KCE vs. PBEU

Last updated Jun 4, 2026

KCE (SPDR S&P Capital Markets ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both Financials Equities funds - KCE tracks the S&P Capital Markets Select Industry Index while PBEU tracks the BITA European Banks Index. Both are passively managed. At a 0.47 correlation, their price movements are largely independent. KCE charges 0.35%/yr vs 0.13%/yr for PBEU.

Performance

KCE vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Capital Markets ETF (KCE) and Portfolio Building Block European Banks Index ETF (PBEU). 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 PBEU's 6.67% 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%

PBEU

• 1D: -2.01%
• 1M: 5.50%
• YTD: 6.67%
• 6M: 14.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCE vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
KCE SPDR S&P Capital Markets ETF	-1.07%	5.13%
PBEU Portfolio Building Block European Banks Index ETF	6.67%	11.49%

Correlation

The correlation between KCE and PBEU is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.47

Return for Risk

KCE vs. PBEU — 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

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. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) and Portfolio Building Block European Banks Index ETF (PBEU). 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	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	0.56	—	—
Sortino ratio: Return per unit of downside risk	0.87	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	0.63	—	—
Martin ratio: Return relative to average drawdown	1.65	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KCE	PBEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.45	-1.20

Drawdowns

KCE vs. PBEU - Drawdown Comparison

The maximum KCE drawdown since its inception was -74.00%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for KCE and PBEU.

Drawdown Indicators

	KCE	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-74.00%	-17.26%	-56.74%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.78%	—	—
Current Drawdown Current decline from peak	-8.15%	-2.18%	-5.97%
Average Drawdown Average peak-to-trough decline	-22.81%	-4.23%	-18.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.63%	—	—

Volatility

Volatility by Period

	KCE	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	27.88%	-8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.01%	27.88%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	27.88%	-4.78%

KCE vs. PBEU - Expense Ratio Comparison

KCE has a 0.35% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

KCE vs. PBEU - Dividend Comparison

KCE's dividend yield for the trailing twelve months is around 1.75%, more than PBEU's 0.01% 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%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KCE and PBEU in my portfolio?

KCE and PBEU have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KCE or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KCE or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.35% for KCE.

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

KCE has the higher dividend yield at 1.75%, compared with 0.01% for PBEU.

What is the main difference between KCE and PBEU?

KCE tracks S&P Capital Markets Select Industry Index, while PBEU tracks BITA European Banks Index. They also come from different issuers: State Street and Portfolio Building Block. Their fees differ too: 0.35% for KCE and 0.13% for PBEU.