KBWP vs. FNCL

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco KBW Property & Casualty Insurance ETF (KBWP) and Fidelity MSCI Financials Index ETF (FNCL).

KBWP and FNCL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KBWP is a passively managed fund by Invesco that tracks the performance of the KBW Nasdaq Property & Casualty (TR). It was launched on Dec 2, 2010. FNCL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Financials Index. It was launched on Oct 21, 2013. Both KBWP and FNCL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

KBWP vs. FNCL - Performance Comparison

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

KBWP vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-5.76%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
FNCL Fidelity MSCI Financials Index ETF	-9.17%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%

Returns By Period

In the year-to-date period, KBWP achieves a -5.76% return, which is significantly higher than FNCL's -9.17% return. Over the past 10 years, KBWP has underperformed FNCL with an annualized return of 11.51%, while FNCL has yielded a comparatively higher 12.25% annualized return.

KBWP

• 1D: 0.13%
• 1M: -5.12%
• YTD: -5.76%
• 6M: -2.54%
• 1Y: -2.65%
• 3Y*: 14.71%
• 5Y*: 11.89%
• 10Y*: 11.51%

FNCL

• 1D: 2.23%
• 1M: -3.42%
• YTD: -9.17%
• 6M: -7.18%
• 1Y: 2.69%
• 3Y*: 17.96%
• 5Y*: 9.30%
• 10Y*: 12.25%

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

KBWP vs. FNCL - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is higher than FNCL's 0.08% expense ratio.

KBWP

Invesco KBW Property & Casualty Insurance ETF

FNCL

Fidelity MSCI Financials Index ETF

Return for Risk

KBWP vs. FNCL — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 9
KBWP Sharpe Ratio Rank: 9
KBWP Sortino Ratio Rank: 9
KBWP Omega Ratio Rank: 9
KBWP Calmar Ratio Rank: 10
KBWP Martin Ratio Rank: 9

FNCL

FNCL Risk / Return Rank: 17
FNCL Sharpe Ratio Rank: 16
FNCL Sortino Ratio Rank: 15
FNCL Omega Ratio Rank: 16
FNCL Calmar Ratio Rank: 18
FNCL Martin Ratio Rank: 18

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. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Fidelity MSCI Financials Index ETF (FNCL). 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	FNCL	Difference
Sharpe ratio Return per unit of total volatility	-0.14	0.14	-0.27
Sortino ratio Return per unit of downside risk	-0.06	0.32	-0.37
Omega ratio Gain probability vs. loss probability	0.99	1.05	-0.05
Calmar ratio Return relative to maximum drawdown	-0.14	0.26	-0.40
Martin ratio Return relative to average drawdown	-0.37	0.79	-1.16
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. FNCL - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.14, which is lower than the FNCL Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of KBWP and FNCL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KBWP	FNCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	0.14	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.48	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.55	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.52	+0.19

Correlation

The correlation between KBWP and FNCL is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KBWP vs. FNCL - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.97%, more than FNCL's 1.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	1.97%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
FNCL Fidelity MSCI Financials Index ETF	1.75%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Drawdowns

KBWP vs. FNCL - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum FNCL drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for KBWP and FNCL.

Drawdown Indicators

	KBWP	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-44.38%	+4.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-14.78%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-25.68%	+8.68%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-44.38%	+4.62%
Current Drawdown Current decline from peak	-6.54%	-11.94%	+5.40%
Average Drawdown Average peak-to-trough decline	-4.35%	-6.89%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	4.92%	-0.44%

Volatility

KBWP vs. FNCL - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.31%, while Fidelity MSCI Financials Index ETF (FNCL) has a volatility of 4.88%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.88%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	11.75%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	20.02%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	19.34%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	22.35%	-1.70%