KIE vs. LMND

Last updated Jun 3, 2026

KIE (SPDR S&P Insurance ETF) is Financials Equities fund tracking the S&P Insurance Select Industry Index, while LMND (Lemonade, Inc.) is a stock. Over the past 5 years, KIE returned 8.63%/yr vs -9.73%/yr for LMND. At a 0.38 correlation, their price movements are largely independent.

Performance

KIE vs. LMND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) and Lemonade, Inc. (LMND). 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 higher than LMND's -18.43% 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%

LMND

• 1D: -1.12%
• 1M: 2.47%
• YTD: -18.43%
• 6M: -19.54%
• 1Y: 62.00%
• 3Y*: 47.21%
• 5Y*: -9.73%
• 10Y*: —

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

KIE vs. LMND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KIE SPDR S&P Insurance ETF	-7.88%	8.12%	26.95%	12.18%	3.48%	22.75%	26.53%
LMND Lemonade, Inc.	-18.43%	94.06%	127.40%	17.91%	-67.51%	-65.62%	76.49%

Correlation

The correlation between KIE and LMND is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 6, 2020	0.38

Return for Risk

KIE vs. LMND — 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

LMND

LMND Risk / Return Rank: 66
LMND Sharpe Ratio Rank: 64
LMND Sortino Ratio Rank: 68
LMND Omega Ratio Rank: 64
LMND Calmar Ratio Rank: 69
LMND Martin Ratio Rank: 67

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. LMND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and Lemonade, Inc. (LMND). 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	LMND	Difference
Sharpe ratio Return per unit of total volatility	-0.38	0.74	-1.12
Sortino ratio Return per unit of downside risk	-0.42	1.67	-2.09
Omega ratio Gain probability vs. loss probability	0.95	1.19	-0.24
Calmar ratio Return relative to maximum drawdown	-0.45	1.54	-1.98
Martin ratio Return relative to average drawdown	-1.11	3.14	-4.25
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. LMND - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is -0.38, which is lower than the LMND Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of KIE and LMND, 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	LMND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	0.74	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.12	+0.59
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	-0.04	+0.32

Drawdowns

KIE vs. LMND - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, smaller than the maximum LMND drawdown of -94.23%. Use the drawdown chart below to compare losses from any high point for KIE and LMND.

Drawdown Indicators

	KIE	LMND	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-94.23%	+18.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-47.70%	+35.89%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-56.10%	+43.45%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-90.63%	+74.95%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	—	—
Current Drawdown Current decline from peak	-9.20%	-68.32%	+59.12%
Average Drawdown Average peak-to-trough decline	-12.05%	-73.08%	+61.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	23.36%	-18.60%

Volatility

KIE vs. LMND - Volatility Comparison

The current volatility for SPDR S&P Insurance ETF (KIE) is 4.41%, while Lemonade, Inc. (LMND) has a volatility of 15.08%. This indicates that KIE experiences smaller price fluctuations and is considered to be less risky than LMND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIE	LMND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	15.08%	-10.67%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	53.24%	-42.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	84.91%	-68.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	82.17%	-63.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	85.19%	-64.02%

Dividends

KIE vs. LMND - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.68%, while LMND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LMND Lemonade, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KIE and LMND in my portfolio?

KIE and LMND have a correlation of 0.41, 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 LMND?

LMND has higher volatility (15.08%) compared to KIE (4.41%). In terms of maximum drawdown, KIE dropped -75.30% vs LMND's -94.23%.

Which has better risk-adjusted returns?

LMND currently has the higher Sharpe Ratio (0.74 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.