KIE vs. KBWP

Last updated Jun 23, 2026

KIE (SPDR S&P Insurance ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - KIE tracks the S&P Insurance Select Industry Index while KBWP tracks the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, KIE returned 11.80%/yr vs 12.12%/yr for KBWP. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

KIE vs. KBWP - Performance Comparison

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

Returns By Period

In the year-to-date period, KIE achieves a -2.30% return, which is significantly higher than KBWP's -4.29% return. Both investments have delivered pretty close results over the past 10 years, with KIE having a 11.80% annualized return and KBWP not far ahead at 12.12%.

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%

KBWP

• 1D: 0.30%
• 1M: 0.17%
• YTD: -4.29%
• 6M: -4.73%
• 1Y: 1.52%
• 3Y*: 16.24%
• 5Y*: 12.16%
• 10Y*: 12.12%

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

KIE vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
KBWP Invesco KBW Property & Casualty Insurance ETF	-4.29%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Correlation

The correlation between KIE and KBWP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.79

The correlation between KIE and KBWP shifts across timeframes, from 0.79 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

KIE vs. KBWP - Sectors Allocation Comparison

Sectors	KIE	KBWP
Financial Services	96.9%	100.0%
Healthcare	3.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

KIE vs. KBWP — Risk / Return Rank

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

KIE

KIE Risk / Return Rank: 9
KIE Sharpe Ratio Rank: 9
KIE Sortino Ratio Rank: 9
KIE Omega Ratio Rank: 8
KIE Calmar Ratio Rank: 9
KIE Martin Ratio Rank: 9

KBWP

KBWP Risk / Return Rank: 9
KBWP Sharpe Ratio Rank: 9
KBWP Sortino Ratio Rank: 9
KBWP Omega Ratio Rank: 9
KBWP Calmar Ratio Rank: 10
KBWP Martin Ratio Rank: 10

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. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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	KBWP	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.09	-0.04
Sortino ratio: Return per unit of downside risk	0.19	0.24	-0.05
Omega ratio: Gain probability vs. loss probability	1.02	1.03	-0.01
Calmar ratio: Return relative to maximum drawdown	0.07	0.16	-0.08
Martin ratio: Return relative to average drawdown	0.18	0.35	-0.17

KIE vs. KBWP - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is 0.05, which is lower than the KBWP Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of KIE and KBWP, 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. KBWP - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for KIE and KBWP.

Drawdown Indicators

	KIE	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-39.76%	-35.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-9.56%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-12.29%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-17.00%	+1.32%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-39.76%	-4.55%
Current Drawdown Current decline from peak	-3.71%	-5.08%	+1.37%
Average Drawdown Average peak-to-trough decline	-12.03%	-4.37%	-7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	4.36%	+0.56%

Volatility

KIE vs. KBWP - Volatility Comparison

SPDR S&P Insurance ETF (KIE) and Invesco KBW Property & Casualty Insurance ETF (KBWP) have volatilities of 5.39% and 5.29%, 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	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	5.29%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	11.82%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	16.45%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	18.51%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	20.74%	+0.47%

KIE vs. KBWP - Expense Ratio Comparison

Both KIE and KBWP have an expense ratio of 0.35%.

Dividends

KIE vs. KBWP - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.96%, less than KBWP's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	2.36%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
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

Can I hold both KIE and KBWP in my portfolio?

KIE and KBWP have a correlation of 0.89, 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 KBWP?

KIE has higher volatility (5.39%) compared to KBWP (5.29%). In terms of maximum drawdown, KIE dropped -75.30% vs KBWP's -39.76%.

Which ETF is better, KIE or KBWP?

On 10-year performance, KBWP leads with 12.12% vs 11.80% for KIE. Both ETFs have the same 0.35% expense ratio. On volatility, KBWP has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or KBWP?

Over the 10-year period, KBWP has performed better with a 12.12% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or KBWP?

KIE and KBWP have the same expense ratio: 0.35% per year.

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

KBWP has the higher dividend yield at 2.36%, compared with 1.96% for KIE.

What is the main difference between KIE and KBWP?

KIE tracks S&P Insurance Select Industry Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: State Street and Invesco.

Which has better risk-adjusted returns?

KBWP currently has the higher Sharpe Ratio (0.09 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.