KBWP vs. CHAT

Last updated Jun 3, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while CHAT is a Technology Equities fund actively managed by Roundhill. KBWP is passively managed, while CHAT is actively managed. Over the past 3 years, KBWP returned 14.80%/yr vs 55.85%/yr for CHAT. At a correlation of -0.06, they often move in opposite directions. KBWP charges 0.35%/yr vs 0.75%/yr for CHAT.

Performance

KBWP vs. CHAT - Performance Comparison

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

Returns By Period

In the year-to-date period, KBWP achieves a -8.05% return, which is significantly lower than CHAT's 75.46% return.

KBWP

• 1D: 0.13%
• 1M: -2.49%
• YTD: -8.05%
• 6M: -4.56%
• 1Y: -6.56%
• 3Y*: 14.80%
• 5Y*: 10.19%
• 10Y*: 11.32%

CHAT

• 1D: 1.39%
• 1M: 30.45%
• YTD: 75.46%
• 6M: 75.37%
• 1Y: 151.43%
• 3Y*: 55.85%
• 5Y*: —
• 10Y*: —

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

KBWP vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.05%	11.49%	30.45%	9.10%
CHAT Roundhill Generative AI & Technology ETF	75.46%	49.85%	30.98%	19.23%

Correlation

The correlation between KBWP and CHAT is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 19, 2023	-0.06

Over the past year, the inverse relationship between KBWP and CHAT has strengthened: their correlation has moved from -0.06 to -0.28, meaning they now move in opposite directions more often than their long-term average.

KBWP vs. CHAT - Sectors Allocation Comparison

Sectors	KBWP	CHAT
Financial Services	100.0%	0.0%
Basic Materials	-	-
Communication Services	-	16.6%
Consumer Cyclical	-	5.6%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.8%
Real Estate	-	-
Technology	-	76.5%
Utilities	-	-

Return for Risk

KBWP vs. CHAT — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 4
KBWP Sharpe Ratio Rank: 5
KBWP Sortino Ratio Rank: 5
KBWP Omega Ratio Rank: 5
KBWP Calmar Ratio Rank: 3
KBWP Martin Ratio Rank: 3

CHAT

CHAT Risk / Return Rank: 95
CHAT Sharpe Ratio Rank: 97
CHAT Sortino Ratio Rank: 94
CHAT Omega Ratio Rank: 94
CHAT Calmar Ratio Rank: 96
CHAT Martin Ratio Rank: 94

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. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Roundhill Generative AI & Technology ETF (CHAT). 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.

	KBWP	CHAT	Difference
Sharpe ratio Return per unit of total volatility	-0.41	4.96	-5.37
Sortino ratio Return per unit of downside risk	-0.45	5.02	-5.47
Omega ratio Gain probability vs. loss probability	0.95	1.68	-0.73
Calmar ratio Return relative to maximum drawdown	-0.60	9.50	-10.11
Martin ratio Return relative to average drawdown	-1.19	28.10	-29.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWP vs. CHAT - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.41, which is lower than the CHAT Sharpe Ratio of 4.96. The chart below compares the historical Sharpe Ratios of KBWP and CHAT, 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

	KBWP	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	4.96	-5.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.99	-1.30

Drawdowns

KBWP vs. CHAT - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, which is greater than CHAT's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for KBWP and CHAT.

Drawdown Indicators

	KBWP	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-31.34%	-8.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-16.28%	+6.87%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-31.34%	+19.05%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	—	—
Current Drawdown Current decline from peak	-8.81%	0.00%	-8.81%
Average Drawdown Average peak-to-trough decline	-4.36%	-5.36%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	5.51%	-0.73%

Volatility

KBWP vs. CHAT - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.10%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 11.54%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	11.54%	-7.44%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	24.60%	-13.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	30.74%	-14.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	29.92%	-11.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	29.92%	-9.22%

KBWP vs. CHAT - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

KBWP vs. CHAT - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.02%, more than CHAT's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHAT Roundhill Generative AI & Technology ETF	1.62%	2.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWP Invesco KBW Property & Casualty Insurance ETF	2.02%	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 CHAT in my portfolio?

KBWP and CHAT have a correlation of -0.28, 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 CHAT?

CHAT has higher volatility (11.54%) compared to KBWP (4.10%). In terms of maximum drawdown, KBWP dropped -39.76% vs CHAT's -31.34%.

Which ETF is better, KBWP or CHAT?

On 3-year performance, CHAT leads with 55.85% vs 14.80% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or CHAT?

Over the 3-year period, CHAT has performed better with a 55.85% return vs 14.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or CHAT?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.75% for CHAT.

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

KBWP has the higher dividend yield at 2.02%, compared with 1.62% for CHAT.

What is the main difference between KBWP and CHAT?

KBWP is categorized as Financials Equities, while CHAT is Technology Equities. They also come from different issuers: Invesco and Roundhill. Their fees differ too: 0.35% for KBWP and 0.75% for CHAT.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (4.96 vs -0.41), 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.