KCE vs. KBWP

Last updated Aug 4, 2026

KCE (SPDR S&P Capital Markets ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - KCE tracks the S&P Capital Markets Select Industry Index while KBWP tracks the KBW Nasdaq Property & Casualty Index. Both are passively managed. Over the past 10 years, KCE returned 17.63%/yr vs 12.73%/yr for KBWP. Their 0.51 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

KCE vs. KBWP - Performance Comparison

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

Returns By Period

In the year-to-date period, KCE achieves a 10.39% return, which is significantly higher than KBWP's 7.55% return. Over the past 10 years, KCE has outperformed KBWP with an annualized return of 17.63%, while KBWP has yielded a comparatively lower 12.73% annualized return.

KCE

• 1D: 2.41%
• 1M: 6.88%
• 6M: 6.20%
• YTD: 10.39%
• 1Y: 11.58%
• 3Y*: 24.32%
• 5Y*: 13.62%
• 10Y*: 17.63%
• ALL TIME*: 7.76%

KBWP

• 1D: 0.14%
• 1M: 1.07%
• 6M: 10.72%
• YTD: 7.55%
• 1Y: 18.44%
• 3Y*: 19.41%
• 5Y*: 14.53%
• 10Y*: 12.73%
• ALL TIME*: 13.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KBWP Invesco KBW Property & Casualty Insurance ETF	$3.22M	$3.30M	$2.12M
KCE SPDR S&P Capital Markets ETF	$2.49M	$2.29M	$2.43M

KCE vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCE SPDR S&P Capital Markets ETF	10.39%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%
KBWP Invesco KBW Property & Casualty Insurance ETF	7.55%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Correlation

The correlation between KCE and KBWP is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.51

Over the past year, the correlation between KCE and KBWP has dropped to 0.18 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

KCE vs. KBWP - Sectors Allocation Comparison

Sectors	KCE	KBWP
Financial Services	97.2%	100.0%
Technology	2.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

KCE vs. KBWP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KCE

KCE Risk / Return Rank: 24
KCE Sharpe Ratio Rank: 25
KCE Sortino Ratio Rank: 25
KCE Omega Ratio Rank: 24
KCE Calmar Ratio Rank: 23
KCE Martin Ratio Rank: 23

KBWP

KBWP Risk / Return Rank: 43
KBWP Sharpe Ratio Rank: 41
KBWP Sortino Ratio Rank: 41
KBWP Omega Ratio Rank: 40
KBWP Calmar Ratio Rank: 52
KBWP Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KCE vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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.

	KCE	KBWP	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.04	-0.48
Sortino ratio: Return per unit of downside risk	0.90	1.54	-0.64
Omega ratio: Gain probability vs. loss probability	1.11	1.19	-0.09
Calmar ratio: Return relative to maximum drawdown	0.67	1.94	-1.27
Martin ratio: Return relative to average drawdown	1.70	4.39	-2.70

KCE vs. KBWP - Sharpe Ratio Comparison

The current KCE Sharpe Ratio is 0.56, which is lower than the KBWP Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of KCE and KBWP, 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

KCE vs. KBWP - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for KCE and KBWP.

Drawdown Indicators

	KCE	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-39.76%	-34.24%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-9.56%	-7.88%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-12.29%	-14.02%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-17.00%	-17.45%
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	-39.76%	-1.02%
Current Drawdown Current decline from peak	0.00%	-3.28%	+3.28%
Average Drawdown Average peak-to-trough decline	-22.65%	-4.35%	-18.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	4.21%	+2.63%

Volatility

KCE vs. KBWP - Volatility Comparison

The current volatility for SPDR S&P Capital Markets ETF (KCE) is 6.71%, while Invesco KBW Property & Casualty Insurance ETF (KBWP) has a volatility of 7.37%. This indicates that KCE experiences smaller price fluctuations and is considered to be less risky than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCE	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	7.37%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	14.29%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.73%	17.85%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.16%	18.73%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.89%	20.86%	+2.03%

KCE vs. KBWP - Expense Ratio Comparison

Both KCE and KBWP have an expense ratio of 0.35%.

Dividends

KCE vs. KBWP - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.63%, less than KBWP's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	1.82%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
KCE SPDR S&P Capital Markets ETF	1.63%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%

Frequently Asked Questions

Can I hold both KCE and KBWP in my portfolio?

KCE and KBWP have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCE or KBWP?

KBWP has higher volatility (7.37%) compared to KCE (6.71%). In terms of maximum drawdown, KCE dropped -74.00% vs KBWP's -39.76%.

Which ETF is better, KCE or KBWP?

On 10-year performance, KCE leads with 17.63% vs 12.73% for KBWP. Both ETFs have the same 0.35% expense ratio. On volatility, KCE has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCE or KBWP?

Over the 10-year period, KCE has performed better with a 17.63% return vs 12.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCE or KBWP?

KCE and KBWP have the same expense ratio: 0.35% per year.

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

KBWP has the higher dividend yield at 1.82%, compared with 1.63% for KCE.

What is the main difference between KCE and KBWP?

KCE tracks S&P Capital Markets Select Industry Index, while KBWP tracks KBW Nasdaq Property & Casualty Index. They also come from different issuers: State Street and Invesco.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (1.04 vs 0.56), 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.