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KBWP vs. COWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. COWZ

Last updated Jun 14, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and COWZ (Pacer US Cash Cows 100 ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while COWZ is a Mid Cap Value Equities fund tracking the Pacer US Cash Cows 100 Index. Both are passively managed. Over the past 5 years, KBWP returned 11.67%/yr vs 10.13%/yr for COWZ. A 0.56 correlation means they provide meaningful diversification when combined. KBWP charges 0.35%/yr vs 0.49%/yr for COWZ.

Performance

KBWP vs. COWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and Pacer US Cash Cows 100 ETF (COWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWP achieves a -3.45% return, which is significantly lower than COWZ's 6.93% 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%

COWZ

1D
0.82%
1M
1.75%
YTD
6.93%
6M
6.01%
1Y
19.20%
3Y*
13.01%
5Y*
10.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. COWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
COWZ
Pacer US Cash Cows 100 ETF		6.93%8.98%10.64%14.73%0.19%42.57%11.65%23.41%-10.05%20.22%

Correlation

The correlation between KBWP and COWZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.39

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

0.52

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2016

0.56

Over the past year, the correlation between KBWP and COWZ has dropped to 0.32 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

KBWP vs. COWZ - Sectors Allocation Comparison

Sectors
KBWP
COWZ

Financial Services

100.0%

-

Basic Materials

-

3.7%

Communication Services

-

10.4%

Consumer Cyclical

-

11.7%

Consumer Defensive

-

10.9%

Energy

-

16.9%

Healthcare

-

21.8%

Industrials

-

8.4%

Real Estate

-

-

Technology

-

16.0%

Utilities

-

-

Financial Services

KBWP
100.0%
COWZ

-

Basic Materials

KBWP

-

COWZ
3.7%

Communication Services

KBWP

-

COWZ
10.4%

Consumer Cyclical

KBWP

-

COWZ
11.7%

Consumer Defensive

KBWP

-

COWZ
10.9%

Energy

KBWP

-

COWZ
16.9%

Healthcare

KBWP

-

COWZ
21.8%

Industrials

KBWP

-

COWZ
8.4%

Real Estate

KBWP

-

COWZ

-

Technology

KBWP

-

COWZ
16.0%

Utilities

KBWP

-

COWZ

-

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 Property & Casualty Insurance ETF

Pacer US Cash Cows 100 ETF

Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOO
Often compared with COWZ:
COWZ vs. VOOCOWZ vs. VFLOCOWZ vs. SCHDCOWZ vs. GCOWCOWZ vs. COWGCOWZ vs. CALFCOWZ vs. VOOV

Return for Risk

KBWP vs. COWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWP
KBWP Risk / Return Rank: 1010
Overall Rank
KBWP Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 1010
Sortino Ratio Rank
KBWP Omega Ratio Rank: 1010
Omega Ratio Rank
KBWP Calmar Ratio Rank: 1111
Calmar Ratio Rank
KBWP Martin Ratio Rank: 1111
Martin Ratio Rank
COWZ
COWZ Risk / Return Rank: 6262
Overall Rank
COWZ Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
COWZ Sortino Ratio Rank: 5959
Sortino Ratio Rank
COWZ Omega Ratio Rank: 5252
Omega Ratio Rank
COWZ Calmar Ratio Rank: 8080
Calmar Ratio Rank
COWZ Martin Ratio Rank: 6262
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.

KBWP vs. COWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Pacer US Cash Cows 100 ETF (COWZ). 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.

KBWPCOWZDifference
Sharpe ratioReturn per unit of total volatility
0.06
1.63

-1.57

Sortino ratioReturn per unit of downside risk
0.20
2.42

-2.22

Omega ratioGain probability vs. loss probability

1.02

1.29

-0.26

Calmar ratioReturn relative to maximum drawdown

0.11

3.65

-3.54

Martin ratioReturn relative to average drawdown

0.24

9.73

-9.49

KBWP vs. COWZ - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.06, which is lower than the COWZ Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of KBWP and COWZ, 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

KBWP vs. COWZ - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, roughly equal to the maximum COWZ drawdown of -38.63%. Use the drawdown chart below to compare losses from any high point for KBWP and COWZ.

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Drawdown Indicators

KBWPCOWZDifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-38.63%

-1.13%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-5.00%

-4.56%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-22.00%

+9.71%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

-22.00%

+5.00%

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

—

—

Current Drawdown

Current decline from peak

-4.25%

-2.05%

-2.20%

Average Drawdown

Average peak-to-trough decline

-4.37%

-4.80%

+0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.31%

1.88%

+2.43%

Volatility

KBWP vs. COWZ - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.73% compared to Pacer US Cash Cows 100 ETF (COWZ) at 3.27%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than COWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBWPCOWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.73%

3.27%

+2.46%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

7.20%

+4.90%

Volatility (1Y)

Calculated over the trailing 1-year period

16.50%

11.19%

+5.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.60%

17.64%

+0.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

19.91%

+0.82%

KBWP vs. COWZ - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than COWZ's 0.49% expense ratio.

Dividends

KBWP vs. COWZ - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.92%, which matches COWZ's 1.93% yield.

PositionTTM20252024202320222021202020192018201720162015
COWZ
Pacer US Cash Cows 100 ETF		1.93%2.19%1.82%1.92%1.96%1.48%2.54%1.96%1.67%1.95%0.13%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

KBWP and COWZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWP has higher volatility (5.73%) compared to COWZ (3.27%). In terms of maximum drawdown, KBWP dropped -39.76% vs COWZ's -38.63%.

On 5-year performance, KBWP leads with 11.67% vs 10.13% for COWZ. On fees, KBWP is cheaper at 0.35% per year. On volatility, COWZ has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, KBWP has performed better with a 11.67% return vs 10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBWP is cheaper with a 0.35% expense ratio, compared with 0.49% for COWZ.

COWZ has the higher dividend yield at 1.93%, compared with 1.92% for KBWP.

KBWP is categorized as Financials Equities, while COWZ is Mid Cap Value Equities. KBWP tracks KBW Nasdaq Property & Casualty (TR), while COWZ tracks Pacer US Cash Cows 100 Index. They also come from different issuers: Invesco and Pacer. Their fees differ too: 0.35% for KBWP and 0.49% for COWZ.

COWZ currently has the higher Sharpe Ratio (1.63 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.

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