KBWP vs. USD

Last updated Jun 3, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, KBWP returned 11.32%/yr vs 62.35%/yr for USD. At a 0.23 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.95%/yr for USD.

Performance

KBWP vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWP achieves a -8.05% return, which is significantly lower than USD's 116.46% return. Over the past 10 years, KBWP has underperformed USD with an annualized return of 11.32%, while USD has yielded a comparatively higher 62.35% annualized return.

KBWP

• 1D: 0.13%
• 1M: -2.49%
• YTD: -8.05%
• 6M: -4.56%
• 1Y: -6.56%
• 3Y*: 14.80%
• 5Y*: 10.19%
• 10Y*: 11.32%

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

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

KBWP vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-8.05%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between KBWP and USD is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 23, 2010	0.23

The correlation between KBWP and USD shifts across timeframes, from -0.29 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

KBWP vs. USD - Sectors Allocation Comparison

Sectors	KBWP	USD
Financial Services	100.0%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

KBWP vs. USD — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 4
KBWP Sharpe Ratio Rank: 5
KBWP Sortino Ratio Rank: 5
KBWP Omega Ratio Rank: 5
KBWP Calmar Ratio Rank: 3
KBWP Martin Ratio Rank: 3

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio Return per unit of total volatility	-0.41	4.94	-5.35
Sortino ratio Return per unit of downside risk	-0.45	3.98	-4.43
Omega ratio Gain probability vs. loss probability	0.95	1.54	-0.59
Calmar ratio Return relative to maximum drawdown	-0.60	9.93	-10.53
Martin ratio Return relative to average drawdown	-1.19	28.78	-29.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWP vs. USD - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is -0.41, which is lower than the USD Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of KBWP and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KBWP	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	4.94	-5.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.94	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.90	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.49	+0.20

Drawdowns

KBWP vs. USD - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for KBWP and USD.

Drawdown Indicators

	KBWP	USD	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-88.63%	+48.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-31.80%	+22.39%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-64.46%	+52.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-77.85%	+60.85%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-77.85%	+38.09%
Current Drawdown Current decline from peak	-8.81%	0.00%	-8.81%
Average Drawdown Average peak-to-trough decline	-4.36%	-32.36%	+28.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	10.97%	-6.19%

Volatility

KBWP vs. USD - Volatility Comparison

The current volatility for Invesco KBW Property & Casualty Insurance ETF (KBWP) is 4.10%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.29%. This indicates that KBWP experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWP	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	20.29%	-16.19%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	46.37%	-34.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	61.29%	-45.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	76.56%	-58.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	69.24%	-48.54%

KBWP vs. USD - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

KBWP vs. USD - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 2.02%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	2.02%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both KBWP and USD in my portfolio?

KBWP and USD have a correlation of -0.29, 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 USD?

USD has higher volatility (20.29%) compared to KBWP (4.10%). In terms of maximum drawdown, KBWP dropped -39.76% vs USD's -88.63%.

Which ETF is better, KBWP or USD?

On 10-year performance, USD leads with 62.35% vs 11.32% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or USD?

Over the 10-year period, USD has performed better with a 62.35% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or USD?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.95% for USD.

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

KBWP has the higher dividend yield at 2.02%, compared with 0.21% for USD.

What is the main difference between KBWP and USD?

KBWP is categorized as Financials Equities, while USD is Leveraged Equities. KBWP tracks KBW Nasdaq Property & Casualty (TR), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.35% for KBWP and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs -0.41), 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.