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KIE vs. DFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KIE vs. DFNL

Last updated Jun 5, 2026

KIE (SPDR S&P Insurance ETF) and DFNL (Davis Select Financial ETF) are both Financials Equities funds. KIE is passively managed, while DFNL is actively managed. Over the past 5 years, KIE returned 8.63%/yr vs 10.69%/yr for DFNL. Their correlation of 0.81 suggests significant overlap in exposure. KIE charges 0.35%/yr vs 0.64%/yr for DFNL.

Performance

KIE vs. DFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) and Davis Select Financial ETF (DFNL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, KIE achieves a -7.66% return, which is significantly lower than DFNL's -3.70% return.

KIE

1D
1.88%
1M
-2.28%
YTD
-7.66%
6M
-5.51%
1Y
-4.49%
3Y*
13.96%
5Y*
8.63%
10Y*
10.58%

DFNL

1D
2.25%
1M
0.02%
YTD
-3.70%
6M
0.12%
1Y
15.59%
3Y*
23.45%
5Y*
10.69%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

KIE vs. DFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KIE
SPDR S&P Insurance ETF		-7.66%8.12%26.95%12.18%3.48%22.75%-3.04%27.19%-5.99%13.01%
DFNL
Davis Select Financial ETF		-3.70%28.59%28.56%14.45%-8.45%31.25%-4.97%27.37%-11.59%20.46%

Correlation

The correlation between KIE and DFNL is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Jan 13, 2017

0.81

The correlation between KIE and DFNL shifts across timeframes, from 0.64 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

KIE vs. DFNL - Sectors Allocation Comparison

Sectors
KIE
DFNL

Financial Services

97.5%
92.6%

Healthcare

2.5%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

1.0%

Consumer Defensive

-

-

Energy

-

-

Industrials

-

2.7%

Real Estate

-

-

Technology

-

3.7%

Utilities

-

-

Financial Services

KIE
97.5%
DFNL
92.6%

Healthcare

KIE
2.5%
DFNL

-

Basic Materials

KIE

-

DFNL

-

Communication Services

KIE

-

DFNL

-

Consumer Cyclical

KIE

-

DFNL
1.0%

Consumer Defensive

KIE

-

DFNL

-

Energy

KIE

-

DFNL

-

Industrials

KIE

-

DFNL
2.7%

Real Estate

KIE

-

DFNL

-

Technology

KIE

-

DFNL
3.7%

Utilities

KIE

-

DFNL

-

Compare stocks, funds, or ETFs

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SPDR S&P Insurance ETF

Davis Select Financial ETF

Often compared with KIE:
KIE vs. IAKKIE vs. KBWPKIE vs. XLFKIE vs. IAIKIE vs. RNRKIE vs. PAVEKIE vs. PEP
Often compared with DFNL:
DFNL vs. VFHDFNL vs. FLBLDFNL vs. FTXODFNL vs. XLFDFNL vs. EUFNDFNL vs. SPMODFNL vs. TIME

Return for Risk

KIE vs. DFNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KIE
KIE Risk / Return Rank: 66
Overall Rank
KIE Sharpe Ratio Rank: 66
Sharpe Ratio Rank
KIE Sortino Ratio Rank: 66
Sortino Ratio Rank
KIE Omega Ratio Rank: 66
Omega Ratio Rank
KIE Calmar Ratio Rank: 66
Calmar Ratio Rank
KIE Martin Ratio Rank: 55
Martin Ratio Rank
DFNL
DFNL Risk / Return Rank: 2828
Overall Rank
DFNL Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
DFNL Sortino Ratio Rank: 2929
Sortino Ratio Rank
DFNL Omega Ratio Rank: 2828
Omega Ratio Rank
DFNL Calmar Ratio Rank: 2626
Calmar Ratio Rank
DFNL Martin Ratio Rank: 2626
Martin Ratio Rank
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.

KIE vs. DFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and Davis Select Financial ETF (DFNL). 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.

KIEDFNLDifference
Sharpe ratioReturn per unit of total volatility
-0.28
1.06

-1.33

Sortino ratioReturn per unit of downside risk
-0.28
1.53

-1.81

Omega ratioGain probability vs. loss probability

0.97

1.19

-0.22

Calmar ratioReturn relative to maximum drawdown

-0.38

1.21

-1.59

Martin ratioReturn relative to average drawdown

-0.93

3.51

-4.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KIE vs. DFNL - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is -0.28, which is lower than the DFNL Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of KIE and DFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KIEDFNLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.28

1.06

-1.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.55

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.29

0.52

-0.23

Drawdowns

KIE vs. DFNL - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, which is greater than DFNL's maximum drawdown of -44.51%. Use the drawdown chart below to compare losses from any high point for KIE and DFNL.

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Drawdown Indicators

KIEDFNLDifference

Max Drawdown

Largest peak-to-trough decline

-75.30%

-44.51%

-30.79%

Max Drawdown (1Y)

Largest decline over 1 year

-11.81%

-12.94%

+1.13%

Max Drawdown (3Y)

Largest decline over 3 years

-12.65%

-16.05%

+3.40%

Max Drawdown (5Y)

Largest decline over 5 years

-15.68%

-26.27%

+10.59%

Max Drawdown (10Y)

Largest decline over 10 years

-44.31%

—

—

Current Drawdown

Current decline from peak

-8.99%

-6.49%

-2.50%

Average Drawdown

Average peak-to-trough decline

-12.04%

-7.66%

-4.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.84%

4.45%

+0.39%

Volatility

KIE vs. DFNL - Volatility Comparison

SPDR S&P Insurance ETF (KIE) has a higher volatility of 4.99% compared to Davis Select Financial ETF (DFNL) at 4.56%. This indicates that KIE's price experiences larger fluctuations and is considered to be riskier than DFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KIEDFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.99%

4.56%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

11.29%

11.44%

-0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

16.21%

14.84%

+1.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.39%

19.36%

-0.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

22.63%

-1.45%

KIE vs. DFNL - Expense Ratio Comparison

KIE has a 0.35% expense ratio, which is lower than DFNL's 0.64% expense ratio.

Dividends

KIE vs. DFNL - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.68%, more than DFNL's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
DFNL
Davis Select Financial ETF		1.42%1.37%2.19%2.33%3.34%2.45%1.45%2.52%3.12%1.10%0.00%0.00%
KIE
SPDR S&P Insurance ETF		1.68%1.57%1.48%1.45%1.90%1.95%1.85%1.76%1.83%1.56%1.55%1.65%

Frequently Asked Questions

KIE and DFNL have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KIE has higher volatility (4.99%) compared to DFNL (4.56%). In terms of maximum drawdown, KIE dropped -75.30% vs DFNL's -44.51%.

On 5-year performance, DFNL leads with 10.69% vs 8.63% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, DFNL has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFNL has performed better with a 10.69% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KIE is cheaper with a 0.35% expense ratio, compared with 0.64% for DFNL.

KIE has the higher dividend yield at 1.68%, compared with 1.42% for DFNL.

They also come from different issuers: State Street and Davis Advisers. Their fees differ too: 0.35% for KIE and 0.64% for DFNL.

DFNL currently has the higher Sharpe Ratio (1.06 vs -0.28), 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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