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KBWB vs. XLU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWB vs. XLU

Last updated Jun 13, 2026

KBWB (Invesco KBW Bank ETF) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - KBWB is a Financials Equities fund tracking the KBW Nasdaq Bank Index, while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, KBWB returned 13.42%/yr vs 9.20%/yr for XLU. At a 0.23 correlation, their price movements are largely independent. KBWB charges 0.35%/yr vs 0.08%/yr for XLU.

Performance

KBWB vs. XLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Bank ETF (KBWB) and State Street Utilities Select Sector SPDR ETF (XLU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWB achieves a 10.56% return, which is significantly higher than XLU's 5.04% return. Over the past 10 years, KBWB has outperformed XLU with an annualized return of 13.42%, while XLU has yielded a comparatively lower 9.20% annualized return.

KBWB

1D
1.70%
1M
9.79%
YTD
10.56%
6M
10.32%
1Y
44.54%
3Y*
33.36%
5Y*
9.84%
10Y*
13.42%

XLU

1D
1.09%
1M
-0.82%
YTD
5.04%
6M
5.48%
1Y
12.50%
3Y*
13.79%
5Y*
9.41%
10Y*
9.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWB vs. XLU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBWB
Invesco KBW Bank ETF		10.56%32.05%36.73%-1.18%-21.68%37.72%-10.46%35.90%-18.30%18.11%
XLU
State Street Utilities Select Sector SPDR ETF		5.04%16.03%23.31%-7.18%1.44%17.70%0.51%25.93%3.94%12.05%

Correlation

The correlation between KBWB and XLU is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.18

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

0.30

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

0.31

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

0.21

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2011

0.23

The correlation between KBWB and XLU shifts across timeframes, from 0.18 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

KBWB vs. XLU - Sectors Allocation Comparison

Sectors
KBWB
XLU

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

100.0%

Financial Services

KBWB
100.0%
XLU

-

Basic Materials

KBWB

-

XLU

-

Communication Services

KBWB

-

XLU

-

Consumer Cyclical

KBWB

-

XLU

-

Consumer Defensive

KBWB

-

XLU

-

Energy

KBWB

-

XLU

-

Healthcare

KBWB

-

XLU

-

Industrials

KBWB

-

XLU

-

Real Estate

KBWB

-

XLU

-

Technology

KBWB

-

XLU

-

Utilities

KBWB

-

XLU
100.0%

Compare stocks, funds, or ETFs

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

Invesco KBW Bank ETF

State Street Utilities Select Sector SPDR ETF

Often compared with KBWB:
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Often compared with XLU:
XLU vs. VPUXLU vs. XLEXLU vs. XLPXLU vs. SPYXLU vs. FUTYXLU vs. UTESXLU vs. IDU

Return for Risk

KBWB vs. XLU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWB
KBWB Risk / Return Rank: 6464
Overall Rank
KBWB Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
KBWB Sortino Ratio Rank: 6767
Sortino Ratio Rank
KBWB Omega Ratio Rank: 6969
Omega Ratio Rank
KBWB Calmar Ratio Rank: 5858
Calmar Ratio Rank
KBWB Martin Ratio Rank: 5353
Martin Ratio Rank
XLU
XLU Risk / Return Rank: 2626
Overall Rank
XLU Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XLU Sortino Ratio Rank: 2424
Sortino Ratio Rank
XLU Omega Ratio Rank: 2424
Omega Ratio Rank
XLU Calmar Ratio Rank: 3030
Calmar Ratio Rank
XLU Martin Ratio Rank: 2424
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.

KBWB vs. XLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Bank ETF (KBWB) and State Street Utilities Select Sector SPDR ETF (XLU). 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.

KBWBXLUDifference
Sharpe ratioReturn per unit of total volatility
2.05
0.81

+1.23

Sortino ratioReturn per unit of downside risk
2.65
1.18

+1.47

Omega ratioGain probability vs. loss probability

1.35

1.15

+0.20

Calmar ratioReturn relative to maximum drawdown

2.55

1.30

+1.25

Martin ratioReturn relative to average drawdown

8.02

2.80

+5.22

KBWB vs. XLU - Sharpe Ratio Comparison

The current KBWB Sharpe Ratio is 2.05, which is higher than the XLU Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of KBWB and XLU, 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

KBWB vs. XLU - Drawdown Comparison

The maximum KBWB drawdown since its inception was -50.27%, roughly equal to the maximum XLU drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for KBWB and XLU.

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Drawdown Indicators

KBWBXLUDifference

Max Drawdown

Largest peak-to-trough decline

-50.27%

-51.98%

+1.71%

Max Drawdown (1Y)

Largest decline over 1 year

-16.38%

-9.18%

-7.20%

Max Drawdown (3Y)

Largest decline over 3 years

-25.43%

-17.26%

-8.17%

Max Drawdown (5Y)

Largest decline over 5 years

-49.31%

-25.26%

-24.05%

Max Drawdown (10Y)

Largest decline over 10 years

-50.27%

-36.07%

-14.20%

Current Drawdown

Current decline from peak

0.00%

-6.05%

+6.05%

Average Drawdown

Average peak-to-trough decline

-11.72%

-10.22%

-1.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.20%

4.25%

+0.95%

Volatility

KBWB vs. XLU - Volatility Comparison

Invesco KBW Bank ETF (KBWB) and State Street Utilities Select Sector SPDR ETF (XLU) have volatilities of 5.85% and 5.59%, 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

KBWBXLUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

5.59%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

15.79%

11.68%

+4.11%

Volatility (1Y)

Calculated over the trailing 1-year period

20.41%

14.66%

+5.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.67%

17.34%

+9.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.21%

19.27%

+9.94%

KBWB vs. XLU - Expense Ratio Comparison

KBWB has a 0.35% expense ratio, which is higher than XLU's 0.08% expense ratio.

Dividends

KBWB vs. XLU - Dividend Comparison

KBWB's dividend yield for the trailing twelve months is around 1.94%, less than XLU's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
KBWB
Invesco KBW Bank ETF		1.94%2.04%2.46%3.20%3.05%2.13%2.62%2.38%2.54%1.35%1.53%1.53%
XLU
State Street Utilities Select Sector SPDR ETF		2.67%2.71%2.96%3.39%2.92%2.79%3.14%2.95%3.33%3.33%3.41%3.67%

Frequently Asked Questions

KBWB and XLU have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWB has higher volatility (5.85%) compared to XLU (5.59%). In terms of maximum drawdown, KBWB dropped -50.27% vs XLU's -51.98%.

On 10-year performance, KBWB leads with 13.42% vs 9.20% for XLU. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBWB has performed better with a 13.42% return vs 9.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLU is cheaper with a 0.08% expense ratio, compared with 0.35% for KBWB.

XLU has the higher dividend yield at 2.67%, compared with 1.94% for KBWB.

KBWB is categorized as Financials Equities, while XLU is Utilities Equities. KBWB tracks KBW Nasdaq Bank Index, while XLU tracks Utilities Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for KBWB and 0.08% for XLU.

KBWB currently has the higher Sharpe Ratio (2.05 vs 0.81), 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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