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KBWP vs. SPCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. SPCZ

Last updated Jun 24, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and SPCZ (RiverNorth Enhanced Pre-Merger SPAC ETF) are both Financials Equities funds. KBWP is passively managed, while SPCZ is actively managed. Over the past 3 years, KBWP returned 17.19%/yr vs 6.61%/yr for SPCZ. At a 0.04 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.90%/yr for SPCZ.

Performance

KBWP vs. SPCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). 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 SPCZ's 1.88% 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%

SPCZ

1D
-0.06%
1M
0.29%
YTD
1.88%
6M
1.78%
1Y
5.48%
3Y*
6.61%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. SPCZ - Yearly Performance Comparison

2026 (YTD)2025202420232022
KBWP
Invesco KBW Property & Casualty Insurance ETF		-1.94%11.49%30.45%7.09%7.22%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		1.88%10.19%5.31%5.93%1.69%

Correlation

The correlation between KBWP and SPCZ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.14

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

0.02

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2022

0.04

The correlation between KBWP and SPCZ shifts across timeframes, from 0.02 (3 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.

KBWP vs. SPCZ - Sectors Allocation Comparison

Sectors
KBWP
SPCZ

Financial Services

100.0%
73.5%

Basic Materials

-

0.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

0.3%

Utilities

-

-

Financial Services

KBWP
100.0%
SPCZ
73.5%

Basic Materials

KBWP

-

SPCZ
0.0%

Communication Services

KBWP

-

SPCZ

-

Consumer Cyclical

KBWP

-

SPCZ

-

Consumer Defensive

KBWP

-

SPCZ

-

Energy

KBWP

-

SPCZ

-

Healthcare

KBWP

-

SPCZ

-

Industrials

KBWP

-

SPCZ

-

Real Estate

KBWP

-

SPCZ

-

Technology

KBWP

-

SPCZ
0.3%

Utilities

KBWP

-

SPCZ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco KBW Property & Casualty Insurance ETF

RiverNorth Enhanced Pre-Merger SPAC ETF

Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOO
Often compared with SPCZ:
SPCZ vs. BFIXSPCZ vs. GABFSPCZ vs. CEFZSPCZ vs. FBDCSPCZ vs. GSIBSPCZ vs. EUFNSPCZ vs. KBWB

Return for Risk

KBWP vs. SPCZ — 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
SPCZ
SPCZ Risk / Return Rank: 2424
Overall Rank
SPCZ Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPCZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPCZ Omega Ratio Rank: 2828
Omega Ratio Rank
SPCZ Calmar Ratio Rank: 3131
Calmar Ratio Rank
SPCZ Martin Ratio Rank: 2626
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. SPCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ). 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.

KBWPSPCZDifference
Sharpe ratioReturn per unit of total volatility
0.15
0.59

-0.44

Sortino ratioReturn per unit of downside risk
0.32
0.92

-0.60

Omega ratioGain probability vs. loss probability

1.04

1.19

-0.15

Calmar ratioReturn relative to maximum drawdown

0.26

1.44

-1.18

Martin ratioReturn relative to average drawdown

0.56

3.32

-2.76

KBWP vs. SPCZ - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.15, which is lower than the SPCZ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of KBWP and SPCZ, 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. SPCZ - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, which is greater than SPCZ's maximum drawdown of -4.47%. Use the drawdown chart below to compare losses from any high point for KBWP and SPCZ.

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Drawdown Indicators

KBWPSPCZDifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-4.47%

-35.29%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-3.82%

-5.74%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-4.47%

-7.82%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

—

—

Current Drawdown

Current decline from peak

-2.75%

-3.43%

+0.68%

Average Drawdown

Average peak-to-trough decline

-4.37%

-0.53%

-3.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.36%

1.66%

+2.70%

Volatility

KBWP vs. SPCZ - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) have volatilities of 5.82% and 5.66%, 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.

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Volatility by Period

KBWPSPCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

5.66%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

8.35%

+3.72%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

9.43%

+7.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.54%

6.22%

+12.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

6.22%

+14.51%

KBWP vs. SPCZ - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than SPCZ's 0.90% expense ratio.

Dividends

KBWP vs. SPCZ - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.00%, less than SPCZ's 11.83% 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%
SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF		11.83%12.06%4.24%5.01%0.22%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

KBWP and SPCZ have a correlation of 0.14, 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 SPCZ (5.66%). In terms of maximum drawdown, KBWP dropped -39.76% vs SPCZ's -4.47%.

On 3-year performance, KBWP leads with 17.19% vs 6.61% for SPCZ. On fees, KBWP is cheaper at 0.35% per year. On volatility, SPCZ has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, KBWP has performed better with a 17.19% return vs 6.61%. 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 0.90% for SPCZ.

SPCZ has the higher dividend yield at 11.83%, compared with 2.00% for KBWP.

They also come from different issuers: Invesco and RiverNorth. Their fees differ too: 0.35% for KBWP and 0.90% for SPCZ.

SPCZ currently has the higher Sharpe Ratio (0.59 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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