KBWP vs. AUSF

Last updated Jun 14, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and AUSF (Global X Adaptive U.S. Factor ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while AUSF is a Mid Cap Value Equities fund tracking the Adaptive Wealth Strategies U.S. Factor Index. Both are passively managed. Over the past 5 years, KBWP returned 11.67%/yr vs 13.35%/yr for AUSF. A 0.68 correlation means they provide meaningful diversification when combined. KBWP charges 0.35%/yr vs 0.27%/yr for AUSF.

Performance

KBWP vs. AUSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and Global X Adaptive U.S. Factor ETF (AUSF). 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 AUSF's 9.27% 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%

AUSF

• 1D: 0.70%
• 1M: 2.94%
• YTD: 9.27%
• 6M: 8.68%
• 1Y: 17.75%
• 3Y*: 19.94%
• 5Y*: 13.35%
• 10Y*: —

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

KBWP vs. AUSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
KBWP Invesco KBW Property & Casualty Insurance ETF	-3.45%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-10.69%
AUSF Global X Adaptive U.S. Factor ETF	9.27%	13.69%	16.05%	22.26%	-0.18%	27.48%	1.27%	24.06%	-11.18%

Correlation

The correlation between KBWP and AUSF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 28, 2018	0.68

The correlation between KBWP and AUSF shifts across timeframes, from 0.49 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

KBWP vs. AUSF - Sectors Allocation Comparison

Sectors	KBWP	AUSF
Financial Services	100.0%	18.4%
Basic Materials	-	2.6%
Communication Services	-	8.6%
Consumer Cyclical	-	9.3%
Consumer Defensive	-	7.8%
Energy	-	3.2%
Healthcare	-	11.4%
Industrials	-	14.4%
Real Estate	-	4.6%
Technology	-	15.3%
Utilities	-	4.4%

Return for Risk

KBWP vs. AUSF — 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

AUSF

AUSF Risk / Return Rank: 57
AUSF Sharpe Ratio Rank: 56
AUSF Sortino Ratio Rank: 56
AUSF Omega Ratio Rank: 52
AUSF Calmar Ratio Rank: 66
AUSF Martin Ratio Rank: 54

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. AUSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Global X Adaptive U.S. Factor ETF (AUSF). 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	AUSF	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.65	-1.59
Sortino ratio: Return per unit of downside risk	0.20	2.38	-2.18
Omega ratio: Gain probability vs. loss probability	1.02	1.28	-0.26
Calmar ratio: Return relative to maximum drawdown	0.11	2.86	-2.75
Martin ratio: Return relative to average drawdown	0.24	8.29	-8.04

KBWP vs. AUSF - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.06, which is lower than the AUSF Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of KBWP and AUSF, 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. AUSF - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum AUSF drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for KBWP and AUSF.

Drawdown Indicators

	KBWP	AUSF	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-44.25%	+4.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-5.84%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-12.29%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-14.23%	-2.77%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	—	—
Current Drawdown Current decline from peak	-4.25%	0.00%	-4.25%
Average Drawdown Average peak-to-trough decline	-4.37%	-4.21%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	2.02%	+2.29%

Volatility

KBWP vs. AUSF - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.73% compared to Global X Adaptive U.S. Factor ETF (AUSF) at 2.70%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than AUSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	AUSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	2.70%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	6.72%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	10.14%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	13.66%	+4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	19.04%	+1.69%

KBWP vs. AUSF - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is higher than AUSF's 0.27% expense ratio.

Dividends

KBWP vs. AUSF - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.92%, less than AUSF's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUSF Global X Adaptive U.S. Factor ETF	2.69%	2.78%	2.63%	1.83%	2.51%	2.22%	2.95%	4.02%	1.46%	0.00%	0.00%	0.00%
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 AUSF in my portfolio?

KBWP and AUSF have a correlation of 0.49, 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 AUSF?

KBWP has higher volatility (5.73%) compared to AUSF (2.70%). In terms of maximum drawdown, KBWP dropped -39.76% vs AUSF's -44.25%.

Which ETF is better, KBWP or AUSF?

On 5-year performance, AUSF leads with 13.35% vs 11.67% for KBWP. On fees, AUSF is cheaper at 0.27% per year. On volatility, AUSF has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or AUSF?

Over the 5-year period, AUSF has performed better with a 13.35% return vs 11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or AUSF?

AUSF is cheaper with a 0.27% expense ratio, compared with 0.35% for KBWP.

Which ETF pays a higher dividend yield, KBWP or AUSF?

AUSF has the higher dividend yield at 2.69%, compared with 1.92% for KBWP.

What is the main difference between KBWP and AUSF?

KBWP is categorized as Financials Equities, while AUSF is Mid Cap Value Equities. KBWP tracks KBW Nasdaq Property & Casualty (TR), while AUSF tracks Adaptive Wealth Strategies U.S. Factor Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.35% for KBWP and 0.27% for AUSF.

Which has better risk-adjusted returns?

AUSF currently has the higher Sharpe Ratio (1.65 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.