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KBWP vs. KRE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. KRE

Last updated Jun 24, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and KRE (SPDR S&P Regional Banking ETF) are both Financials Equities funds - KBWP tracks the KBW Nasdaq Property & Casualty (TR) while KRE tracks the S&P Regional Banks Select Industry Index. Both are passively managed. Over the past 10 years, KBWP returned 12.39%/yr vs 9.59%/yr for KRE. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

KBWP vs. KRE - 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 Regional Banking ETF (KRE). 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 KRE's 14.14% return. Over the past 10 years, KBWP has outperformed KRE with an annualized return of 12.39%, while KRE has yielded a comparatively lower 9.59% 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%

KRE

1D
1.57%
1M
6.02%
YTD
14.14%
6M
10.96%
1Y
29.42%
3Y*
26.19%
5Y*
4.63%
10Y*
9.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. KRE - 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%
KRE
SPDR S&P Regional Banking ETF		14.14%10.21%18.58%-7.61%-15.08%39.29%-7.43%27.44%-18.81%7.49%

Correlation

The correlation between KBWP and KRE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.43

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

0.55

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

0.59

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

0.53

The correlation between KBWP and KRE shifts across timeframes, from 0.42 (1 year) to 0.59 (10 years), reflecting how their relationship changes across market environments.

KBWP vs. KRE - Sectors Allocation Comparison

Sectors
KBWP
KRE

Financial Services

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

KBWP
100.0%
KRE
100.0%

Basic Materials

KBWP

-

KRE

-

Communication Services

KBWP

-

KRE

-

Consumer Cyclical

KBWP

-

KRE

-

Consumer Defensive

KBWP

-

KRE

-

Energy

KBWP

-

KRE

-

Healthcare

KBWP

-

KRE

-

Industrials

KBWP

-

KRE

-

Real Estate

KBWP

-

KRE

-

Technology

KBWP

-

KRE

-

Utilities

KBWP

-

KRE

-

Compare stocks, funds, or ETFs

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Invesco KBW Property & Casualty Insurance ETF

SPDR S&P Regional Banking ETF

Often compared with KBWP:
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Often compared with KRE:
KRE vs. XLFKRE vs. KBEKRE vs. KBWBKRE vs. DPSTKRE vs. IATKRE vs. VFHKRE vs. VOO

Return for Risk

KBWP vs. KRE — 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
KRE
KRE Risk / Return Rank: 3737
Overall Rank
KRE Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
KRE Sortino Ratio Rank: 3636
Sortino Ratio Rank
KRE Omega Ratio Rank: 3838
Omega Ratio Rank
KRE Calmar Ratio Rank: 4141
Calmar Ratio Rank
KRE Martin Ratio Rank: 3535
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. KRE - 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 Regional Banking ETF (KRE). 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.

KBWPKREDifference
Sharpe ratioReturn per unit of total volatility
0.15
1.27

-1.12

Sortino ratioReturn per unit of downside risk
0.32
1.81

-1.49

Omega ratioGain probability vs. loss probability

1.04

1.24

-0.20

Calmar ratioReturn relative to maximum drawdown

0.26

1.98

-1.72

Martin ratioReturn relative to average drawdown

0.56

5.13

-4.57

KBWP vs. KRE - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.15, which is lower than the KRE Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of KBWP and KRE, 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. KRE - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum KRE drawdown of -68.54%. Use the drawdown chart below to compare losses from any high point for KBWP and KRE.

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Drawdown Indicators

KBWPKREDifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-68.54%

+28.78%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-14.95%

+5.39%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-28.20%

+15.91%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

-52.69%

+35.69%

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

-54.92%

+15.16%

Current Drawdown

Current decline from peak

-2.75%

0.00%

-2.75%

Average Drawdown

Average peak-to-trough decline

-4.37%

-21.85%

+17.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.36%

5.75%

-1.39%

Volatility

KBWP vs. KRE - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 5.82%, while SPDR S&P Regional Banking ETF (KRE) has a volatility of 6.34%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than KRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBWPKREDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

6.34%

-0.52%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

16.05%

-3.98%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

23.33%

-6.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.54%

29.85%

-11.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

31.85%

-11.12%

KBWP vs. KRE - Expense Ratio Comparison

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

Dividends

KBWP vs. KRE - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.00%, less than KRE's 2.19% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
KRE
SPDR S&P Regional Banking ETF		2.19%2.45%2.59%2.99%2.51%1.97%2.78%2.21%2.48%1.40%1.40%1.80%

Frequently Asked Questions

KBWP and KRE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KRE has higher volatility (6.34%) compared to KBWP (5.82%). In terms of maximum drawdown, KBWP dropped -39.76% vs KRE's -68.54%.

On 10-year performance, KBWP leads with 12.39% vs 9.59% for KRE. Both ETFs have the same 0.35% expense ratio. On volatility, KBWP has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBWP has performed better with a 12.39% return vs 9.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

KRE has the higher dividend yield at 2.19%, compared with 2.00% for KBWP.

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

KRE currently has the higher Sharpe Ratio (1.27 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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