KBWP vs. FGM

Last updated Jun 3, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and FGM (First Trust Germany AlphaDEX Fund) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while FGM is a Europe Equities fund tracking the NASDAQ AlphaDEX Germany Index. Both are passively managed. Over the past 10 years, KBWP returned 11.32%/yr vs 8.23%/yr for FGM. At a 0.34 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.80%/yr for FGM.

Performance

KBWP vs. FGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and First Trust Germany AlphaDEX Fund (FGM). 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 FGM's 5.41% return. Over the past 10 years, KBWP has outperformed FGM with an annualized return of 11.32%, while FGM has yielded a comparatively lower 8.23% annualized 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%

FGM

• 1D: -0.34%
• 1M: 1.89%
• YTD: 5.41%
• 6M: 11.62%
• 1Y: 20.28%
• 3Y*: 22.55%
• 5Y*: 4.66%
• 10Y*: 8.23%

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

KBWP vs. FGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.05%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
FGM First Trust Germany AlphaDEX Fund	5.41%	63.60%	1.36%	13.28%	-30.46%	6.10%	17.26%	20.77%	-25.14%	44.28%

Correlation

The correlation between KBWP and FGM is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 21, 2012	0.34

Over the past year, the correlation between KBWP and FGM has dropped to 0.08 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

KBWP vs. FGM - Sectors Allocation Comparison

Sectors	KBWP	FGM
Financial Services	100.0%	8.2%
Basic Materials	-	9.0%
Communication Services	-	3.2%
Consumer Cyclical	-	16.6%
Consumer Defensive	-	2.2%
Energy	-	-
Healthcare	-	6.4%
Industrials	-	40.5%
Real Estate	-	10.8%
Technology	-	-
Utilities	-	3.2%

Return for Risk

KBWP vs. FGM — 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

FGM

FGM Risk / Return Rank: 27
FGM Sharpe Ratio Rank: 27
FGM Sortino Ratio Rank: 28
FGM Omega Ratio Rank: 27
FGM Calmar Ratio Rank: 24
FGM Martin Ratio Rank: 26

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. FGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and First Trust Germany AlphaDEX Fund (FGM). 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	FGM	Difference
Sharpe ratio Return per unit of total volatility	-0.41	1.00	-1.40
Sortino ratio Return per unit of downside risk	-0.45	1.48	-1.93
Omega ratio Gain probability vs. loss probability	0.95	1.18	-0.24
Calmar ratio Return relative to maximum drawdown	-0.60	1.18	-1.78
Martin ratio Return relative to average drawdown	-1.19	3.76	-4.95
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. FGM - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.41, which is lower than the FGM Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of KBWP and FGM, 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	FGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	1.00	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.19	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.36	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.35	+0.34

Drawdowns

KBWP vs. FGM - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum FGM drawdown of -51.58%. Use the drawdown chart below to compare losses from any high point for KBWP and FGM.

Drawdown Indicators

	KBWP	FGM	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-51.58%	+11.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-17.76%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-17.93%	+5.64%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-51.07%	+34.07%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-51.58%	+11.82%
Current Drawdown Current decline from peak	-8.81%	-6.29%	-2.52%
Average Drawdown Average peak-to-trough decline	-4.36%	-14.74%	+10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	5.57%	-0.79%

Volatility

KBWP vs. FGM - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.10%, while First Trust Germany AlphaDEX Fund (FGM) has a volatility of 7.39%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than FGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	FGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	7.39%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	17.07%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	20.48%	-4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	24.48%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	23.11%	-2.41%

KBWP vs. FGM - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than FGM's 0.80% expense ratio.

Dividends

KBWP vs. FGM - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.02%, more than FGM's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGM First Trust Germany AlphaDEX Fund	0.63%	0.66%	2.56%	2.82%	5.44%	1.43%	1.33%	2.30%	2.18%	2.11%	1.33%	1.13%
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 FGM in my portfolio?

KBWP and FGM have a correlation of 0.08, 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 FGM?

FGM has higher volatility (7.39%) compared to KBWP (4.10%). In terms of maximum drawdown, KBWP dropped -39.76% vs FGM's -51.58%.

Which ETF is better, KBWP or FGM?

On 10-year performance, KBWP leads with 11.32% vs 8.23% for FGM. 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 FGM?

Over the 10-year period, KBWP has performed better with a 11.32% return vs 8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or FGM?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.80% for FGM.

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

KBWP has the higher dividend yield at 2.02%, compared with 0.63% for FGM.

What is the main difference between KBWP and FGM?

KBWP is categorized as Financials Equities, while FGM is Europe Equities. KBWP tracks KBW Nasdaq Property & Casualty (TR), while FGM tracks NASDAQ AlphaDEX Germany Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for KBWP and 0.80% for FGM.

Which has better risk-adjusted returns?

FGM currently has the higher Sharpe Ratio (1.00 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.