KBWP vs. KIE

Last updated Jun 23, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and KIE (SPDR S&P Insurance ETF) are both Financials Equities funds - KBWP tracks the KBW Nasdaq Property & Casualty (TR) while KIE tracks the S&P Insurance Select Industry Index. Both are passively managed. Over the past 10 years, KBWP returned 12.12%/yr vs 11.80%/yr for KIE. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

KBWP vs. KIE - Performance Comparison

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

Returns By Period

In the year-to-date period, KBWP achieves a -4.29% return, which is significantly lower than KIE's -2.30% return. Both investments have delivered pretty close results over the past 10 years, with KBWP having a 12.12% annualized return and KIE not far behind at 11.80%.

KBWP

• 1D: 0.30%
• 1M: 0.17%
• YTD: -4.29%
• 6M: -4.73%
• 1Y: 1.52%
• 3Y*: 16.24%
• 5Y*: 12.16%
• 10Y*: 12.12%

KIE

• 1D: 0.42%
• 1M: 1.48%
• YTD: -2.30%
• 6M: -3.66%
• 1Y: 0.88%
• 3Y*: 15.65%
• 5Y*: 10.78%
• 10Y*: 11.80%

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

KBWP vs. KIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-4.29%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
KIE SPDR S&P Insurance ETF	-2.30%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	12.83%

Correlation

The correlation between KBWP and KIE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.79

The correlation between KBWP and KIE shifts across timeframes, from 0.79 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

KBWP vs. KIE - Sectors Allocation Comparison

Sectors	KBWP	KIE
Financial Services	100.0%	96.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	3.1%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KBWP vs. KIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KBWP

KBWP Risk / Return Rank: 9
KBWP Sharpe Ratio Rank: 9
KBWP Sortino Ratio Rank: 9
KBWP Omega Ratio Rank: 9
KBWP Calmar Ratio Rank: 10
KBWP Martin Ratio Rank: 10

KIE

KIE Risk / Return Rank: 9
KIE Sharpe Ratio Rank: 9
KIE Sortino Ratio Rank: 9
KIE Omega Ratio Rank: 8
KIE Calmar Ratio Rank: 9
KIE Martin Ratio Rank: 9

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. KIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and SPDR S&P Insurance ETF (KIE). 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	KIE	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.05	+0.04
Sortino ratio: Return per unit of downside risk	0.24	0.19	+0.05
Omega ratio: Gain probability vs. loss probability	1.03	1.02	+0.01
Calmar ratio: Return relative to maximum drawdown	0.16	0.07	+0.08
Martin ratio: Return relative to average drawdown	0.35	0.18	+0.17

KBWP vs. KIE - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.09, which is higher than the KIE Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of KBWP and KIE, 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. KIE - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum KIE drawdown of -75.30%. Use the drawdown chart below to compare losses from any high point for KBWP and KIE.

Drawdown Indicators

	KBWP	KIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-75.30%	+35.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-11.81%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-12.65%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-15.68%	-1.32%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-44.31%	+4.55%
Current Drawdown Current decline from peak	-5.08%	-3.71%	-1.37%
Average Drawdown Average peak-to-trough decline	-4.37%	-12.03%	+7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	4.92%	-0.56%

Volatility

KBWP vs. KIE - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) and SPDR S&P Insurance ETF (KIE) have volatilities of 5.29% and 5.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	KIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	5.39%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	11.63%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.45%	16.32%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.51%	18.35%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	21.21%	-0.47%

KBWP vs. KIE - Expense Ratio Comparison

Both KBWP and KIE have an expense ratio of 0.35%.

Dividends

KBWP vs. KIE - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.36%, more than KIE's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	2.36%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
KIE SPDR S&P Insurance ETF	1.96%	1.57%	1.48%	1.45%	1.90%	1.95%	1.85%	1.76%	1.83%	1.56%	1.55%	1.65%

Frequently Asked Questions

Can I hold both KBWP and KIE in my portfolio?

KBWP and KIE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWP or KIE?

KIE has higher volatility (5.39%) compared to KBWP (5.29%). In terms of maximum drawdown, KBWP dropped -39.76% vs KIE's -75.30%.

Which ETF is better, KBWP or KIE?

On 10-year performance, KBWP leads with 12.12% vs 11.80% for KIE. Both ETFs have the same 0.35% expense ratio. On volatility, KBWP has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or KIE?

Over the 10-year period, KBWP has performed better with a 12.12% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or KIE?

KBWP and KIE have the same expense ratio: 0.35% per year.

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

KBWP has the higher dividend yield at 2.36%, compared with 1.96% for KIE.

What is the main difference between KBWP and KIE?

KBWP tracks KBW Nasdaq Property & Casualty (TR), while KIE tracks S&P Insurance Select Industry Index. They also come from different issuers: Invesco and State Street.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (0.09 vs 0.05), 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.