KBWP vs. SPY

Last updated Jun 24, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, KBWP returned 12.39%/yr vs 15.53%/yr for SPY. At a 0.47 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

KBWP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWP achieves a -1.94% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, KBWP has underperformed SPY with an annualized return of 12.39%, while SPY has yielded a comparatively higher 15.53% 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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

KBWP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between KBWP and SPY is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.47

The correlation between KBWP and SPY shifts across timeframes, from -0.00 (1 year) to 0.47 (10 years), reflecting how their relationship changes across market environments.

KBWP vs. SPY - Sectors Allocation Comparison

Sectors	KBWP	SPY
Financial Services	100.0%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

KBWP vs. SPY — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 11
KBWP Sharpe Ratio Rank: 10
KBWP Sortino Ratio Rank: 10
KBWP Omega Ratio Rank: 10
KBWP Calmar Ratio Rank: 11
KBWP Martin Ratio Rank: 11

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

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

	KBWP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.90	-1.75
Sortino ratio: Return per unit of downside risk	0.32	2.58	-2.26
Omega ratio: Gain probability vs. loss probability	1.04	1.34	-0.31
Calmar ratio: Return relative to maximum drawdown	0.26	2.67	-2.41
Martin ratio: Return relative to average drawdown	0.56	11.92	-11.36

KBWP vs. SPY - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.15, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of KBWP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KBWP vs. SPY - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KBWP and SPY.

Drawdown Indicators

	KBWP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-55.19%	+15.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-8.88%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-18.76%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-24.50%	+7.50%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-33.72%	-6.04%
Current Drawdown Current decline from peak	-2.75%	-3.17%	+0.42%
Average Drawdown Average peak-to-trough decline	-4.37%	-9.04%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	1.98%	+2.38%

Volatility

KBWP vs. SPY - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.82% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that KBWP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	4.87%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	9.85%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.60%	12.50%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	17.15%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	17.95%	+2.78%

KBWP vs. SPY - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KBWP vs. SPY - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.00%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KBWP and SPY in my portfolio?

KBWP and SPY have a correlation of -0.00, 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 SPY?

KBWP has higher volatility (5.82%) compared to SPY (4.87%). In terms of maximum drawdown, KBWP dropped -39.76% vs SPY's -55.19%.

Which ETF is better, KBWP or SPY?

On 10-year performance, SPY leads with 15.53% vs 12.39% for KBWP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for KBWP.

Which ETF pays a higher dividend yield, KBWP or SPY?

KBWP has the higher dividend yield at 2.00%, compared with 1.03% for SPY.

What is the main difference between KBWP and SPY?

KBWP is categorized as Financials Equities, while SPY is S&P 500. KBWP tracks KBW Nasdaq Property & Casualty (TR), while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for KBWP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 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.