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KBWP vs. IYF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. IYF

Last updated Jun 24, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and IYF (iShares U.S. Financials ETF) are both Financials Equities funds - KBWP tracks the KBW Nasdaq Property & Casualty (TR) while IYF tracks the Dow Jones U.S. Financials Index. Both are passively managed. Over the past 10 years, KBWP returned 12.39%/yr vs 13.90%/yr for IYF. A 0.64 correlation means they provide meaningful diversification when combined. KBWP charges 0.35%/yr vs 0.42%/yr for IYF.

Performance

KBWP vs. IYF - 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. Financials ETF (IYF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWP achieves a -1.94% return, which is significantly lower than IYF's 0.92% return. Over the past 10 years, KBWP has underperformed IYF with an annualized return of 12.39%, while IYF has yielded a comparatively higher 13.90% 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%

IYF

1D
0.41%
1M
4.59%
YTD
0.92%
6M
-0.33%
1Y
11.89%
3Y*
23.15%
5Y*
11.53%
10Y*
13.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. IYF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IYF
iShares U.S. Financials ETF		0.92%18.25%31.30%15.32%-11.33%31.60%-1.00%31.86%-9.39%19.58%

Correlation

The correlation between KBWP and IYF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Dec 22, 2010

0.64

The correlation between KBWP and IYF shifts across timeframes, from 0.48 (1 year) to 0.71 (10 years), reflecting how their relationship changes across market environments.

KBWP vs. IYF - Sectors Allocation Comparison

Sectors
KBWP
IYF

Financial Services

100.0%
99.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.6%

Technology

-

0.3%

Utilities

-

-

Financial Services

KBWP
100.0%
IYF
99.1%

Basic Materials

KBWP

-

IYF

-

Communication Services

KBWP

-

IYF

-

Consumer Cyclical

KBWP

-

IYF

-

Consumer Defensive

KBWP

-

IYF

-

Energy

KBWP

-

IYF

-

Healthcare

KBWP

-

IYF

-

Industrials

KBWP

-

IYF

-

Real Estate

KBWP

-

IYF
0.6%

Technology

KBWP

-

IYF
0.3%

Utilities

KBWP

-

IYF

-

Compare stocks, funds, or ETFs

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Invesco KBW Property & Casualty Insurance ETF

iShares U.S. Financials ETF

Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOO
Often compared with IYF:
IYF vs. XLFIYF vs. VFHIYF vs. IYGIYF vs. KBWBIYF vs. KBEIYF vs. IXGIYF vs. FTXO

Return for Risk

KBWP vs. IYF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWP
KBWP Risk / Return Rank: 1111
Overall Rank
KBWP Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 1010
Sortino Ratio Rank
KBWP Omega Ratio Rank: 1010
Omega Ratio Rank
KBWP Calmar Ratio Rank: 1111
Calmar Ratio Rank
KBWP Martin Ratio Rank: 1111
Martin Ratio Rank
IYF
IYF Risk / Return Rank: 2222
Overall Rank
IYF Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IYF Sortino Ratio Rank: 2222
Sortino Ratio Rank
IYF Omega Ratio Rank: 2222
Omega Ratio Rank
IYF Calmar Ratio Rank: 2020
Calmar Ratio Rank
IYF Martin Ratio Rank: 2020
Martin Ratio Rank
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. IYF - 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. Financials ETF (IYF). 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.

KBWPIYFDifference
Sharpe ratioReturn per unit of total volatility
0.15
0.82

-0.68

Sortino ratioReturn per unit of downside risk
0.32
1.19

-0.87

Omega ratioGain probability vs. loss probability

1.04

1.15

-0.11

Calmar ratioReturn relative to maximum drawdown

0.26

0.86

-0.60

Martin ratioReturn relative to average drawdown

0.56

2.32

-1.76

KBWP vs. IYF - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.15, which is lower than the IYF Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of KBWP and IYF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

KBWP vs. IYF - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum IYF drawdown of -79.09%. Use the drawdown chart below to compare losses from any high point for KBWP and IYF.

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Drawdown Indicators

KBWPIYFDifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-79.09%

+39.33%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-13.88%

+4.32%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-16.60%

+4.31%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

-25.06%

+8.06%

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

-42.57%

+2.81%

Current Drawdown

Current decline from peak

-2.75%

-2.17%

-0.58%

Average Drawdown

Average peak-to-trough decline

-4.37%

-17.58%

+13.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.36%

5.14%

-0.78%

Volatility

KBWP vs. IYF - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.82% compared to iShares U.S. Financials ETF (IYF) at 4.13%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than IYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBWPIYFDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

4.13%

+1.69%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

11.19%

+0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

14.53%

+2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.54%

19.00%

-0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

20.84%

-0.11%

KBWP vs. IYF - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than IYF's 0.42% expense ratio.

Dividends

KBWP vs. IYF - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.00%, more than IYF's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
IYF
iShares U.S. Financials ETF		1.48%1.32%1.29%1.67%1.86%1.27%1.72%1.64%1.90%1.46%1.67%1.66%
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 IYF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWP has higher volatility (5.82%) compared to IYF (4.13%). In terms of maximum drawdown, KBWP dropped -39.76% vs IYF's -79.09%.

On 10-year performance, IYF leads with 13.90% vs 12.39% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, IYF has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYF has performed better with a 13.90% 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 0.42% for IYF.

KBWP has the higher dividend yield at 2.00%, compared with 1.48% for IYF.

KBWP tracks KBW Nasdaq Property & Casualty (TR), while IYF tracks Dow Jones U.S. Financials Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for KBWP and 0.42% for IYF.

IYF currently has the higher Sharpe Ratio (0.82 vs 0.15), 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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