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KIE vs. IAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KIE vs. IAI

Last updated Jun 23, 2026

KIE (SPDR S&P Insurance ETF) and IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) are both Financials Equities funds - KIE tracks the S&P Insurance Select Industry Index while IAI tracks the Dow Jones U.S. Select Investment Services Index. Both are passively managed. Over the past 10 years, KIE returned 11.80%/yr vs 19.89%/yr for IAI. A 0.77 correlation means they provide meaningful diversification when combined. KIE charges 0.35%/yr vs 0.38%/yr for IAI.

Performance

KIE vs. IAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KIE achieves a -2.30% return, which is significantly lower than IAI's 4.80% return. Over the past 10 years, KIE has underperformed IAI with an annualized return of 11.80%, while IAI has yielded a comparatively higher 19.89% annualized return.

KIE

1D
0.42%
1M
1.48%
YTD
-2.30%
6M
-3.66%
1Y
0.88%
3Y*
15.65%
5Y*
10.78%
10Y*
11.80%

IAI

1D
0.32%
1M
4.05%
YTD
4.80%
6M
2.83%
1Y
18.98%
3Y*
30.15%
5Y*
15.34%
10Y*
19.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KIE vs. IAI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KIE
SPDR S&P Insurance ETF		-2.30%8.12%26.95%12.18%3.48%22.75%-3.04%27.19%-5.99%12.83%
IAI
iShares U.S. Broker-Dealers & Securities Exchanges ETF		4.80%25.80%34.37%15.27%-10.87%40.48%18.61%24.26%-9.47%28.86%

Correlation

The correlation between KIE and IAI is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

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

0.53

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

0.66

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since May 5, 2006

0.77

Over the past year, the correlation between KIE and IAI has dropped to 0.35 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

KIE vs. IAI - Sectors Allocation Comparison

Sectors
KIE
IAI

Financial Services

96.9%
99.9%

Healthcare

3.1%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

0.1%

Utilities

-

-

Financial Services

KIE
96.9%
IAI
99.9%

Healthcare

KIE
3.1%
IAI

-

Basic Materials

KIE

-

IAI

-

Communication Services

KIE

-

IAI

-

Consumer Cyclical

KIE

-

IAI

-

Consumer Defensive

KIE

-

IAI

-

Energy

KIE

-

IAI

-

Industrials

KIE

-

IAI

-

Real Estate

KIE

-

IAI

-

Technology

KIE

-

IAI
0.1%

Utilities

KIE

-

IAI

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Insurance ETF

iShares U.S. Broker-Dealers & Securities Exchanges ETF

Often compared with KIE:
KIE vs. IAKKIE vs. KBWPKIE vs. XLFKIE vs. RNRKIE vs. PAVEKIE vs. JQUAKIE vs. SCHH
Often compared with IAI:
IAI vs. KCEIAI vs. XLFIAI vs. SPYIAI vs. QQQIAI vs. FASIAI vs. FXOIAI vs. SOXX

Return for Risk

KIE vs. IAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KIE
KIE Risk / Return Rank: 99
Overall Rank
KIE Sharpe Ratio Rank: 99
Sharpe Ratio Rank
KIE Sortino Ratio Rank: 99
Sortino Ratio Rank
KIE Omega Ratio Rank: 88
Omega Ratio Rank
KIE Calmar Ratio Rank: 99
Calmar Ratio Rank
KIE Martin Ratio Rank: 99
Martin Ratio Rank
IAI
IAI Risk / Return Rank: 2626
Overall Rank
IAI Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IAI Sortino Ratio Rank: 2727
Sortino Ratio Rank
IAI Omega Ratio Rank: 2626
Omega Ratio Rank
IAI Calmar Ratio Rank: 2525
Calmar Ratio Rank
IAI Martin Ratio Rank: 2525
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. IAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). 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.

KIEIAIDifference
Sharpe ratioReturn per unit of total volatility
0.05
0.99

-0.93

Sortino ratioReturn per unit of downside risk
0.19
1.42

-1.23

Omega ratioGain probability vs. loss probability

1.02

1.17

-0.15

Calmar ratioReturn relative to maximum drawdown

0.07

1.15

-1.08

Martin ratioReturn relative to average drawdown

0.18

3.28

-3.10

KIE vs. IAI - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is 0.05, which is lower than the IAI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of KIE and IAI, 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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Drawdowns

KIE vs. IAI - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, roughly equal to the maximum IAI drawdown of -75.46%. Use the drawdown chart below to compare losses from any high point for KIE and IAI.

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Drawdown Indicators

KIEIAIDifference

Max Drawdown

Largest peak-to-trough decline

-75.30%

-75.46%

+0.16%

Max Drawdown (1Y)

Largest decline over 1 year

-11.81%

-16.52%

+4.71%

Max Drawdown (3Y)

Largest decline over 3 years

-12.65%

-23.14%

+10.49%

Max Drawdown (5Y)

Largest decline over 5 years

-15.68%

-28.84%

+13.16%

Max Drawdown (10Y)

Largest decline over 10 years

-44.31%

-40.38%

-3.93%

Current Drawdown

Current decline from peak

-3.71%

-1.27%

-2.44%

Average Drawdown

Average peak-to-trough decline

-12.03%

-22.61%

+10.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.92%

5.80%

-0.88%

Volatility

KIE vs. IAI - Volatility Comparison

SPDR S&P Insurance ETF (KIE) and iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) have volatilities of 5.39% and 5.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KIEIAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.39%

5.58%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

11.63%

15.38%

-3.75%

Volatility (1Y)

Calculated over the trailing 1-year period

16.32%

19.32%

-3.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.35%

21.42%

-3.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.21%

22.85%

-1.64%

KIE vs. IAI - Expense Ratio Comparison

KIE has a 0.35% expense ratio, which is lower than IAI's 0.38% expense ratio.

Dividends

KIE vs. IAI - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.96%, more than IAI's 1.10% yield.

PositionTTM20252024202320222021202020192018201720162015
IAI
iShares U.S. Broker-Dealers & Securities Exchanges ETF		1.10%0.95%1.05%1.80%2.14%1.31%1.55%1.52%1.58%1.37%1.49%1.31%
KIE
SPDR S&P Insurance ETF		1.96%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 IAI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IAI has higher volatility (5.58%) compared to KIE (5.39%). In terms of maximum drawdown, KIE dropped -75.30% vs IAI's -75.46%.

On 10-year performance, IAI leads with 19.89% vs 11.80% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IAI has performed better with a 19.89% return vs 11.80%. 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 0.38% for IAI.

KIE has the higher dividend yield at 1.96%, compared with 1.10% for IAI.

KIE tracks S&P Insurance Select Industry Index, while IAI tracks Dow Jones U.S. Select Investment Services Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for KIE and 0.38% for IAI.

IAI currently has the higher Sharpe Ratio (0.99 vs 0.05), 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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