KBE vs. HSBH

Last updated Jun 24, 2026

KBE (SPDR S&P Bank ETF) and HSBH (HSBC Holdings plc ADRhedged ETF) are both Financials Equities funds - KBE tracks the S&P Banks Select Industry Index while HSBH tracks the HSBC Holdings plc Local Shares Total Return. Both are passively managed. Over the past year, KBE returned 26.10% vs 71.13% for HSBH. At a 0.39 correlation, their price movements are largely independent. KBE charges 0.35%/yr vs 0.19%/yr for HSBH.

Performance

KBE vs. HSBH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Bank ETF (KBE) and HSBC Holdings plc ADRhedged ETF (HSBH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBE achieves a 11.37% return, which is significantly lower than HSBH's 26.93% return.

KBE

• 1D: 1.33%
• 1M: 5.76%
• YTD: 11.37%
• 6M: 8.58%
• 1Y: 26.10%
• 3Y*: 27.71%
• 5Y*: 8.00%
• 10Y*: 11.09%

HSBH

• 1D: -0.47%
• 1M: 5.69%
• YTD: 26.93%
• 6M: 26.23%
• 1Y: 71.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBE vs. HSBH - Yearly Performance Comparison

	2026 (YTD)	2025
KBE SPDR S&P Bank ETF	11.37%	26.40%
HSBH HSBC Holdings plc ADRhedged ETF	26.93%	39.95%

Correlation

The correlation between KBE and HSBH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.39

KBE vs. HSBH - Sectors Allocation Comparison

Sectors	KBE	HSBH
Financial Services	100.0%	97.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBE vs. HSBH — Risk / Return Rank

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

KBE

KBE Risk / Return Rank: 35
KBE Sharpe Ratio Rank: 36
KBE Sortino Ratio Rank: 34
KBE Omega Ratio Rank: 36
KBE Calmar Ratio Rank: 37
KBE Martin Ratio Rank: 33

HSBH

HSBH Risk / Return Rank: 90
HSBH Sharpe Ratio Rank: 93
HSBH Sortino Ratio Rank: 91
HSBH Omega Ratio Rank: 90
HSBH Calmar Ratio Rank: 89
HSBH Martin Ratio Rank: 88

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. HSBH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) and HSBC Holdings plc ADRhedged ETF (HSBH). 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	HSBH	Difference
Sharpe ratio: Return per unit of total volatility	1.22	3.02	-1.81
Sortino ratio: Return per unit of downside risk	1.74	3.80	-2.06
Omega ratio: Gain probability vs. loss probability	1.23	1.52	-0.29
Calmar ratio: Return relative to maximum drawdown	1.79	4.83	-3.03
Martin ratio: Return relative to average drawdown	4.71	17.50	-12.79

KBE vs. HSBH - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 1.22, which is lower than the HSBH Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of KBE and HSBH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KBE vs. HSBH - Drawdown Comparison

The maximum KBE drawdown since its inception was -83.15%, which is greater than HSBH's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for KBE and HSBH.

Drawdown Indicators

	KBE	HSBH	Difference
Max Drawdown Largest peak-to-trough decline	-83.15%	-14.81%	-68.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-14.81%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	—	—
Current Drawdown Current decline from peak	0.00%	-0.47%	+0.47%
Average Drawdown Average peak-to-trough decline	-27.47%	-2.33%	-25.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	4.08%	+1.48%

Volatility

KBE vs. HSBH - Volatility Comparison

The current volatility for SPDR S&P Bank ETF (KBE) is 5.85%, while HSBC Holdings plc ADRhedged ETF (HSBH) has a volatility of 8.22%. This indicates that KBE experiences smaller price fluctuations and is considered to be less risky than HSBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBE	HSBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	8.22%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	19.28%	-4.16%
Volatility (1Y) Calculated over the trailing 1-year period	21.63%	23.64%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.25%	22.88%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.77%	22.88%	+6.89%

KBE vs. HSBH - Expense Ratio Comparison

KBE has a 0.35% expense ratio, which is higher than HSBH's 0.19% expense ratio.

Dividends

KBE vs. HSBH - Dividend Comparison

KBE's dividend yield for the trailing twelve months is around 2.19%, less than HSBH's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSBH HSBC Holdings plc ADRhedged ETF	2.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KBE SPDR S&P Bank ETF	2.19%	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

Can I hold both KBE and HSBH in my portfolio?

KBE and HSBH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBE or HSBH?

HSBH has higher volatility (8.22%) compared to KBE (5.85%). In terms of maximum drawdown, KBE dropped -83.15% vs HSBH's -14.81%.

Which ETF is better, KBE or HSBH?

On 1-year performance, HSBH leads with 71.13% vs 26.10% for KBE. On fees, HSBH is cheaper at 0.19% per year. On volatility, KBE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBE or HSBH?

Over the 1-year period, HSBH has performed better with a 71.13% return vs 26.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBE or HSBH?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.35% for KBE.

Which ETF pays a higher dividend yield, KBE or HSBH?

HSBH has the higher dividend yield at 2.34%, compared with 2.19% for KBE.

What is the main difference between KBE and HSBH?

KBE tracks S&P Banks Select Industry Index, while HSBH tracks HSBC Holdings plc Local Shares Total Return. They also come from different issuers: State Street and ADRhedged. Their fees differ too: 0.35% for KBE and 0.19% for HSBH.

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (3.02 vs 1.22), 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.