KBE vs. KBWP

Last updated Jun 3, 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 9.44%/yr vs 11.32%/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.

Returns By Period

In the year-to-date period, KBE achieves a 5.27% return, which is significantly higher than KBWP's -8.05% return. Over the past 10 years, KBE has underperformed KBWP with an annualized return of 9.44%, while KBWP has yielded a comparatively higher 11.32% annualized return.

KBE

• 1D: 1.58%
• 1M: -0.86%
• YTD: 5.27%
• 6M: 8.76%
• 1Y: 23.29%
• 3Y*: 23.62%
• 5Y*: 5.76%
• 10Y*: 9.44%

KBWP

• 1D: 0.13%
• 1M: -2.49%
• YTD: -8.05%
• 6M: -4.56%
• 1Y: -6.56%
• 3Y*: 14.80%
• 5Y*: 10.19%
• 10Y*: 11.32%

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

KBE vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBE SPDR S&P Bank ETF	5.27%	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	-8.05%	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 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 23, 2010	0.54

The correlation between KBE and KBWP shifts across timeframes, from 0.42 (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	-	-

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: 30
KBE Sharpe Ratio Rank: 30
KBE Sortino Ratio Rank: 29
KBE Omega Ratio Rank: 31
KBE Calmar Ratio Rank: 31
KBE Martin Ratio Rank: 28

KBWP

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

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.

	KBE	KBWP	Difference
Sharpe ratio Return per unit of total volatility	1.09	-0.41	+1.50
Sortino ratio Return per unit of downside risk	1.59	-0.45	+2.04
Omega ratio Gain probability vs. loss probability	1.21	0.95	+0.26
Calmar ratio Return relative to maximum drawdown	1.54	-0.60	+2.14
Martin ratio Return relative to average drawdown	4.06	-1.19	+5.25
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. KBWP - Sharpe Ratio Comparison

The current KBE Sharpe Ratio is 1.09, which is higher than the KBWP Sharpe Ratio of -0.41. 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.

Sharpe Ratios by Period

	KBE	KBWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	-0.41	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.55	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.55	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.69	-0.59

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.

Drawdown Indicators

	KBE	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-83.15%	-39.76%	-43.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-9.41%	-5.22%
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	-5.22%	-8.81%	+3.59%
Average Drawdown Average peak-to-trough decline	-27.54%	-4.36%	-23.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	4.78%	+0.75%

Volatility

KBE vs. KBWP - Volatility Comparison

SPDR S&P Bank ETF (KBE) has a higher volatility of 5.29% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 4.10%. This indicates that KBE's price experiences larger fluctuations and is considered to be riskier than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBE	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	4.10%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	11.41%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	16.21%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.34%	18.52%	+8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.85%	20.70%	+9.15%

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 2.33%, more than KBWP's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBE SPDR S&P Bank ETF	2.33%	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	2.02%	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

Can I hold both KBE and KBWP in my portfolio?

KBE and KBWP have a correlation of 0.42, 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 KBWP?

KBE has higher volatility (5.29%) compared to KBWP (4.10%). In terms of maximum drawdown, KBE dropped -83.15% vs KBWP's -39.76%.

Which ETF is better, KBE or KBWP?

On 10-year performance, KBWP leads with 11.32% vs 9.44% for KBE. Both ETFs have the same 0.35% expense ratio. On volatility, KBWP has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBE or KBWP?

Over the 10-year period, KBWP has performed better with a 11.32% return vs 9.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBE or KBWP?

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

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

KBE has the higher dividend yield at 2.33%, compared with 2.02% for KBWP.

What is the main difference between KBE and 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.

Which has better risk-adjusted returns?

KBE currently has the higher Sharpe Ratio (1.09 vs -0.41), 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.