KBWP vs. GBTC
KBWP (Invesco KBW Property & Casualty Insurance ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, KBWP returned 12.39%/yr vs 44.88%/yr for GBTC. At a 0.10 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 1.50%/yr for GBTC.
Performance
KBWP vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, KBWP achieves a -1.94% return, which is significantly higher than GBTC's -29.27% return. Over the past 10 years, KBWP has underperformed GBTC with an annualized return of 12.39%, while GBTC has yielded a comparatively higher 44.88% annualized return.
KBWP
- 1D
- 2.46%
- 1M
- 2.63%
- YTD
- -1.94%
- 6M
- -2.38%
- 1Y
- 2.45%
- 3Y*
- 17.19%
- 5Y*
- 12.41%
- 10Y*
- 12.39%
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
KBWP vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWP Invesco KBW Property & Casualty Insurance ETF | -1.94% | 11.49% | 30.45% | 7.09% | 10.16% | 20.61% | -2.05% | 28.67% | -2.76% | 8.86% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between KBWP and GBTC is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.10 |
The correlation between KBWP and GBTC shifts across timeframes, from -0.06 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
KBWP vs. GBTC — Risk / Return Rank
KBWP
GBTC
KBWP vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.86 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | -0.78 | +1.03 |
| Martin ratioReturn relative to average drawdown | 0.56 | -1.32 | +1.88 |
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Drawdowns
KBWP vs. GBTC - Drawdown Comparison
The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for KBWP and GBTC.
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Drawdown Indicators
| KBWP | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.76% | -89.91% | +50.15% |
Max Drawdown (1Y)Largest decline over 1 year | -9.56% | -52.45% | +42.89% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -52.45% | +40.16% |
Max Drawdown (5Y)Largest decline over 5 years | -17.00% | -85.42% | +68.42% |
Max Drawdown (10Y)Largest decline over 10 years | -39.76% | -89.91% | +50.15% |
Current DrawdownCurrent decline from peak | -2.75% | -50.88% | +48.13% |
Average DrawdownAverage peak-to-trough decline | -4.37% | -43.44% | +39.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.36% | 30.79% | -26.43% |
Volatility
KBWP vs. GBTC - Volatility Comparison
The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 5.82%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 13.05%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KBWP | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 13.05% | -7.23% |
Volatility (6M)Calculated over the trailing 6-month period | 12.07% | 34.57% | -22.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.60% | 44.21% | -27.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 62.13% | -43.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 81.46% | -60.73% |
KBWP vs. GBTC - Expense Ratio Comparison
KBWP has a 0.35% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
KBWP vs. GBTC - Dividend Comparison
KBWP's dividend yield for the trailing twelve months is around 2.00%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% | 0.00% |
KBWP Invesco KBW Property & Casualty Insurance ETF | 2.00% | 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 GBTC have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (13.05%) compared to KBWP (5.82%). In terms of maximum drawdown, KBWP dropped -39.76% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 44.88% vs 12.39% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 44.88% return vs 12.39%. 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 1.50% for GBTC.
KBWP has the higher dividend yield at 2.00%, compared with 0.00% for GBTC.
KBWP is categorized as Financials Equities, while GBTC is Cryptocurrency. KBWP tracks KBW Nasdaq Property & Casualty (TR), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Invesco and Grayscale. Their fees differ too: 0.35% for KBWP and 1.50% for GBTC.
KBWP currently has the higher Sharpe Ratio (0.15 vs -0.92), 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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