailing 1-year period	26.13%	32.11%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.44%	27.68%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.90%	29.71%	+0.19%