KBWD vs. FOF

Last updated Jun 14, 2026

KBWD (Invesco KBW High Dividend Yield Financial ETF) and FOF (Cohen & Steers Closed-End Opportunity Fund) are both funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while FOF is a Large Cap Value Equities fund actively managed by Cohen & Steers. KBWD is passively managed, while FOF is actively managed. Over the past 10 years, KBWD returned 5.25%/yr vs 10.81%/yr for FOF. At a 0.48 correlation, their price movements are largely independent. KBWD charges 1.24%/yr vs 0.95%/yr for FOF.

Performance

KBWD vs. FOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) and Cohen & Steers Closed-End Opportunity Fund (FOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWD achieves a -3.74% return, which is significantly lower than FOF's 5.89% return. Over the past 10 years, KBWD has underperformed FOF with an annualized return of 5.25%, while FOF has yielded a comparatively higher 10.81% annualized return.

KBWD

• 1D: 0.80%
• 1M: -0.31%
• YTD: -3.74%
• 6M: -4.15%
• 1Y: 3.52%
• 3Y*: 5.00%
• 5Y*: 0.34%
• 10Y*: 5.25%

FOF

• 1D: 0.67%
• 1M: -1.20%
• YTD: 5.89%
• 6M: 7.91%
• 1Y: 17.62%
• 3Y*: 17.25%
• 5Y*: 7.55%
• 10Y*: 10.81%

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

KBWD vs. FOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWD Invesco KBW High Dividend Yield Financial ETF	-3.74%	5.59%	4.30%	20.21%	-19.14%	31.89%	-15.58%	20.72%	-8.70%	12.06%
FOF Cohen & Steers Closed-End Opportunity Fund	5.89%	13.01%	23.65%	17.90%	-22.69%	28.24%	1.52%	31.37%	-9.43%	23.41%

Correlation

The correlation between KBWD and FOF is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.48

The correlation between KBWD and FOF shifts across timeframes, from 0.34 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KBWD vs. FOF — Risk / Return Rank

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

KBWD

KBWD Risk / Return Rank: 11
KBWD Sharpe Ratio Rank: 11
KBWD Sortino Ratio Rank: 11
KBWD Omega Ratio Rank: 11
KBWD Calmar Ratio Rank: 11
KBWD Martin Ratio Rank: 11

FOF

FOF Risk / Return Rank: 26
FOF Sharpe Ratio Rank: 31
FOF Sortino Ratio Rank: 30
FOF Omega Ratio Rank: 32
FOF Calmar Ratio Rank: 18
FOF Martin Ratio Rank: 18

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.

KBWD vs. FOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) and Cohen & Steers Closed-End Opportunity Fund (FOF). 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.

	KBWD	FOF	Difference
Sharpe ratio: Return per unit of total volatility	0.13	1.28	-1.16
Sortino ratio: Return per unit of downside risk	0.29	1.82	-1.53
Omega ratio: Gain probability vs. loss probability	1.03	1.24	-0.21
Calmar ratio: Return relative to maximum drawdown	0.13	1.17	-1.04
Martin ratio: Return relative to average drawdown	0.32	3.85	-3.53

KBWD vs. FOF - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is 0.13, which is lower than the FOF Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of KBWD and FOF, 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

KBWD vs. FOF - Drawdown Comparison

The maximum KBWD drawdown since its inception was -58.63%, roughly equal to the maximum FOF drawdown of -59.38%. Use the drawdown chart below to compare losses from any high point for KBWD and FOF.

Drawdown Indicators

	KBWD	FOF	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-59.38%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-15.07%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-18.58%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	-29.96%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-49.74%	-8.89%
Current Drawdown Current decline from peak	-10.58%	-7.54%	-3.04%
Average Drawdown Average peak-to-trough decline	-7.41%	-9.35%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	4.56%	+1.54%

Volatility

KBWD vs. FOF - Volatility Comparison

Invesco KBW High Dividend Yield Financial ETF (KBWD) and Cohen & Steers Closed-End Opportunity Fund (FOF) have volatilities of 4.70% and 4.58%, 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.

Volatility by Period

	KBWD	FOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.58%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	12.28%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	13.74%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	18.04%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.25%	20.33%	+2.92%

KBWD vs. FOF - Expense Ratio Comparison

KBWD has a 1.24% expense ratio, which is higher than FOF's 0.95% expense ratio.

Dividends

KBWD vs. FOF - Dividend Comparison

KBWD's dividend yield for the trailing twelve months is around 14.14%, more than FOF's 7.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOF Cohen & Steers Closed-End Opportunity Fund	7.76%	7.91%	8.22%	9.32%	9.99%	7.06%	8.41%	7.78%	9.41%	7.84%	8.90%	9.49%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.14%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%

Frequently Asked Questions

Can I hold both KBWD and FOF in my portfolio?

KBWD and FOF have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWD or FOF?

KBWD has higher volatility (4.70%) compared to FOF (4.58%). In terms of maximum drawdown, KBWD dropped -58.63% vs FOF's -59.38%.

Which has better risk-adjusted returns?

FOF currently has the higher Sharpe Ratio (1.28 vs 0.13), 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.