KBWP vs. PGR

Last updated Jun 3, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) is Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while PGR (The Progressive Corporation) is a stock. Over the past 10 years, KBWP returned 11.32%/yr vs 22.96%/yr for PGR. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

KBWP vs. PGR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with KBWP having a -8.05% return and PGR slightly higher at -8.03%. Over the past 10 years, KBWP has underperformed PGR with an annualized return of 11.32%, while PGR has yielded a comparatively higher 22.96% annualized return.

KBWP

• 1D: 0.13%
• 1M: -2.49%
• YTD: -8.05%
• 6M: -4.56%
• 1Y: -6.56%
• 3Y*: 14.80%
• 5Y*: 10.19%
• 10Y*: 11.32%

PGR

• 1D: 2.15%
• 1M: -1.25%
• YTD: -8.03%
• 6M: -8.45%
• 1Y: -27.41%
• 3Y*: 18.48%
• 5Y*: 17.10%
• 10Y*: 22.96%

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

KBWP vs. PGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.05%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
PGR The Progressive Corporation	-8.03%	-3.02%	51.39%	23.16%	26.81%	10.84%	41.48%	25.14%	9.39%	61.59%

Correlation

The correlation between KBWP and PGR is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 23, 2010	0.58

The correlation between KBWP and PGR has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

Return for Risk

KBWP vs. PGR — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 4
KBWP Sharpe Ratio Rank: 5
KBWP Sortino Ratio Rank: 5
KBWP Omega Ratio Rank: 5
KBWP Calmar Ratio Rank: 3
KBWP Martin Ratio Rank: 3

PGR

PGR Risk / Return Rank: 6
PGR Sharpe Ratio Rank: 2
PGR Sortino Ratio Rank: 4
PGR Omega Ratio Rank: 5
PGR Calmar Ratio Rank: 6
PGR Martin Ratio Rank: 11

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. PGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and The Progressive Corporation (PGR). 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	PGR	Difference
Sharpe ratio Return per unit of total volatility	-0.41	-1.24	+0.83
Sortino ratio Return per unit of downside risk	-0.45	-1.72	+1.27
Omega ratio Gain probability vs. loss probability	0.95	0.80	+0.14
Calmar ratio Return relative to maximum drawdown	-0.60	-0.89	+0.28
Martin ratio Return relative to average drawdown	-1.19	-1.26	+0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWP vs. PGR - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.41, which is higher than the PGR Sharpe Ratio of -1.24. The chart below compares the historical Sharpe Ratios of KBWP and PGR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KBWP	PGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	-1.24	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.70	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.94	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.58	+0.11

Drawdowns

KBWP vs. PGR - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum PGR drawdown of -71.06%. Use the drawdown chart below to compare losses from any high point for KBWP and PGR.

Drawdown Indicators

	KBWP	PGR	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-71.06%	+31.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-29.41%	+20.00%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-30.35%	+18.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-30.35%	+13.35%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-30.35%	-9.41%
Current Drawdown Current decline from peak	-8.81%	-28.00%	+19.19%
Average Drawdown Average peak-to-trough decline	-4.36%	-14.53%	+10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	21.03%	-16.25%

Volatility

KBWP vs. PGR - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.10%, while The Progressive Corporation (PGR) has a volatility of 5.58%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than PGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	PGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	5.58%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	16.17%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	22.22%	-6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	24.51%	-5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	24.43%	-3.73%

Dividends

KBWP vs. PGR - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.02%, less than PGR's 7.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	2.02%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
PGR The Progressive Corporation	7.06%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%

Frequently Asked Questions

Can I hold both KBWP and PGR in my portfolio?

KBWP and PGR have a correlation of 0.67, 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 PGR?

PGR has higher volatility (5.58%) compared to KBWP (4.10%). In terms of maximum drawdown, KBWP dropped -39.76% vs PGR's -71.06%.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (-0.41 vs -1.24), 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.