KBWP vs. IAK

Last updated Aug 2, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and IAK (iShares U.S. Insurance ETF) are both Financials Equities funds - KBWP tracks the KBW Nasdaq Property & Casualty Index while IAK tracks the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, KBWP returned 12.93%/yr vs 13.45%/yr for IAK. Their correlation of 0.80 means they have usually moved in the same direction. KBWP charges 0.35%/yr vs 0.38%/yr for IAK.

Performance

KBWP vs. IAK - Performance Comparison

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

Returns By Period

In the year-to-date period, KBWP achieves a 7.40% return, which is significantly lower than IAK's 10.07% return. Both investments have delivered pretty close results over the past 10 years, with KBWP having a 12.93% annualized return and IAK not far ahead at 13.45%.

KBWP

• 1D: -0.46%
• 1M: 0.93%
• 6M: 10.54%
• YTD: 7.40%
• 1Y: 18.27%
• 3Y*: 19.15%
• 5Y*: 14.28%
• 10Y*: 12.93%
• ALL TIME*: 13.72%

IAK

• 1D: -0.31%
• 1M: -0.06%
• 6M: 12.67%
• YTD: 10.07%
• 1Y: 19.63%
• 3Y*: 19.72%
• 5Y*: 15.95%
• 10Y*: 13.45%
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAK iShares U.S. Insurance ETF	$14.76M	$20.90M	$11.89M
KBWP Invesco KBW Property & Casualty Insurance ETF	$2.91M	$3.13M	$2.04M

KBWP vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	7.40%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
IAK iShares U.S. Insurance ETF	10.07%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between KBWP and IAK is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.80

The correlation between KBWP and IAK shifts across timeframes, from 0.80 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.

KBWP vs. IAK - Sectors Allocation Comparison

Sectors	KBWP	IAK
Financial Services	100.0%	99.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	0.7%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBWP vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KBWP

KBWP Risk / Return Rank: 41
KBWP Sharpe Ratio Rank: 40
KBWP Sortino Ratio Rank: 39
KBWP Omega Ratio Rank: 38
KBWP Calmar Ratio Rank: 51
KBWP Martin Ratio Rank: 39

IAK

IAK Risk / Return Rank: 53
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 45
IAK Calmar Ratio Rank: 71
IAK Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KBWP vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and iShares U.S. Insurance ETF (IAK). 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	IAK	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.17	-0.19
Sortino ratio: Return per unit of downside risk	1.46	1.72	-0.25
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	1.83	2.45	-0.62
Martin ratio: Return relative to average drawdown	4.15	5.96	-1.81

KBWP vs. IAK - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.98, which is comparable to the IAK Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of KBWP and IAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KBWP vs. IAK - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for KBWP and IAK.

Drawdown Indicators

	KBWP	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-77.38%	+37.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-7.62%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-11.58%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-14.76%	-2.24%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-44.95%	+5.19%
Current Drawdown Current decline from peak	-3.41%	-3.23%	-0.18%
Average Drawdown Average peak-to-trough decline	-4.35%	-16.01%	+11.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	3.13%	+1.07%

Volatility

KBWP vs. IAK - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 7.95% compared to iShares U.S. Insurance ETF (IAK) at 7.03%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	7.03%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	12.43%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	16.00%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	18.13%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.85%	20.92%	-0.07%

KBWP vs. IAK - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than IAK's 0.38% expense ratio.

Dividends

KBWP vs. IAK - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.82%, less than IAK's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.43%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
KBWP Invesco KBW Property & Casualty Insurance ETF	1.82%	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 IAK in my portfolio?

With a correlation of 0.92, KBWP and IAK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KBWP or IAK?

KBWP has higher volatility (7.95%) compared to IAK (7.03%). In terms of maximum drawdown, KBWP dropped -39.76% vs IAK's -77.38%.

Which ETF is better, KBWP or IAK?

On 10-year performance, IAK leads with 13.45% vs 12.93% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, IAK has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or IAK?

Over the 10-year period, IAK has performed better with a 13.45% return vs 12.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or IAK?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.38% for IAK.

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

IAK has the higher dividend yield at 2.43%, compared with 1.82% for KBWP.

What is the main difference between KBWP and IAK?

KBWP tracks KBW Nasdaq Property & Casualty Index, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for KBWP and 0.38% for IAK.

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (1.17 vs 0.98), 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.