KBWY vs. SPY
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, KBWY returned 1.34%/yr vs 15.70%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined. KBWY charges 0.35%/yr vs 0.09%/yr for SPY.
Performance
KBWY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 21.05% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, KBWY has underperformed SPY with an annualized return of 1.34%, while SPY has yielded a comparatively higher 15.70% annualized return.
KBWY
- 1D
- 0.06%
- 1M
- 3.43%
- YTD
- 21.05%
- 6M
- 22.09%
- 1Y
- 24.91%
- 3Y*
- 11.51%
- 5Y*
- 2.89%
- 10Y*
- 1.34%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
KBWY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 21.05% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between KBWY and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.56 |
Over the past year, the correlation between KBWY and SPY has dropped to 0.35 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
KBWY vs. SPY — Risk / Return Rank
KBWY
SPY
KBWY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 3.01 | -0.31 |
| Martin ratioReturn relative to average drawdown | 6.43 | 13.54 | -7.10 |
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Drawdowns
KBWY vs. SPY - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KBWY and SPY.
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Drawdown Indicators
| KBWY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -55.19% | -2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -8.88% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -18.76% | -11.17% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -24.50% | -7.79% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -33.72% | -23.96% |
Current DrawdownCurrent decline from peak | -7.79% | -1.75% | -6.04% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -9.04% | -5.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 1.97% | +1.91% |
Volatility
KBWY vs. SPY - Volatility Comparison
Invesco KBW Premium Yield Equity REIT ETF (KBWY) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.76% and 4.64%, 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
| KBWY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.76% | 4.64% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 9.75% | +2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 12.43% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.61% | 17.14% | +4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.08% | 17.99% | +9.09% |
KBWY vs. SPY - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
KBWY vs. SPY - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 9.09%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 9.09% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 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
KBWY and SPY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWY has higher volatility (4.76%) compared to SPY (4.64%). In terms of maximum drawdown, KBWY dropped -57.68% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 1.34% for KBWY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 1.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for KBWY.
KBWY has the higher dividend yield at 9.09%, compared with 1.01% for SPY.
KBWY is categorized as REIT, while SPY is S&P 500. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for KBWY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.49), 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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