KBWP vs. ATO

Last updated Jun 14, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) is Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while ATO (Atmos Energy Corporation) is a stock. Over the past 10 years, KBWP returned 12.09%/yr vs 10.94%/yr for ATO. At a 0.36 correlation, their price movements are largely independent.

Performance

KBWP vs. ATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and Atmos Energy Corporation (ATO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWP achieves a -3.45% return, which is significantly lower than ATO's 2.53% return. Over the past 10 years, KBWP has outperformed ATO with an annualized return of 12.09%, while ATO has yielded a comparatively lower 10.94% annualized return.

KBWP

• 1D: 0.54%
• 1M: 3.51%
• YTD: -3.45%
• 6M: -2.31%
• 1Y: 1.98%
• 3Y*: 16.13%
• 5Y*: 11.67%
• 10Y*: 12.09%

ATO

• 1D: 1.03%
• 1M: -3.15%
• YTD: 2.53%
• 6M: 2.08%
• 1Y: 13.57%
• 3Y*: 15.86%
• 5Y*: 13.58%
• 10Y*: 10.94%

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

KBWP vs. ATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-3.45%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
ATO Atmos Energy Corporation	2.53%	23.07%	23.35%	6.17%	9.63%	12.75%	-12.73%	23.14%	10.39%	18.41%

Correlation

The correlation between KBWP and ATO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.36

Return for Risk

KBWP vs. ATO — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 10
KBWP Sharpe Ratio Rank: 10
KBWP Sortino Ratio Rank: 10
KBWP Omega Ratio Rank: 10
KBWP Calmar Ratio Rank: 11
KBWP Martin Ratio Rank: 11

ATO

ATO Risk / Return Rank: 64
ATO Sharpe Ratio Rank: 69
ATO Sortino Ratio Rank: 61
ATO Omega Ratio Rank: 59
ATO Calmar Ratio Rank: 64
ATO Martin Ratio Rank: 69

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.

KBWP vs. ATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Atmos Energy Corporation (ATO). 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.

	KBWP	ATO	Difference
Sharpe ratio: Return per unit of total volatility	0.06	0.81	-0.74
Sortino ratio: Return per unit of downside risk	0.20	1.20	-1.00
Omega ratio: Gain probability vs. loss probability	1.02	1.15	-0.12
Calmar ratio: Return relative to maximum drawdown	0.11	1.00	-0.89
Martin ratio: Return relative to average drawdown	0.24	2.99	-2.75

KBWP vs. ATO - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.06, which is lower than the ATO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of KBWP and ATO, 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

KBWP vs. ATO - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum ATO drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for KBWP and ATO.

Drawdown Indicators

	KBWP	ATO	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-51.94%	+12.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-12.58%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-16.87%	+4.58%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-19.08%	+2.08%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-32.91%	-6.85%
Current Drawdown Current decline from peak	-4.25%	-11.11%	+6.86%
Average Drawdown Average peak-to-trough decline	-4.37%	-8.56%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	4.18%	+0.13%

Volatility

KBWP vs. ATO - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.73% compared to Atmos Energy Corporation (ATO) at 5.26%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than ATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	ATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	5.26%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	11.25%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	15.54%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	18.59%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	21.24%	-0.51%

Dividends

KBWP vs. ATO - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.92%, less than ATO's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATO Atmos Energy Corporation	2.28%	2.15%	2.36%	2.61%	2.48%	2.44%	2.46%	1.92%	2.14%	2.14%	2.31%	2.52%
KBWP Invesco KBW Property & Casualty Insurance ETF	1.92%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

Frequently Asked Questions

Can I hold both KBWP and ATO in my portfolio?

KBWP and ATO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWP or ATO?

KBWP has higher volatility (5.73%) compared to ATO (5.26%). In terms of maximum drawdown, KBWP dropped -39.76% vs ATO's -51.94%.

Which has better risk-adjusted returns?

ATO currently has the higher Sharpe Ratio (0.81 vs 0.06), 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.