KBWP vs. IAK
Compare and contrast key facts about Invesco KBW Property & Casualty Insurance ETF (KBWP) and iShares U.S. Insurance ETF (IAK).
KBWP and IAK 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. IAK is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Insurance Index. It was launched on May 5, 2006. Both KBWP and IAK 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. IAK - Performance Comparison
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KBWP vs. IAK - 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% |
IAK iShares U.S. Insurance ETF | -4.32% | 9.50% | 28.25% | 11.28% | 11.33% | 26.84% | -2.86% | 25.94% | -11.48% | 14.18% |
Returns By Period
In the year-to-date period, KBWP achieves a -5.76% return, which is significantly lower than IAK's -4.32% return. Both investments have delivered pretty close results over the past 10 years, with KBWP having a 11.51% annualized return and IAK not far ahead at 12.01%.
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%
IAK
- 1D
- 0.63%
- 1M
- -4.62%
- YTD
- -4.32%
- 6M
- -2.34%
- 1Y
- -4.39%
- 3Y*
- 16.73%
- 5Y*
- 13.54%
- 10Y*
- 12.01%
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KBWP vs. IAK - Expense Ratio Comparison
KBWP has a 0.35% expense ratio, which is lower than IAK's 0.43% expense ratio.
Return for Risk
KBWP vs. IAK — Risk / Return Rank
KBWP
IAK
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.
| KBWP | IAK | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.14 | -0.24 | +0.10 |
Sortino ratioReturn per unit of downside risk | -0.06 | -0.20 | +0.14 |
Omega ratioGain probability vs. loss probability | 0.99 | 0.97 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.28 | +0.14 |
Martin ratioReturn relative to average drawdown | -0.37 | -0.69 | +0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KBWP | IAK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | -0.24 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.75 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.58 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.26 | +0.45 |
Correlation
The correlation between KBWP and IAK is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
KBWP vs. IAK - Dividend Comparison
KBWP's dividend yield for the trailing twelve months is around 1.97%, less than IAK's 2.75% 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% |
IAK iShares U.S. Insurance ETF | 2.75% | 1.69% | 1.49% | 1.44% | 1.69% | 2.26% | 2.07% | 1.84% | 2.33% | 1.62% | 1.68% | 1.62% |
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.
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Drawdown Indicators
| KBWP | IAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.76% | -77.38% | +37.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -11.58% | -0.01% |
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 DrawdownCurrent decline from peak | -6.54% | -5.59% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -16.25% | +11.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 4.69% | -0.21% |
Volatility
KBWP vs. IAK - Volatility Comparison
Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 4.31% compared to iShares U.S. Insurance ETF (IAK) at 4.07%. 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.
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Volatility by Period
| KBWP | IAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 4.07% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 10.50% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.27% | 18.72% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 18.07% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.65% | 20.89% | -0.24% |