KCE vs. MOAT

Last updated Jun 4, 2026

KCE (SPDR S&P Capital Markets ETF) and MOAT (VanEck Vectors Morningstar Wide Moat ETF) are both exchange-traded funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, KCE returned 16.37%/yr vs 13.37%/yr for MOAT. A 0.80 correlation means they provide meaningful diversification when combined. KCE charges 0.35%/yr vs 0.48%/yr for MOAT.

Performance

KCE vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Capital Markets ETF (KCE) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCE achieves a -1.07% return, which is significantly lower than MOAT's -0.94% return. Over the past 10 years, KCE has outperformed MOAT with an annualized return of 16.37%, while MOAT has yielded a comparatively lower 13.37% annualized return.

KCE

• 1D: -1.85%
• 1M: -2.01%
• YTD: -1.07%
• 6M: 1.30%
• 1Y: 10.93%
• 3Y*: 23.82%
• 5Y*: 11.80%
• 10Y*: 16.37%

MOAT

• 1D: -1.37%
• 1M: 3.30%
• YTD: -0.94%
• 6M: -0.69%
• 1Y: 14.97%
• 3Y*: 11.34%
• 5Y*: 8.01%
• 10Y*: 13.37%

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

KCE vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KCE SPDR S&P Capital Markets ETF	-1.07%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%
MOAT VanEck Vectors Morningstar Wide Moat ETF	-0.94%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between KCE and MOAT is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.80

The correlation between KCE and MOAT has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

KCE vs. MOAT - Sectors Allocation Comparison

Sectors	KCE	MOAT
Financial Services	98.5%	6.7%
Technology	1.5%	32.8%
Basic Materials	-	-
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Energy	-	-
Healthcare	-	16.0%
Industrials	-	13.5%
Real Estate	-	0.8%
Utilities	-	-

Return for Risk

KCE vs. MOAT — Risk / Return Rank

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

KCE

KCE Risk / Return Rank: 17
KCE Sharpe Ratio Rank: 17
KCE Sortino Ratio Rank: 17
KCE Omega Ratio Rank: 17
KCE Calmar Ratio Rank: 16
KCE Martin Ratio Rank: 17

MOAT

MOAT Risk / Return Rank: 27
MOAT Sharpe Ratio Rank: 29
MOAT Sortino Ratio Rank: 29
MOAT Omega Ratio Rank: 27
MOAT Calmar Ratio Rank: 25
MOAT Martin Ratio Rank: 27

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.

KCE vs. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) and VanEck Vectors Morningstar Wide Moat ETF (MOAT). 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.

	KCE	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.09	-0.53
Sortino ratio: Return per unit of downside risk	0.87	1.64	-0.77
Omega ratio: Gain probability vs. loss probability	1.11	1.19	-0.08
Calmar ratio: Return relative to maximum drawdown	0.63	1.21	-0.58
Martin ratio: Return relative to average drawdown	1.65	3.77	-2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KCE vs. MOAT - Sharpe Ratio Comparison

The current KCE Sharpe Ratio is 0.56, which is lower than the MOAT Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of KCE and MOAT, 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

	KCE	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.09	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.44	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.72	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.77	-0.52

Drawdowns

KCE vs. MOAT - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for KCE and MOAT.

Drawdown Indicators

	KCE	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-33.31%	-40.69%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-12.43%	-5.01%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-21.44%	-4.87%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-23.96%	-10.49%
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	-33.31%	-7.47%
Current Drawdown Current decline from peak	-8.15%	-4.72%	-3.43%
Average Drawdown Average peak-to-trough decline	-22.81%	-3.83%	-18.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	3.98%	+2.65%

Volatility

KCE vs. MOAT - Volatility Comparison

SPDR S&P Capital Markets ETF (KCE) has a higher volatility of 4.24% compared to VanEck Vectors Morningstar Wide Moat ETF (MOAT) at 3.82%. This indicates that KCE's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCE	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.82%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	9.87%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	13.86%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	18.18%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	18.68%	+4.42%

KCE vs. MOAT - Expense Ratio Comparison

KCE has a 0.35% expense ratio, which is lower than MOAT's 0.48% expense ratio.

Dividends

KCE vs. MOAT - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.75%, more than MOAT's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.75%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
MOAT VanEck Vectors Morningstar Wide Moat ETF	1.37%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both KCE and MOAT in my portfolio?

KCE and MOAT have a correlation of 0.72, 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 MOAT?

KCE has higher volatility (4.24%) compared to MOAT (3.82%). In terms of maximum drawdown, KCE dropped -74.00% vs MOAT's -33.31%.

Which ETF is better, KCE or MOAT?

On 10-year performance, KCE leads with 16.37% vs 13.37% for MOAT. On fees, KCE is cheaper at 0.35% per year. On volatility, MOAT has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCE or MOAT?

Over the 10-year period, KCE has performed better with a 16.37% return vs 13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCE or MOAT?

KCE is cheaper with a 0.35% expense ratio, compared with 0.48% for MOAT.

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

KCE has the higher dividend yield at 1.75%, compared with 1.37% for MOAT.

What is the main difference between KCE and MOAT?

KCE is categorized as Financials Equities, while MOAT is Large Cap Blend Equities. KCE tracks S&P Capital Markets Select Industry Index, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for KCE and 0.48% for MOAT.

Which has better risk-adjusted returns?

MOAT currently has the higher Sharpe Ratio (1.09 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.