KBWB vs. PEX

Last updated Jun 4, 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 12.09%/yr vs 4.13%/yr for PEX. A 0.51 correlation means they provide meaningful diversification when combined. 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 4.07% return, which is significantly higher than PEX's -12.48% return. Over the past 10 years, KBWB has outperformed PEX with an annualized return of 12.09%, while PEX has yielded a comparatively lower 4.13% annualized return.

KBWB

• 1D: -1.39%
• 1M: 2.14%
• YTD: 4.07%
• 6M: 8.58%
• 1Y: 34.45%
• 3Y*: 31.93%
• 5Y*: 7.75%
• 10Y*: 12.09%

PEX

• 1D: -2.88%
• 1M: -5.57%
• YTD: -12.48%
• 6M: -10.90%
• 1Y: -12.90%
• 3Y*: 3.61%
• 5Y*: -1.12%
• 10Y*: 4.13%

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

KBWB vs. PEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWB Invesco KBW Bank ETF	4.07%	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	-12.48%	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 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.51

The correlation between KBWB and PEX shifts across timeframes, from 0.51 (all time) to 0.65 (5 years), reflecting how their relationship changes across market environments.

KBWB vs. PEX - Sectors Allocation Comparison

Sectors	KBWB	PEX
Financial Services	100.0%	96.7%
Basic Materials	-	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	1.5%
Industrials	-	1.5%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBWB vs. PEX — Risk / Return Rank

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

KBWB

KBWB Risk / Return Rank: 45
KBWB Sharpe Ratio Rank: 49
KBWB Sortino Ratio Rank: 45
KBWB Omega Ratio Rank: 47
KBWB Calmar Ratio Rank: 42
KBWB Martin Ratio Rank: 41

PEX

PEX Risk / Return Rank: 3
PEX Sharpe Ratio Rank: 2
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 4
PEX Martin Ratio Rank: 4

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. 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.

	KBWB	PEX	Difference
Sharpe ratio Return per unit of total volatility	1.73	-0.83	+2.56
Sortino ratio Return per unit of downside risk	2.28	-1.09	+3.36
Omega ratio Gain probability vs. loss probability	1.30	0.88	+0.43
Calmar ratio Return relative to maximum drawdown	2.11	-0.52	+2.64
Martin ratio Return relative to average drawdown	6.64	-1.06	+7.70
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. PEX - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 1.73, which is higher than the PEX Sharpe Ratio of -0.83. 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.

Sharpe Ratios by Period

	KBWB	PEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	-0.83	+2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.06	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.21	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.25	+0.25

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%	-24.72%	+8.34%
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	-3.29%	-20.90%	+17.61%
Average Drawdown Average peak-to-trough decline	-11.74%	-8.21%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	12.22%	-7.02%

Volatility

KBWB vs. PEX - Volatility Comparison

Invesco KBW Bank ETF (KBWB) has a higher volatility of 5.14% compared to ProShares Global Listed Private Equity ETF (PEX) at 4.81%. 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	5.14%	4.81%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	13.05%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	15.61%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.63%	17.96%	+8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.20%	19.44%	+9.76%

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 2.06%, less than PEX's 12.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	2.06%	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	12.81%	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 (5.14%) compared to PEX (4.81%). 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 12.09% vs 4.13% for PEX. On fees, KBWB is cheaper at 0.35% per year. On volatility, PEX has been the lower-risk option at 4.81%. 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 12.09% return vs 4.13%. 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 12.81%, compared with 2.06% 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 (1.73 vs -0.83), 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.