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KBWP vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. QQQ

Last updated Jun 23, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, KBWP returned 12.12%/yr vs 22.48%/yr for QQQ. At a 0.30 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.18%/yr for QQQ.

Performance

KBWP vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and Invesco QQQ ETF (QQQ). 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 -4.29% return, which is significantly lower than QQQ's 20.41% return. Over the past 10 years, KBWP has underperformed QQQ with an annualized return of 12.12%, while QQQ has yielded a comparatively higher 22.48% annualized return.

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%

QQQ

1D
-0.25%
1M
2.96%
YTD
20.41%
6M
19.46%
1Y
40.91%
3Y*
27.47%
5Y*
16.94%
10Y*
22.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QQQ
Invesco QQQ ETF		20.41%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between KBWP and QQQ is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.17

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

0.03

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

0.20

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

0.27

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

0.30

The correlation between KBWP and QQQ shifts across timeframes, from -0.17 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

KBWP vs. QQQ - Sectors Allocation Comparison

Sectors
KBWP
QQQ

Financial Services

100.0%
0.2%

Basic Materials

-

1.0%

Communication Services

-

14.3%

Consumer Cyclical

-

11.4%

Consumer Defensive

-

6.4%

Energy

-

0.5%

Healthcare

-

3.7%

Industrials

-

2.6%

Real Estate

-

0.1%

Technology

-

58.7%

Utilities

-

1.2%

Financial Services

KBWP
100.0%
QQQ
0.2%

Basic Materials

KBWP

-

QQQ
1.0%

Communication Services

KBWP

-

QQQ
14.3%

Consumer Cyclical

KBWP

-

QQQ
11.4%

Consumer Defensive

KBWP

-

QQQ
6.4%

Energy

KBWP

-

QQQ
0.5%

Healthcare

KBWP

-

QQQ
3.7%

Industrials

KBWP

-

QQQ
2.6%

Real Estate

KBWP

-

QQQ
0.1%

Technology

KBWP

-

QQQ
58.7%

Utilities

KBWP

-

QQQ
1.2%

Compare stocks, funds, or ETFs

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Invesco KBW Property & Casualty Insurance ETF

Invesco QQQ ETF

Often compared with KBWP:
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Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

KBWP vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWP
KBWP Risk / Return Rank: 99
Overall Rank
KBWP Sharpe Ratio Rank: 99
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 99
Sortino Ratio Rank
KBWP Omega Ratio Rank: 99
Omega Ratio Rank
KBWP Calmar Ratio Rank: 1010
Calmar Ratio Rank
KBWP Martin Ratio Rank: 1010
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7272
Overall Rank
QQQ Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7272
Omega Ratio Rank
QQQ Calmar Ratio Rank: 7070
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7171
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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Invesco QQQ ETF (QQQ). 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.

KBWPQQQDifference
Sharpe ratioReturn per unit of total volatility
0.09
2.33

-2.24

Sortino ratioReturn per unit of downside risk
0.24
3.03

-2.79

Omega ratioGain probability vs. loss probability

1.03

1.41

-0.38

Calmar ratioReturn relative to maximum drawdown

0.16

3.44

-3.28

Martin ratioReturn relative to average drawdown

0.35

12.79

-12.44

KBWP vs. QQQ - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.09, which is lower than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of KBWP and QQQ, 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. QQQ - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for KBWP and QQQ.

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Drawdown Indicators

KBWPQQQDifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-82.97%

+43.21%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-11.96%

+2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-22.77%

+10.48%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

-35.12%

+18.12%

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

-35.12%

-4.64%

Current Drawdown

Current decline from peak

-5.08%

-0.99%

-4.09%

Average Drawdown

Average peak-to-trough decline

-4.37%

-32.73%

+28.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.36%

3.21%

+1.15%

Volatility

KBWP vs. QQQ - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 5.29%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBWPQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

8.47%

-3.18%

Volatility (6M)

Calculated over the trailing 6-month period

11.82%

14.20%

-2.38%

Volatility (1Y)

Calculated over the trailing 1-year period

16.45%

17.67%

-1.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.51%

22.64%

-4.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.74%

22.43%

-1.69%

KBWP vs. QQQ - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

KBWP vs. QQQ - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.36%, more than QQQ's 0.49% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QQQ
Invesco QQQ ETF		0.49%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

KBWP and QQQ have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (8.47%) compared to KBWP (5.29%). In terms of maximum drawdown, KBWP dropped -39.76% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 22.48% vs 12.12% for KBWP. On fees, QQQ is cheaper at 0.18% per year. 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.

Over the 10-year period, QQQ has performed better with a 22.48% return vs 12.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.35% for KBWP.

KBWP has the higher dividend yield at 2.36%, compared with 0.49% for QQQ.

KBWP is categorized as Financials Equities, while QQQ is Nasdaq-100. KBWP tracks KBW Nasdaq Property & Casualty (TR), while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.35% for KBWP and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (2.33 vs 0.09), 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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