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KRE vs. IAT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KRE vs. IAT

Last updated Jun 23, 2026

KRE (SPDR S&P Regional Banking ETF) and IAT (iShares U.S. Regional Banks ETF) are both Financials Equities funds - KRE tracks the S&P Regional Banks Select Industry Index while IAT tracks the Dow Jones U.S. Select Regional Banks Index. Both are passively managed. Over the past 10 years, KRE returned 9.42%/yr vs 9.56%/yr for IAT. With a 0.95 correlation, they move nearly in lockstep. KRE charges 0.35%/yr vs 0.42%/yr for IAT.

Performance

KRE vs. IAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Regional Banking ETF (KRE) and iShares U.S. Regional Banks ETF (IAT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KRE achieves a 12.38% return, which is significantly higher than IAT's 10.17% return. Both investments have delivered pretty close results over the past 10 years, with KRE having a 9.42% annualized return and IAT not far ahead at 9.56%.

KRE

1D
0.96%
1M
4.38%
YTD
12.38%
6M
8.46%
1Y
30.35%
3Y*
25.54%
5Y*
4.62%
10Y*
9.42%

IAT

1D
1.04%
1M
5.50%
YTD
10.17%
6M
7.40%
1Y
31.68%
3Y*
26.82%
5Y*
4.27%
10Y*
9.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KRE vs. IAT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KRE
SPDR S&P Regional Banking ETF		12.38%10.21%18.58%-7.61%-15.08%39.29%-7.43%27.44%-18.81%7.49%
IAT
iShares U.S. Regional Banks ETF		10.17%13.05%24.36%-8.53%-20.61%38.89%-7.60%31.38%-17.45%10.42%

Correlation

The correlation between KRE and IAT is 0.95, 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

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.95

The correlation between KRE and IAT has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

KRE vs. IAT - Sectors Allocation Comparison

Sectors
KRE
IAT

Financial Services

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

KRE
100.0%
IAT
100.0%

Basic Materials

KRE

-

IAT

-

Communication Services

KRE

-

IAT

-

Consumer Cyclical

KRE

-

IAT

-

Consumer Defensive

KRE

-

IAT

-

Energy

KRE

-

IAT

-

Healthcare

KRE

-

IAT

-

Industrials

KRE

-

IAT

-

Real Estate

KRE

-

IAT

-

Technology

KRE

-

IAT

-

Utilities

KRE

-

IAT

-

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SPDR S&P Regional Banking ETF

iShares U.S. Regional Banks ETF

Often compared with KRE:
KRE vs. XLFKRE vs. KBEKRE vs. KBWBKRE vs. DPSTKRE vs. VFHKRE vs. VOOKRE vs. NVDA
Often compared with IAT:
IAT vs. KCEIAT vs. MTBIAT vs. PKWIAT vs. XLFIAT vs. JPMIAT vs. SPYIAT vs. SWPPX

Return for Risk

KRE vs. IAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KRE
KRE Risk / Return Rank: 3838
Overall Rank
KRE Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
KRE Sortino Ratio Rank: 3737
Sortino Ratio Rank
KRE Omega Ratio Rank: 3838
Omega Ratio Rank
KRE Calmar Ratio Rank: 4242
Calmar Ratio Rank
KRE Martin Ratio Rank: 3636
Martin Ratio Rank
IAT
IAT Risk / Return Rank: 3939
Overall Rank
IAT Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IAT Sortino Ratio Rank: 4040
Sortino Ratio Rank
IAT Omega Ratio Rank: 4141
Omega Ratio Rank
IAT Calmar Ratio Rank: 3737
Calmar Ratio Rank
IAT Martin Ratio Rank: 3333
Martin Ratio Rank
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. IAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Regional Banking ETF (KRE) 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.

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.

KREIATDifference
Sharpe ratioReturn per unit of total volatility
1.31
1.45

-0.14

Sortino ratioReturn per unit of downside risk
1.86
1.99

-0.13

Omega ratioGain probability vs. loss probability

1.24

1.26

-0.02

Calmar ratioReturn relative to maximum drawdown

2.04

1.82

+0.22

Martin ratioReturn relative to average drawdown

5.29

4.63

+0.67

KRE vs. IAT - Sharpe Ratio Comparison

The current KRE Sharpe Ratio is 1.31, which is comparable to the IAT Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of KRE 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.

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Drawdowns

KRE vs. IAT - Drawdown Comparison

The maximum KRE drawdown since its inception was -68.54%, smaller than the maximum IAT drawdown of -77.22%. Use the drawdown chart below to compare losses from any high point for KRE and IAT.

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Drawdown Indicators

KREIATDifference

Max Drawdown

Largest peak-to-trough decline

-68.54%

-77.22%

+8.68%

Max Drawdown (1Y)

Largest decline over 1 year

-14.95%

-17.49%

+2.54%

Max Drawdown (3Y)

Largest decline over 3 years

-28.20%

-29.29%

+1.09%

Max Drawdown (5Y)

Largest decline over 5 years

-52.69%

-55.55%

+2.86%

Max Drawdown (10Y)

Largest decline over 10 years

-54.92%

-55.55%

+0.63%

Current Drawdown

Current decline from peak

-1.36%

-3.29%

+1.93%

Average Drawdown

Average peak-to-trough decline

-21.85%

-26.92%

+5.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.75%

6.87%

-1.12%

Volatility

KRE vs. IAT - Volatility Comparison

The current volatility for SPDR S&P Regional Banking ETF (KRE) is 6.20%, while iShares U.S. Regional Banks ETF (IAT) has a volatility of 6.69%. This indicates that KRE 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.

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Volatility by Period

KREIATDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.20%

6.69%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

15.98%

16.07%

-0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

23.33%

22.01%

+1.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.84%

28.95%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.93%

30.81%

+1.12%

KRE vs. IAT - Expense Ratio Comparison

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

Dividends

KRE vs. IAT - Dividend Comparison

KRE's dividend yield for the trailing twelve months is around 2.76%, more than IAT's 2.69% yield.

PositionTTM20252024202320222021202020192018201720162015
IAT
iShares U.S. Regional Banks ETF		2.69%2.94%2.95%3.56%3.12%1.88%2.87%2.49%2.48%1.55%1.52%1.78%
KRE
SPDR S&P Regional Banking ETF		2.22%2.45%2.59%2.99%2.51%1.97%2.78%2.21%2.48%1.40%1.40%1.80%

Frequently Asked Questions

With a correlation of 0.95, KRE and IAT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

IAT has higher volatility (6.69%) compared to KRE (6.20%). In terms of maximum drawdown, KRE dropped -68.54% vs IAT's -77.22%.

On 10-year performance, IAT leads with 9.56% vs 9.42% for KRE. On fees, KRE is cheaper at 0.35% per year. On volatility, KRE has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IAT has performed better with a 9.56% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

KRE has the higher dividend yield at 2.76%, compared with 2.69% for IAT.

KRE tracks S&P Regional Banks 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 KRE and 0.42% for IAT.

IAT currently has the higher Sharpe Ratio (1.45 vs 1.31), 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.

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