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KBWP vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWP vs. SPMO

Last updated Jun 24, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, KBWP returned 12.39%/yr vs 21.03%/yr for SPMO. At a 0.35 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.13%/yr for SPMO.

Performance

KBWP vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and Invesco S&P 500 Momentum ETF (SPMO). 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 SPMO's 29.91% return. Over the past 10 years, KBWP has underperformed SPMO with an annualized return of 12.39%, while SPMO has yielded a comparatively higher 21.03% 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%

SPMO

1D
-4.53%
1M
6.65%
YTD
29.91%
6M
28.13%
1Y
43.55%
3Y*
42.47%
5Y*
22.89%
10Y*
21.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KBWP vs. SPMO - 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%
SPMO
Invesco S&P 500 Momentum ETF		29.91%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between KBWP and SPMO is -0.14, 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

-0.14

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

0.11

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

0.34

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

0.36

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.35

The correlation between KBWP and SPMO shifts across timeframes, from -0.14 (1 year) to 0.36 (10 years), reflecting how their relationship changes across market environments.

KBWP vs. SPMO - Sectors Allocation Comparison

Sectors
KBWP
SPMO

Financial Services

100.0%
5.8%

Basic Materials

-

1.5%

Communication Services

-

8.0%

Consumer Cyclical

-

1.1%

Consumer Defensive

-

3.8%

Energy

-

2.8%

Healthcare

-

5.9%

Industrials

-

10.9%

Real Estate

-

0.9%

Technology

-

56.8%

Utilities

-

2.6%

Financial Services

KBWP
100.0%
SPMO
5.8%

Basic Materials

KBWP

-

SPMO
1.5%

Communication Services

KBWP

-

SPMO
8.0%

Consumer Cyclical

KBWP

-

SPMO
1.1%

Consumer Defensive

KBWP

-

SPMO
3.8%

Energy

KBWP

-

SPMO
2.8%

Healthcare

KBWP

-

SPMO
5.9%

Industrials

KBWP

-

SPMO
10.9%

Real Estate

KBWP

-

SPMO
0.9%

Technology

KBWP

-

SPMO
56.8%

Utilities

KBWP

-

SPMO
2.6%

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

Invesco S&P 500 Momentum ETF

Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. TRVKBWP vs. VOO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

KBWP vs. SPMO — 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
SPMO
SPMO Risk / Return Rank: 6868
Overall Rank
SPMO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 6262
Sortino Ratio Rank
SPMO Omega Ratio Rank: 6969
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO 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. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and Invesco S&P 500 Momentum ETF (SPMO). 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.

KBWPSPMODifference
Sharpe ratioReturn per unit of total volatility
0.15
2.13

-1.99

Sortino ratioReturn per unit of downside risk
0.32
2.81

-2.49

Omega ratioGain probability vs. loss probability

1.04

1.39

-0.35

Calmar ratioReturn relative to maximum drawdown

0.26

3.45

-3.19

Martin ratioReturn relative to average drawdown

0.56

12.97

-12.41

KBWP vs. SPMO - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.15, which is lower than the SPMO Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of KBWP and SPMO, 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. SPMO - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for KBWP and SPMO.

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Drawdown Indicators

KBWPSPMODifference

Max Drawdown

Largest peak-to-trough decline

-39.76%

-30.95%

-8.81%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-12.70%

+3.14%

Max Drawdown (3Y)

Largest decline over 3 years

-12.29%

-20.13%

+7.84%

Max Drawdown (5Y)

Largest decline over 5 years

-17.00%

-22.74%

+5.74%

Max Drawdown (10Y)

Largest decline over 10 years

-39.76%

-30.95%

-8.81%

Current Drawdown

Current decline from peak

-2.75%

-4.53%

+1.78%

Average Drawdown

Average peak-to-trough decline

-4.37%

-4.59%

+0.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.36%

3.37%

+0.99%

Volatility

KBWP vs. SPMO - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 5.82%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KBWPSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.82%

11.75%

-5.93%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

17.78%

-5.71%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

20.55%

-3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.54%

19.88%

-1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

20.60%

+0.13%

KBWP vs. SPMO - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

KBWP vs. SPMO - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.00%, more than SPMO's 0.68% 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%
SPMO
Invesco S&P 500 Momentum ETF		0.68%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%

Frequently Asked Questions

KBWP and SPMO 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.

SPMO has higher volatility (11.75%) compared to KBWP (5.82%). In terms of maximum drawdown, KBWP dropped -39.76% vs SPMO's -30.95%.

On 10-year performance, SPMO leads with 21.03% vs 12.39% for KBWP. On fees, SPMO is cheaper at 0.13% per year. 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, SPMO has performed better with a 21.03% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.35% for KBWP.

KBWP has the higher dividend yield at 2.00%, compared with 0.68% for SPMO.

KBWP is categorized as Financials Equities, while SPMO is Momentum. KBWP tracks KBW Nasdaq Property & Casualty (TR), while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.35% for KBWP and 0.13% for SPMO.

SPMO currently has the higher Sharpe Ratio (2.13 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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