KIE vs. IAT

Last updated Jun 3, 2026

KIE (SPDR S&P Insurance ETF) and IAT (iShares U.S. Regional Banks ETF) are both Financials Equities funds - KIE tracks the S&P Insurance Select Industry Index while IAT tracks the Dow Jones U.S. Select Regional Banks Index. Both are passively managed. Over the past 10 years, KIE returned 10.60%/yr vs 8.14%/yr for IAT. A 0.78 correlation means they provide meaningful diversification when combined. KIE charges 0.35%/yr vs 0.42%/yr for IAT.

Performance

KIE vs. IAT - 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. Regional Banks ETF (IAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIE achieves a -7.88% return, which is significantly lower than IAT's 4.58% return. Over the past 10 years, KIE has outperformed IAT with an annualized return of 10.60%, while IAT has yielded a comparatively lower 8.14% annualized return.

KIE

• 1D: -0.38%
• 1M: -2.92%
• YTD: -7.88%
• 6M: -5.75%
• 1Y: -6.09%
• 3Y*: 13.55%
• 5Y*: 8.63%
• 10Y*: 10.60%

IAT

• 1D: 2.14%
• 1M: -1.56%
• YTD: 4.58%
• 6M: 11.58%
• 1Y: 27.14%
• 3Y*: 22.90%
• 5Y*: 1.64%
• 10Y*: 8.14%

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

KIE vs. IAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIE SPDR S&P Insurance ETF	-7.88%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	12.83%
IAT iShares U.S. Regional Banks ETF	4.58%	13.05%	24.36%	-8.53%	-20.61%	38.89%	-7.60%	31.38%	-17.45%	10.42%

Correlation

The correlation between KIE and IAT is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.78

Over the past year, the correlation between KIE and IAT has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

KIE vs. IAT - Sectors Allocation Comparison

Sectors	KIE	IAT
Financial Services	97.5%	100.0%
Healthcare	2.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KIE vs. IAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KIE

KIE Risk / Return Rank: 5
KIE Sharpe Ratio Rank: 5
KIE Sortino Ratio Rank: 5
KIE Omega Ratio Rank: 5
KIE Calmar Ratio Rank: 5
KIE Martin Ratio Rank: 3

IAT

IAT Risk / Return Rank: 32
IAT Sharpe Ratio Rank: 34
IAT Sortino Ratio Rank: 33
IAT Omega Ratio Rank: 34
IAT Calmar Ratio Rank: 31
IAT Martin Ratio Rank: 27

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. IAT - 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. Regional Banks ETF (IAT). 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.

	KIE	IAT	Difference
Sharpe ratio Return per unit of total volatility	-0.38	1.25	-1.63
Sortino ratio Return per unit of downside risk	-0.42	1.75	-2.18
Omega ratio Gain probability vs. loss probability	0.95	1.23	-0.28
Calmar ratio Return relative to maximum drawdown	-0.45	1.52	-1.97
Martin ratio Return relative to average drawdown	-1.11	3.92	-5.03
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. IAT - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is -0.38, which is lower than the IAT Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of KIE and IAT, 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

	KIE	IAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	1.25	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.06	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.27	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.10	+0.19

Drawdowns

KIE vs. IAT - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, roughly equal to the maximum IAT drawdown of -77.22%. Use the drawdown chart below to compare losses from any high point for KIE and IAT.

Drawdown Indicators

	KIE	IAT	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-77.22%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-17.49%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-29.29%	+16.64%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-55.55%	+39.87%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-55.55%	+11.24%
Current Drawdown Current decline from peak	-9.20%	-8.19%	-1.01%
Average Drawdown Average peak-to-trough decline	-12.05%	-26.98%	+14.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	6.79%	-2.03%

Volatility

KIE vs. IAT - Volatility Comparison

The current volatility for SPDR S&P Insurance ETF (KIE) is 4.41%, while iShares U.S. Regional Banks ETF (IAT) has a volatility of 6.07%. This indicates that KIE experiences smaller price fluctuations and is considered to be less risky than IAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIE	IAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	6.07%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	15.66%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	21.80%	-5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	29.02%	-10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	30.78%	-9.61%

KIE vs. IAT - Expense Ratio Comparison

KIE has a 0.35% expense ratio, which is lower than IAT's 0.42% expense ratio.

Dividends

KIE vs. IAT - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.68%, less than IAT's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAT iShares U.S. Regional Banks ETF	2.83%	2.94%	2.95%	3.56%	3.12%	1.88%	2.87%	2.49%	2.48%	1.55%	1.52%	1.78%
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

Can I hold both KIE and IAT in my portfolio?

KIE and IAT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIE or IAT?

IAT has higher volatility (6.07%) compared to KIE (4.41%). In terms of maximum drawdown, KIE dropped -75.30% vs IAT's -77.22%.

Which ETF is better, KIE or IAT?

On 10-year performance, KIE leads with 10.60% vs 8.14% for IAT. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or IAT?

Over the 10-year period, KIE has performed better with a 10.60% return vs 8.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or IAT?

KIE is cheaper with a 0.35% expense ratio, compared with 0.42% for IAT.

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

IAT has the higher dividend yield at 2.83%, compared with 1.68% for KIE.

What is the main difference between KIE and IAT?

KIE tracks S&P Insurance Select Industry Index, while IAT tracks Dow Jones U.S. Select Regional Banks Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for KIE and 0.42% for IAT.

Which has better risk-adjusted returns?

IAT currently has the higher Sharpe Ratio (1.25 vs -0.38), 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.