KIE vs. SPYG

Last updated Jun 3, 2026

KIE (SPDR S&P Insurance ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - KIE is a Financials Equities fund tracking the S&P Insurance Select Industry Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, KIE returned 10.60%/yr vs 18.32%/yr for SPYG. A 0.62 correlation means they provide meaningful diversification when combined. KIE charges 0.35%/yr vs 0.04%/yr for SPYG.

Performance

KIE vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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 SPYG's 14.87% return. Over the past 10 years, KIE has underperformed SPYG with an annualized return of 10.60%, while SPYG has yielded a comparatively higher 18.32% 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%

SPYG

• 1D: -0.15%
• 1M: 8.31%
• YTD: 14.87%
• 6M: 14.92%
• 1Y: 36.19%
• 3Y*: 28.58%
• 5Y*: 16.62%
• 10Y*: 18.32%

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

KIE vs. SPYG - 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	14.87%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between KIE and SPYG is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.62

Over the past year, the correlation between KIE and SPYG has dropped to 0.10 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

KIE vs. SPYG - Sectors Allocation Comparison

Sectors	KIE	SPYG
Financial Services	97.5%	8.5%
Healthcare	2.5%	5.8%
Basic Materials	-	0.3%
Communication Services	-	16.8%
Consumer Cyclical	-	8.9%
Consumer Defensive	-	1.0%
Energy	-	0.1%
Industrials	-	5.0%
Real Estate	-	0.6%
Technology	-	51.9%
Utilities	-	1.2%

Return for Risk

KIE vs. SPYG — 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

SPYG

SPYG Risk / Return Rank: 63
SPYG Sharpe Ratio Rank: 68
SPYG Sortino Ratio Rank: 66
SPYG Omega Ratio Rank: 64
SPYG Calmar Ratio Rank: 54
SPYG Martin Ratio Rank: 62

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio Return per unit of total volatility	-0.38	2.27	-2.65
Sortino ratio Return per unit of downside risk	-0.42	3.07	-3.49
Omega ratio Gain probability vs. loss probability	0.95	1.39	-0.44
Calmar ratio Return relative to maximum drawdown	-0.45	2.71	-3.15
Martin ratio Return relative to average drawdown	-1.11	11.22	-12.33
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. SPYG - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is -0.38, which is lower than the SPYG Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of KIE and SPYG, 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	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.27	-2.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.79	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.89	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.36	-0.07

Drawdowns

KIE vs. SPYG - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, which is greater than SPYG's maximum drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for KIE and SPYG.

Drawdown Indicators

	KIE	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-67.63%	-7.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-13.76%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-22.14%	+9.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-32.67%	+16.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-32.67%	-11.64%
Current Drawdown Current decline from peak	-9.20%	-0.15%	-9.05%
Average Drawdown Average peak-to-trough decline	-12.05%	-24.33%	+12.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	3.32%	+1.44%

Volatility

KIE vs. SPYG - Volatility Comparison

SPDR S&P Insurance ETF (KIE) has a higher volatility of 4.41% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 4.15%. This indicates that KIE's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIE	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.15%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	12.43%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	16.04%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	21.17%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	20.65%	+0.52%

KIE vs. SPYG - Expense Ratio Comparison

KIE has a 0.35% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

KIE vs. SPYG - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.68%, more than SPYG's 0.46% yield.

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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.46%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both KIE and SPYG in my portfolio?

KIE and SPYG have a correlation of 0.10, 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 SPYG?

KIE has higher volatility (4.41%) compared to SPYG (4.15%). In terms of maximum drawdown, KIE dropped -75.30% vs SPYG's -67.63%.

Which ETF is better, KIE or SPYG?

On 10-year performance, SPYG leads with 18.32% vs 10.60% for KIE. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or SPYG?

Over the 10-year period, SPYG has performed better with a 18.32% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.35% for KIE.

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

KIE has the higher dividend yield at 1.68%, compared with 0.46% for SPYG.

What is the main difference between KIE and SPYG?

KIE is categorized as Financials Equities, while SPYG is S&P 500. KIE tracks S&P Insurance Select Industry Index, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.35% for KIE and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.27 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.