KCE vs. ORDNX

Last updated Jun 4, 2026

KCE (SPDR S&P Capital Markets ETF) and ORDNX (North Square Preferred and Income Securities Fund) are both funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index, while ORDNX is a Large Cap Blend Equities fund managed by North Square. Over the past 10 years, KCE returned 16.37%/yr vs 11.71%/yr for ORDNX. A 0.62 correlation means they provide meaningful diversification when combined. KCE charges 0.35%/yr vs 1.27%/yr for ORDNX.

Performance

KCE vs. ORDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Capital Markets ETF (KCE) and North Square Preferred and Income Securities Fund (ORDNX). 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 ORDNX's 1.42% return. Over the past 10 years, KCE has outperformed ORDNX with an annualized return of 16.37%, while ORDNX has yielded a comparatively lower 11.71% 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%

ORDNX

• 1D: 0.09%
• 1M: 0.58%
• YTD: 1.42%
• 6M: 1.68%
• 1Y: 6.50%
• 3Y*: 11.70%
• 5Y*: 6.93%
• 10Y*: 11.71%

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

KCE vs. ORDNX - 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%
ORDNX North Square Preferred and Income Securities Fund	1.42%	7.30%	14.81%	15.24%	-14.22%	27.51%	12.29%	31.10%	-0.98%	20.57%

Correlation

The correlation between KCE and ORDNX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.62

Over the past year, the correlation between KCE and ORDNX has dropped to 0.34 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

KCE vs. ORDNX — 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

ORDNX

ORDNX Risk / Return Rank: 72
ORDNX Sharpe Ratio Rank: 89
ORDNX Sortino Ratio Rank: 89
ORDNX Omega Ratio Rank: 90
ORDNX Calmar Ratio Rank: 43
ORDNX Martin Ratio Rank: 50

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. ORDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) and North Square Preferred and Income Securities Fund (ORDNX). 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	ORDNX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	2.94	-2.38
Sortino ratio: Return per unit of downside risk	0.87	4.28	-3.41
Omega ratio: Gain probability vs. loss probability	1.11	1.65	-0.54
Calmar ratio: Return relative to maximum drawdown	0.63	2.49	-1.86
Martin ratio: Return relative to average drawdown	1.65	10.31	-8.66
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. ORDNX - Sharpe Ratio Comparison

The current KCE Sharpe Ratio is 0.56, which is lower than the ORDNX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of KCE and ORDNX, 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	ORDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	2.94	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	1.04	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.83	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.74	-0.48

Drawdowns

KCE vs. ORDNX - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, which is greater than ORDNX's maximum drawdown of -34.40%. Use the drawdown chart below to compare losses from any high point for KCE and ORDNX.

Drawdown Indicators

	KCE	ORDNX	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-34.40%	-39.60%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-2.66%	-14.78%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-5.70%	-20.61%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-18.77%	-15.68%
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	-34.40%	-6.38%
Current Drawdown Current decline from peak	-8.15%	-0.05%	-8.10%
Average Drawdown Average peak-to-trough decline	-22.81%	-3.82%	-18.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	0.64%	+5.99%

Volatility

KCE vs. ORDNX - Volatility Comparison

SPDR S&P Capital Markets ETF (KCE) has a higher volatility of 4.24% compared to North Square Preferred and Income Securities Fund (ORDNX) at 0.79%. This indicates that KCE's price experiences larger fluctuations and is considered to be riskier than ORDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCE	ORDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	0.79%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	1.96%	+13.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	2.26%	+17.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	6.70%	+16.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	14.18%	+8.92%

KCE vs. ORDNX - Expense Ratio Comparison

KCE has a 0.35% expense ratio, which is lower than ORDNX's 1.27% expense ratio.

Dividends

KCE vs. ORDNX - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.75%, less than ORDNX's 6.62% 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%
ORDNX North Square Preferred and Income Securities Fund	6.62%	6.99%	5.50%	5.72%	15.30%	8.48%	2.77%	1.85%	3.13%	1.22%	2.65%	2.98%

Frequently Asked Questions

Can I hold both KCE and ORDNX in my portfolio?

KCE and ORDNX have a correlation of 0.34, 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 ORDNX?

KCE has higher volatility (4.24%) compared to ORDNX (0.79%). In terms of maximum drawdown, KCE dropped -74.00% vs ORDNX's -34.40%.

Which has better risk-adjusted returns?

ORDNX currently has the higher Sharpe Ratio (2.94 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.