KBWP vs. SPCZ
Compare and contrast key facts about Invesco KBW Property & Casualty Insurance ETF (KBWP) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ).
KBWP and SPCZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KBWP is a passively managed fund by Invesco that tracks the performance of the KBW Nasdaq Property & Casualty (TR). It was launched on Dec 2, 2010. SPCZ is an actively managed fund by RiverNorth. It was launched on Jul 11, 2022.
Performance
KBWP vs. SPCZ - Performance Comparison
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KBWP vs. SPCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KBWP Invesco KBW Property & Casualty Insurance ETF | -6.42% | 11.49% | 30.45% | 7.09% | 8.51% |
SPCZ RiverNorth Enhanced Pre-Merger SPAC ETF | -0.03% | 10.19% | 5.31% | 5.93% | 1.95% |
Returns By Period
In the year-to-date period, KBWP achieves a -6.42% return, which is significantly lower than SPCZ's -0.03% return.
KBWP
- 1D
- -0.71%
- 1M
- -6.69%
- YTD
- -6.42%
- 6M
- -2.89%
- 1Y
- -3.69%
- 3Y*
- 14.44%
- 5Y*
- 11.73%
- 10Y*
- 11.43%
SPCZ
- 1D
- 0.12%
- 1M
- -0.63%
- YTD
- -0.03%
- 6M
- 0.64%
- 1Y
- 8.27%
- 3Y*
- 6.43%
- 5Y*
- —
- 10Y*
- —
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KBWP vs. SPCZ - Expense Ratio Comparison
KBWP has a 0.35% expense ratio, which is lower than SPCZ's 0.90% expense ratio.
Return for Risk
KBWP vs. SPCZ — Risk / Return Rank
KBWP
SPCZ
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.
| KBWP | SPCZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.19 | 1.33 | -1.52 |
Sortino ratioReturn per unit of downside risk | -0.13 | 1.99 | -2.11 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.33 | -0.34 |
Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.40 | -2.69 |
Martin ratioReturn relative to average drawdown | -0.74 | 6.32 | -7.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KBWP | SPCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 1.33 | -1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 1.23 | -0.52 |
Correlation
The correlation between KBWP and SPCZ is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
KBWP vs. SPCZ - Dividend Comparison
KBWP's dividend yield for the trailing twelve months is around 1.98%, less than SPCZ's 12.06% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWP Invesco KBW Property & Casualty Insurance ETF | 1.98% | 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 | 12.06% | 12.06% | 4.24% | 5.01% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
| KBWP | SPCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.76% | -4.47% | -35.29% |
Max Drawdown (1Y)Largest decline over 1 year | -11.57% | -3.50% | -8.07% |
Max Drawdown (5Y)Largest decline over 5 years | -17.00% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.76% | — | — |
Current DrawdownCurrent decline from peak | -7.20% | -2.65% | -4.55% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -0.44% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 1.33% | +3.17% |
Volatility
KBWP vs. SPCZ - Volatility Comparison
Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 4.30% compared to RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) at 1.22%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than SPCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KBWP | SPCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 1.22% | +3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.75% | 4.18% | +7.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.26% | 6.25% | +13.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 5.12% | +13.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.65% | 5.12% | +15.53% |