KBWB vs. PEX

Last updated Aug 2, 2026

KBWB (Invesco KBW Bank ETF) and PEX (ProShares Global Listed Private Equity ETF) are both Financials Equities funds - KBWB tracks the KBW Nasdaq Bank Index while PEX tracks the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 10 years, KBWB returned 13.69%/yr vs 4.91%/yr for PEX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. KBWB charges 0.35%/yr vs 3.13%/yr for PEX.

Performance

KBWB vs. PEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Bank ETF (KBWB) and ProShares Global Listed Private Equity ETF (PEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWB achieves a 15.29% return, which is significantly higher than PEX's -6.82% return. Over the past 10 years, KBWB has outperformed PEX with an annualized return of 13.69%, while PEX has yielded a comparatively lower 4.91% annualized return.

KBWB

• 1D: 0.20%
• 1M: 1.73%
• 6M: 12.74%
• YTD: 15.29%
• 1Y: 36.87%
• 3Y*: 31.95%
• 5Y*: 11.96%
• 10Y*: 13.69%
• ALL TIME*: 13.87%

PEX

• 1D: 0.15%
• 1M: 3.38%
• 6M: -7.02%
• YTD: -6.82%
• 1Y: -10.44%
• 3Y*: 4.37%
• 5Y*: -0.25%
• 10Y*: 4.91%
• ALL TIME*: 5.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KBWB Invesco KBW Bank ETF	$147.63M	$184.17M	$155.76M
PEX ProShares Global Listed Private Equity ETF	$46.71K	$56.13K	$56.35K

KBWB vs. PEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWB Invesco KBW Bank ETF	15.29%	32.05%	36.73%	-1.18%	-21.68%	37.72%	-10.46%	35.90%	-18.30%	18.11%
PEX ProShares Global Listed Private Equity ETF	-6.82%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%

Correlation

The correlation between KBWB and PEX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013	0.51

The correlation between KBWB and PEX shifts across timeframes, from 0.51 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

KBWB vs. PEX - Sectors Allocation Comparison

Sectors	KBWB	PEX
Financial Services	100.0%	96.8%
Basic Materials	-	0.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	1.4%
Industrials	-	1.5%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBWB vs. PEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KBWB

KBWB Risk / Return Rank: 65
KBWB Sharpe Ratio Rank: 73
KBWB Sortino Ratio Rank: 67
KBWB Omega Ratio Rank: 69
KBWB Calmar Ratio Rank: 59
KBWB Martin Ratio Rank: 55

PEX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KBWB vs. PEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) and ProShares Global Listed Private Equity ETF (PEX). 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.

	KBWB	PEX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.71	+2.35
Sortino ratio: Return per unit of downside risk	2.20	-0.90	+3.11
Omega ratio: Gain probability vs. loss probability	1.29	0.90	+0.39
Calmar ratio: Return relative to maximum drawdown	2.06	-0.53	+2.59
Martin ratio: Return relative to average drawdown	6.52	-1.04	+7.56

KBWB vs. PEX - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 1.64, which is higher than the PEX Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of KBWB and PEX, 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

KBWB vs. PEX - Drawdown Comparison

The maximum KBWB drawdown since its inception was -50.27%, roughly equal to the maximum PEX drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for KBWB and PEX.

Drawdown Indicators

	KBWB	PEX	Difference
Max Drawdown Largest peak-to-trough decline	-50.27%	-49.17%	-1.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-21.09%	+4.71%
Max Drawdown (3Y) Largest decline over 3 years	-25.43%	-24.72%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-49.31%	-36.58%	-12.73%
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	-49.17%	-1.10%
Current Drawdown Current decline from peak	-2.41%	-15.79%	+13.38%
Average Drawdown Average peak-to-trough decline	-11.62%	-8.34%	-3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	10.79%	-5.61%

Volatility

KBWB vs. PEX - Volatility Comparison

Invesco KBW Bank ETF (KBWB) has a higher volatility of 5.81% compared to ProShares Global Listed Private Equity ETF (PEX) at 3.74%. This indicates that KBWB's price experiences larger fluctuations and is considered to be riskier than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWB	PEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	3.74%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	13.32%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	20.60%	15.89%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	17.99%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.06%	19.26%	+9.80%

KBWB vs. PEX - Expense Ratio Comparison

KBWB has a 0.35% expense ratio, which is lower than PEX's 3.13% expense ratio.

Dividends

KBWB vs. PEX - Dividend Comparison

KBWB's dividend yield for the trailing twelve months is around 1.93%, less than PEX's 8.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	1.93%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%
PEX ProShares Global Listed Private Equity ETF	8.52%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%

Frequently Asked Questions

Can I hold both KBWB and PEX in my portfolio?

KBWB and PEX have a correlation of 0.56, 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 PEX?

KBWB has higher volatility (5.81%) compared to PEX (3.74%). In terms of maximum drawdown, KBWB dropped -50.27% vs PEX's -49.17%.

Which ETF is better, KBWB or PEX?

On 10-year performance, KBWB leads with 13.69% vs 4.91% for PEX. On fees, KBWB is cheaper at 0.35% per year. On volatility, PEX has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWB or PEX?

Over the 10-year period, KBWB has performed better with a 13.69% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWB or PEX?

KBWB is cheaper with a 0.35% expense ratio, compared with 3.13% for PEX.

Which ETF pays a higher dividend yield, KBWB or PEX?

PEX has the higher dividend yield at 8.52%, compared with 1.93% for KBWB.

What is the main difference between KBWB and PEX?

KBWB tracks KBW Nasdaq Bank Index, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.35% for KBWB and 3.13% for PEX.

Which has better risk-adjusted returns?

KBWB currently has the higher Sharpe Ratio (1.64 vs -0.71), 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.