KBWB vs. GS

Last updated Jun 3, 2026

KBWB (Invesco KBW Bank ETF) is Financials Equities fund tracking the KBW Nasdaq Bank Index, while GS (The Goldman Sachs Group, Inc.) is a stock. Over the past 10 years, KBWB returned 12.25%/yr vs 23.72%/yr for GS. A 0.80 correlation means they provide meaningful diversification when combined.

Performance

KBWB vs. GS - Performance Comparison

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

Returns By Period

In the year-to-date period, KBWB achieves a 5.53% return, which is significantly lower than GS's 22.29% return. Over the past 10 years, KBWB has underperformed GS with an annualized return of 12.25%, while GS has yielded a comparatively higher 23.72% annualized return.

KBWB

• 1D: 1.74%
• 1M: 1.83%
• YTD: 5.53%
• 6M: 12.68%
• 1Y: 37.99%
• 3Y*: 32.54%
• 5Y*: 7.99%
• 10Y*: 12.25%

GS

• 1D: 1.53%
• 1M: 15.76%
• YTD: 22.29%
• 6M: 31.86%
• 1Y: 81.39%
• 3Y*: 52.24%
• 5Y*: 25.32%
• 10Y*: 23.72%

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

KBWB vs. GS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWB Invesco KBW Bank ETF	5.53%	32.05%	36.73%	-1.18%	-21.68%	37.72%	-10.46%	35.90%	-18.30%	18.11%
GS The Goldman Sachs Group, Inc.	22.29%	56.64%	52.03%	15.91%	-7.87%	47.61%	17.45%	40.48%	-33.53%	7.73%

Correlation

The correlation between KBWB and GS is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 2, 2011	0.80

The correlation between KBWB and GS has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

KBWB vs. GS — Risk / Return Rank

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

KBWB

KBWB Risk / Return Rank: 50
KBWB Sharpe Ratio Rank: 55
KBWB Sortino Ratio Rank: 50
KBWB Omega Ratio Rank: 53
KBWB Calmar Ratio Rank: 46
KBWB Martin Ratio Rank: 44

GS

GS Risk / Return Rank: 92
GS Sharpe Ratio Rank: 94
GS Sortino Ratio Rank: 92
GS Omega Ratio Rank: 92
GS Calmar Ratio Rank: 88
GS Martin Ratio Rank: 92

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.

KBWB vs. GS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) 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.

	KBWB	GS	Difference
Sharpe ratio Return per unit of total volatility	1.91	3.02	-1.11
Sortino ratio Return per unit of downside risk	2.48	3.62	-1.15
Omega ratio Gain probability vs. loss probability	1.33	1.48	-0.15
Calmar ratio Return relative to maximum drawdown	2.31	4.16	-1.85
Martin ratio Return relative to average drawdown	7.29	13.99	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWB vs. GS - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 1.91, which is lower than the GS Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of KBWB and GS, 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

	KBWB	GS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	3.02	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.91	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.80	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.34	+0.16

Drawdowns

KBWB vs. GS - Drawdown Comparison

The maximum KBWB drawdown since its inception was -50.27%, smaller than the maximum GS drawdown of -78.84%. Use the drawdown chart below to compare losses from any high point for KBWB and GS.

Drawdown Indicators

	KBWB	GS	Difference
Max Drawdown Largest peak-to-trough decline	-50.27%	-78.84%	+28.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-19.42%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.43%	-30.90%	+5.47%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	-32.84%	-16.47%
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	-48.75%	-1.52%
Current Drawdown Current decline from peak	-1.92%	0.00%	-1.92%
Average Drawdown Average peak-to-trough decline	-11.75%	-22.63%	+10.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	5.78%	-0.58%

Volatility

KBWB vs. GS - Volatility Comparison

The current volatility for Invesco KBW Bank ETF (KBWB) is 5.24%, while The Goldman Sachs Group, Inc. (GS) has a volatility of 8.10%. This indicates that KBWB 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

	KBWB	GS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	8.10%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	15.42%	22.02%	-6.60%
Volatility (1Y) Calculated over the trailing 1-year period	20.01%	27.14%	-7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	27.85%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.20%	29.76%	-0.56%

Dividends

KBWB vs. GS - Dividend Comparison

KBWB's dividend yield for the trailing twelve months is around 2.03%, more than GS's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GS The Goldman Sachs Group, Inc.	1.60%	1.59%	2.01%	2.72%	2.62%	1.70%	1.90%	1.80%	1.89%	1.14%	1.09%	1.41%
KBWB Invesco KBW Bank ETF	2.03%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%

Frequently Asked Questions

Can I hold both KBWB and GS in my portfolio?

KBWB and GS have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWB or GS?

GS has higher volatility (8.10%) compared to KBWB (5.24%). In terms of maximum drawdown, KBWB dropped -50.27% vs GS's -78.84%.

Which has better risk-adjusted returns?

GS currently has the higher Sharpe Ratio (3.02 vs 1.91), 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.