KRE vs. CFR

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Regional Banking ETF (KRE) and Cullen/Frost Bankers, Inc. (CFR).

KRE is a passively managed fund by State Street that tracks the performance of the S&P Regional Banks Select Industry Index. It was launched on Jun 19, 2006.

Performance

KRE vs. CFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Regional Banking ETF (KRE) and Cullen/Frost Bankers, Inc. (CFR). The values are adjusted to include any dividend payments, if applicable.

KRE vs. CFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KRE SPDR S&P Regional Banking ETF	1.11%	10.21%	18.58%	-7.61%	-15.08%	39.29%	-7.43%	27.44%	-18.81%	7.49%
CFR Cullen/Frost Bankers, Inc.	9.01%	-2.76%	27.86%	-16.06%	8.66%	48.17%	-7.58%	14.60%	-4.84%	9.93%

Returns By Period

In the year-to-date period, KRE achieves a 1.11% return, which is significantly lower than CFR's 9.01% return. Over the past 10 years, KRE has underperformed CFR with an annualized return of 8.29%, while CFR has yielded a comparatively higher 12.92% annualized return.

KRE

• 1D: 2.42%
• 1M: -1.86%
• YTD: 1.11%
• 6M: 4.17%
• 1Y: 17.51%
• 3Y*: 17.48%
• 5Y*: 2.24%
• 10Y*: 8.29%

CFR

• 1D: 1.30%
• 1M: -0.82%
• YTD: 9.01%
• 6M: 9.77%
• 1Y: 12.88%
• 3Y*: 12.78%
• 5Y*: 7.59%
• 10Y*: 12.92%

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

Return for Risk

KRE vs. CFR — Risk / Return Rank

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

KRE

KRE Risk / Return Rank: 40
KRE Sharpe Ratio Rank: 36
KRE Sortino Ratio Rank: 37
KRE Omega Ratio Rank: 39
KRE Calmar Ratio Rank: 52
KRE Martin Ratio Rank: 36

CFR

CFR Risk / Return Rank: 57
CFR Sharpe Ratio Rank: 59
CFR Sortino Ratio Rank: 51
CFR Omega Ratio Rank: 53
CFR Calmar Ratio Rank: 61
CFR Martin Ratio Rank: 61

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.

KRE vs. CFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Regional Banking ETF (KRE) and Cullen/Frost Bankers, Inc. (CFR). 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.

	KRE	CFR	Difference
Sharpe ratio Return per unit of total volatility	0.63	0.47	+0.15
Sortino ratio Return per unit of downside risk	1.00	0.81	+0.19
Omega ratio Gain probability vs. loss probability	1.15	1.11	+0.03
Calmar ratio Return relative to maximum drawdown	1.23	0.88	+0.36
Martin ratio Return relative to average drawdown	3.07	1.93	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KRE vs. CFR - Sharpe Ratio Comparison

The current KRE Sharpe Ratio is 0.63, which is higher than the CFR Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of KRE and CFR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KRE	CFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.47	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.25	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.39	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.47	-0.34

Correlation

The correlation between KRE and CFR is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

KRE vs. CFR - Dividend Comparison

KRE's dividend yield for the trailing twelve months is around 2.42%, less than CFR's 2.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KRE SPDR S&P Regional Banking ETF	2.42%	2.45%	2.59%	2.99%	2.51%	1.97%	2.78%	2.21%	2.48%	1.40%	1.40%	1.80%
CFR Cullen/Frost Bankers, Inc.	2.92%	3.12%	2.79%	3.30%	2.42%	2.33%	3.27%	2.86%	2.93%	2.38%	2.44%	3.50%

Drawdowns

KRE vs. CFR - Drawdown Comparison

The maximum KRE drawdown since its inception was -68.54%, which is greater than CFR's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for KRE and CFR.

Drawdown Indicators

	KRE	CFR	Difference
Max Drawdown Largest peak-to-trough decline	-68.54%	-56.86%	-11.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-15.20%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-52.69%	-45.62%	-7.07%
Max Drawdown (10Y) Largest decline over 10 years	-54.92%	-56.86%	+1.94%
Current Drawdown Current decline from peak	-11.00%	-6.16%	-4.84%
Average Drawdown Average peak-to-trough decline	-22.05%	-11.86%	-10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	7.02%	-1.02%

Volatility

KRE vs. CFR - Volatility Comparison

SPDR S&P Regional Banking ETF (KRE) has a higher volatility of 5.28% compared to Cullen/Frost Bankers, Inc. (CFR) at 4.62%. This indicates that KRE's price experiences larger fluctuations and is considered to be riskier than CFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KRE	CFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.62%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	15.83%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	28.13%	27.45%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.07%	30.38%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.96%	33.45%	-1.49%