KIE vs. IAK

Last updated Aug 2, 2026

KIE (SPDR S&P Insurance ETF) and IAK (iShares U.S. Insurance ETF) are both Financials Equities funds - KIE tracks the S&P Insurance Select Industry Index while IAK tracks the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, KIE returned 12.47%/yr vs 13.45%/yr for IAK. Their correlation of 0.95 means they have usually moved in the same direction. KIE charges 0.35%/yr vs 0.38%/yr for IAK.

Performance

KIE vs. IAK - 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. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIE achieves a 7.74% return, which is significantly lower than IAK's 10.07% return. Over the past 10 years, KIE has underperformed IAK with an annualized return of 12.47%, while IAK has yielded a comparatively higher 13.45% annualized return.

KIE

• 1D: -0.28%
• 1M: 0.25%
• 6M: 10.90%
• YTD: 7.74%
• 1Y: 17.27%
• 3Y*: 16.63%
• 5Y*: 12.96%
• 10Y*: 12.47%
• ALL TIME*: 8.30%

IAK

• 1D: -0.31%
• 1M: -0.06%
• 6M: 12.67%
• YTD: 10.07%
• 1Y: 19.63%
• 3Y*: 19.72%
• 5Y*: 15.95%
• 10Y*: 13.45%
• ALL TIME*: 7.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IAK iShares U.S. Insurance ETF	$14.76M	$20.90M	$11.89M
KIE SPDR S&P Insurance ETF	$67.06M	$84.89M	$78.95M

KIE vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIE SPDR S&P Insurance ETF	7.74%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	12.83%
IAK iShares U.S. Insurance ETF	10.07%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between KIE and IAK is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.95

The correlation between KIE and IAK has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

KIE vs. IAK - Sectors Allocation Comparison

Sectors	KIE	IAK
Financial Services	98.2%	99.3%
Healthcare	1.8%	0.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KIE vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KIE

KIE Risk / Return Rank: 36
KIE Sharpe Ratio Rank: 37
KIE Sortino Ratio Rank: 37
KIE Omega Ratio Rank: 35
KIE Calmar Ratio Rank: 38
KIE Martin Ratio Rank: 34

IAK

IAK Risk / Return Rank: 53
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 45
IAK Calmar Ratio Rank: 71
IAK Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KIE vs. IAK - 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. Insurance ETF (IAK). 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.

	KIE	IAK	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.17	-0.26
Sortino ratio: Return per unit of downside risk	1.39	1.72	-0.33
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.31	2.45	-1.14
Martin ratio: Return relative to average drawdown	3.28	5.96	-2.68

KIE vs. IAK - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is 0.90, which is comparable to the IAK Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of KIE and IAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KIE vs. IAK - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, roughly equal to the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for KIE and IAK.

Drawdown Indicators

	KIE	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-77.38%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-7.62%	-4.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-11.58%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-14.76%	-0.92%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-44.95%	+0.64%
Current Drawdown Current decline from peak	-3.33%	-3.23%	-0.10%
Average Drawdown Average peak-to-trough decline	-11.97%	-16.01%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	3.13%	+1.58%

Volatility

KIE vs. IAK - Volatility Comparison

SPDR S&P Insurance ETF (KIE) and iShares U.S. Insurance ETF (IAK) have volatilities of 6.86% and 7.03%, 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.

Volatility by Period

	KIE	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	7.03%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	12.43%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	16.00%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	18.13%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	20.92%	+0.30%

KIE vs. IAK - Expense Ratio Comparison

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

Dividends

KIE vs. IAK - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.52%, less than IAK's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.43%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
KIE SPDR S&P Insurance ETF	1.52%	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

Can I hold both KIE and IAK in my portfolio?

With a correlation of 0.92, KIE and IAK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KIE or IAK?

IAK has higher volatility (7.03%) compared to KIE (6.86%). In terms of maximum drawdown, KIE dropped -75.30% vs IAK's -77.38%.

Which ETF is better, KIE or IAK?

On 10-year performance, IAK leads with 13.45% vs 12.47% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or IAK?

Over the 10-year period, IAK has performed better with a 13.45% return vs 12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or IAK?

KIE is cheaper with a 0.35% expense ratio, compared with 0.38% for IAK.

Which ETF pays a higher dividend yield, KIE or IAK?

IAK has the higher dividend yield at 2.43%, compared with 1.52% for KIE.

What is the main difference between KIE and IAK?

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

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (1.17 vs 0.90), 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.