KBWY vs. XSHD
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while XSHD is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, KBWY returned 3.00%/yr vs -4.65%/yr for XSHD. Their correlation of 0.80 suggests significant overlap in exposure. KBWY charges 0.35%/yr vs 0.30%/yr for XSHD.
Performance
KBWY vs. XSHD - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 22.56% return, which is significantly higher than XSHD's 9.24% return.
KBWY
- 1D
- 1.25%
- 1M
- 4.73%
- YTD
- 22.56%
- 6M
- 24.93%
- 1Y
- 25.07%
- 3Y*
- 11.98%
- 5Y*
- 3.00%
- 10Y*
- 1.46%
XSHD
- 1D
- 1.34%
- 1M
- 1.12%
- YTD
- 9.24%
- 6M
- 9.16%
- 1Y
- 6.83%
- 3Y*
- 2.49%
- 5Y*
- -4.65%
- 10Y*
- —
KBWY vs. XSHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 22.56% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 9.24% | -6.41% | -5.25% | 3.00% | -19.48% | 18.31% | -13.55% | 17.91% | -7.86% | 1.52% |
Correlation
The correlation between KBWY and XSHD is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016 | 0.80 |
The correlation between KBWY and XSHD has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
KBWY vs. XSHD — Risk / Return Rank
KBWY
XSHD
KBWY vs. XSHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD). 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 | XSHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.09 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 0.65 | +2.07 |
| Martin ratioReturn relative to average drawdown | 6.48 | 1.76 | +4.72 |
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Drawdowns
KBWY vs. XSHD - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, which is greater than XSHD's maximum drawdown of -49.53%. Use the drawdown chart below to compare losses from any high point for KBWY and XSHD.
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Drawdown Indicators
| KBWY | XSHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -49.53% | -8.15% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -10.51% | +1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -20.77% | -9.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -34.70% | +2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | — | — |
Current DrawdownCurrent decline from peak | -6.64% | -23.92% | +17.28% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -16.40% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 3.89% | -0.01% |
Volatility
KBWY vs. XSHD - Volatility Comparison
Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a higher volatility of 4.85% compared to Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) at 3.90%. This indicates that KBWY's price experiences larger fluctuations and is considered to be riskier than XSHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KBWY | XSHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 3.90% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.16% | 9.97% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 14.93% | +1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.61% | 18.85% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.08% | 22.20% | +4.88% |
KBWY vs. XSHD - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is higher than XSHD's 0.30% expense ratio.
Dividends
KBWY vs. XSHD - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.28%, more than XSHD's 5.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.28% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 5.22% | 6.45% | 7.25% | 7.62% | 6.77% | 3.86% | 5.55% | 4.88% | 5.49% | 4.11% | 0.41% | 0.00% |
Frequently Asked Questions
KBWY and XSHD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWY has higher volatility (4.85%) compared to XSHD (3.90%). In terms of maximum drawdown, KBWY dropped -57.68% vs XSHD's -49.53%.
On 5-year performance, KBWY leads with 3.00% vs -4.65% for XSHD. On fees, XSHD is cheaper at 0.30% per year. On volatility, XSHD has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KBWY has performed better with a 3.00% return vs -4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSHD is cheaper with a 0.30% expense ratio, compared with 0.35% for KBWY.
KBWY has the higher dividend yield at 8.28%, compared with 5.22% for XSHD.
KBWY is categorized as REIT, while XSHD is Volatility Hedged Equity. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index. Their fees differ too: 0.35% for KBWY and 0.30% for XSHD.
KBWY currently has the higher Sharpe Ratio (1.50 vs 0.46), 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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