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KBE vs. KBWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBE vs. KBWP

Last updated Jun 24, 2026

KBE (SPDR S&P Bank ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - KBE tracks the S&P Banks Select Industry Index while KBWP tracks the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, KBE returned 11.09%/yr vs 12.39%/yr for KBWP. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

KBE vs. KBWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Bank ETF (KBE) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBE achieves a 11.37% return, which is significantly higher than KBWP's -1.94% return. Over the past 10 years, KBE has underperformed KBWP with an annualized return of 11.09%, while KBWP has yielded a comparatively higher 12.39% annualized 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%

KBWP

1D
2.46%
1M
2.63%
YTD
-1.94%
6M
-2.38%
1Y
2.45%
3Y*
17.19%
5Y*
12.41%
10Y*
12.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBE vs. KBWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBE
SPDR S&P Bank ETF		11.37%12.36%23.78%5.30%-14.83%33.46%-8.75%29.78%-19.65%10.49%
KBWP
Invesco KBW Property & Casualty Insurance ETF		-1.94%11.49%30.45%7.09%10.16%20.61%-2.05%28.67%-2.76%8.86%

Correlation

The correlation between KBE and KBWP is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

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

0.47

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

0.57

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

0.61

Correlation (All Time)
Calculated using the full available price history since Dec 22, 2010

0.54

The correlation between KBE and KBWP shifts across timeframes, from 0.44 (1 year) to 0.61 (10 years), reflecting how their relationship changes across market environments.

KBE vs. KBWP - Sectors Allocation Comparison

Sectors
KBE
KBWP

Financial Services

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

KBE
100.0%
KBWP
100.0%

Basic Materials

KBE

-

KBWP

-

Communication Services

KBE

-

KBWP

-

Consumer Cyclical

KBE

-

KBWP

-

Consumer Defensive

KBE

-

KBWP

-

Energy

KBE

-

KBWP

-

Healthcare

KBE

-

KBWP

-

Industrials

KBE

-

KBWP

-

Real Estate

KBE

-

KBWP

-

Technology

KBE

-

KBWP

-

Utilities

KBE

-

KBWP

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Bank ETF

Invesco KBW Property & Casualty Insurance ETF

Often compared with KBE:
KBE vs. XLFKBE vs. KREKBE vs. KBWBKBE vs. IYFKBE vs. FNCLKBE vs. CMKBE vs. BNKS.L
Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOOKBWP vs. QQQ

Return for Risk

KBE vs. KBWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBE
KBE Risk / Return Rank: 3535
Overall Rank
KBE Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
KBE Sortino Ratio Rank: 3434
Sortino Ratio Rank
KBE Omega Ratio Rank: 3636
Omega Ratio Rank
KBE Calmar Ratio Rank: 3737
Calmar Ratio Rank
KBE Martin Ratio Rank: 3333
Martin Ratio Rank
KBWP
KBWP Risk / Return Rank: 1111
Overall Rank
KBWP Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 1010
Sortino Ratio Rank
KBWP Omega Ratio Rank: 1010
Omega Ratio Rank
KBWP Calmar Ratio Rank: 1111
Calmar Ratio Rank
KBWP Martin Ratio Rank: 1111
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.

KBE vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Bank ETF (KBE) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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.

KBEKBWPDifference
Sharpe ratioReturn per unit of total volatility
1.22
0.15

+1.07

Sortino ratioReturn per unit of downside risk
1.74
0.32

+1.42

Omega ratioGain probability vs. loss probability

1.23

1.04

+0.19

Calmar ratioReturn relative to maximum drawdown

1.79

0.26

+1.54

Martin ratioReturn relative to average drawdown

4.71

0.56

+4.15

KBE vs. KBWP - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 1.22, which is higher than the KBWP Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of KBE and KBWP, 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

KBE vs. KBWP - Drawdown Comparison

The maximum KBE drawdown since its inception was -83.15%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for KBE and KBWP.

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Drawdown Indicators

KBEKBWPDifference

Max Drawdown

Largest peak-to-trough decline

-83.15%

-39.76%

-43.39%

Max Drawdown (1Y)

Largest decline over 1 year

-14.63%

-9.56%

-5.07%

Max Drawdown (3Y)

Largest decline over 3 years

-25.97%

-12.29%

-13.68%

Max Drawdown (5Y)

Largest decline over 5 years

-45.25%

-17.00%

-28.25%

Max Drawdown (10Y)

Largest decline over 10 years

-53.14%

-39.76%

-13.38%

Current Drawdown

Current decline from peak

0.00%

-2.75%

+2.75%

Average Drawdown

Average peak-to-trough decline

-27.47%

-4.37%

-23.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.56%

4.36%

+1.20%

Volatility

KBE vs. KBWP - Volatility Comparison

SPDR S&P Bank ETF (KBE) and Invesco KBW Property & Casualty Insurance ETF (KBWP) have volatilities of 5.85% and 5.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBEKBWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

5.82%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

15.12%

12.07%

+3.05%

Volatility (1Y)

Calculated over the trailing 1-year period

21.63%

16.60%

+5.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.25%

18.54%

+8.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.77%

20.73%

+9.04%

KBE vs. KBWP - Expense Ratio Comparison

Both KBE and KBWP have an expense ratio of 0.35%.

Dividends

KBE vs. KBWP - Dividend Comparison

KBE's dividend yield for the trailing twelve months is around 2.19%, more than KBWP's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
KBWP
Invesco KBW Property & Casualty Insurance ETF		2.00%1.58%1.64%1.68%1.99%3.02%1.93%1.99%2.11%1.90%2.14%1.35%

Frequently Asked Questions

KBE and KBWP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBE has higher volatility (5.85%) compared to KBWP (5.82%). In terms of maximum drawdown, KBE dropped -83.15% vs KBWP's -39.76%.

On 10-year performance, KBWP leads with 12.39% vs 11.09% for KBE. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBWP has performed better with a 12.39% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBE and KBWP have the same expense ratio: 0.35% per year.

KBE has the higher dividend yield at 2.19%, compared with 2.00% for KBWP.

KBE tracks S&P Banks Select Industry Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: State Street and Invesco.

KBE currently has the higher Sharpe Ratio (1.22 vs 0.15), 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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