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 12.86%/yr vs 45.20%/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 7.17% return, which is significantly higher than GBTC's -29.46% return. Over the past 10 years, KBWP has underperformed GBTC with an annualized return of 12.86%, while GBTC has yielded a comparatively higher 45.20% annualized return.
KBWP
- 1D
- 1.89%
- 1M
- 11.00%
- 6M
- 9.15%
- YTD
- 7.17%
- 1Y
- 16.77%
- 3Y*
- 21.34%
- 5Y*
- 14.45%
- 10Y*
- 12.86%
GBTC
- 1D
- -2.70%
- 1M
- -2.27%
- 6M
- -32.47%
- YTD
- -29.46%
- 1Y
- -48.17%
- 3Y*
- 34.65%
- 5Y*
- 12.40%
- 10Y*
- 45.20%
KBWP vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWP Invesco KBW Property & Casualty Insurance ETF | 7.17% | 11.49% | 30.45% | 7.09% | 10.16% | 20.61% | -2.05% | 28.67% | -2.76% | 8.86% |
GBTC Grayscale Bitcoin Trust ETF | -29.46% | -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 -0.03, 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 | -0.03 |
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 -0.03 (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 | +2.08 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.81 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.90 | +2.66 |
| Martin ratioReturn relative to average drawdown | 4.01 | -1.46 | +5.47 |
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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% | -53.75% | +44.19% |
Max Drawdown (3Y)Largest decline over 3 years | -12.29% | -53.75% | +41.46% |
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 | 0.00% | -51.01% | +51.01% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -43.48% | +39.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 32.95% | -28.76% |
Volatility
KBWP vs. GBTC - Volatility Comparison
The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 6.38%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.39%. 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 | 6.38% | 11.39% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 34.71% | -21.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.08% | 44.29% | -27.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 61.87% | -43.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.76% | 81.45% | -60.69% |
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 1.83%, 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 | 1.83% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.39%) compared to KBWP (6.38%). In terms of maximum drawdown, KBWP dropped -39.76% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 45.20% vs 12.86% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 6.38%. 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 45.20% return vs 12.86%. 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 1.83%, 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 (0.99 vs -1.09), 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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