KRE vs. WAL

Last updated Jun 4, 2026

KRE (SPDR S&P Regional Banking ETF) is Financials Equities fund tracking the S&P Regional Banks Select Industry Index, while WAL (Western Alliance Bancorporation) is a stock. Over the past 10 years, KRE returned 7.80%/yr vs 9.17%/yr for WAL. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

KRE vs. WAL - Performance Comparison

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

Returns By Period

In the year-to-date period, KRE achieves a 5.35% return, which is significantly higher than WAL's -6.57% return. Over the past 10 years, KRE has underperformed WAL with an annualized return of 7.80%, while WAL has yielded a comparatively higher 9.17% annualized return.

KRE

• 1D: -2.39%
• 1M: -1.61%
• YTD: 5.35%
• 6M: 6.27%
• 1Y: 21.36%
• 3Y*: 20.63%
• 5Y*: 1.92%
• 10Y*: 7.80%

WAL

• 1D: -3.05%
• 1M: -2.08%
• YTD: -6.57%
• 6M: -7.49%
• 1Y: 8.33%
• 3Y*: 29.77%
• 5Y*: -3.29%
• 10Y*: 9.17%

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

KRE vs. WAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KRE SPDR S&P Regional Banking ETF	5.35%	10.21%	18.58%	-7.61%	-15.08%	39.29%	-7.43%	27.44%	-18.81%	7.49%
WAL Western Alliance Bancorporation	-6.57%	2.55%	29.67%	14.12%	-43.68%	81.72%	7.77%	45.90%	-30.25%	16.24%

Correlation

The correlation between KRE and WAL is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.79

The correlation between KRE and WAL has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

KRE vs. WAL — Risk / Return Rank

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

KRE

KRE Risk / Return Rank: 26
KRE Sharpe Ratio Rank: 25
KRE Sortino Ratio Rank: 25
KRE Omega Ratio Rank: 26
KRE Calmar Ratio Rank: 29
KRE Martin Ratio Rank: 26

WAL

WAL Risk / Return Rank: 46
WAL Sharpe Ratio Rank: 49
WAL Sortino Ratio Rank: 42
WAL Omega Ratio Rank: 43
WAL Calmar Ratio Rank: 47
WAL Martin Ratio Rank: 48

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. WAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Regional Banking ETF (KRE) and Western Alliance Bancorporation (WAL). 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	WAL	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.22	+0.70
Sortino ratio Return per unit of downside risk	1.39	0.54	+0.85
Omega ratio Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio Return relative to maximum drawdown	1.44	0.28	+1.16
Martin ratio Return relative to average drawdown	3.72	0.66	+3.07
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. WAL - Sharpe Ratio Comparison

The current KRE Sharpe Ratio is 0.92, which is higher than the WAL Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of KRE and WAL, 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

	KRE	WAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.22	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	-0.05	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.18	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.11	+0.02

Drawdowns

KRE vs. WAL - Drawdown Comparison

The maximum KRE drawdown since its inception was -68.54%, smaller than the maximum WAL drawdown of -92.14%. Use the drawdown chart below to compare losses from any high point for KRE and WAL.

Drawdown Indicators

	KRE	WAL	Difference
Max Drawdown Largest peak-to-trough decline	-68.54%	-92.14%	+23.60%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-30.26%	+15.31%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-35.98%	+7.78%
Max Drawdown (5Y) Largest decline over 5 years	-52.69%	-84.79%	+32.10%
Max Drawdown (10Y) Largest decline over 10 years	-54.92%	-84.79%	+29.87%
Current Drawdown Current decline from peak	-7.27%	-29.78%	+22.51%
Average Drawdown Average peak-to-trough decline	-21.90%	-38.51%	+16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	12.73%	-6.98%

Volatility

KRE vs. WAL - Volatility Comparison

The current volatility for SPDR S&P Regional Banking ETF (KRE) is 6.14%, while Western Alliance Bancorporation (WAL) has a volatility of 10.54%. This indicates that KRE experiences smaller price fluctuations and is considered to be less risky than WAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KRE	WAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	10.54%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	26.82%	-10.98%
Volatility (1Y) Calculated over the trailing 1-year period	23.37%	37.52%	-14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.98%	60.28%	-30.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	52.30%	-20.38%

Dividends

KRE vs. WAL - Dividend Comparison

KRE's dividend yield for the trailing twelve months is around 2.32%, more than WAL's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KRE SPDR S&P Regional Banking ETF	2.32%	2.45%	2.59%	2.99%	2.51%	1.97%	2.78%	2.21%	2.48%	1.40%	1.40%	1.80%
WAL Western Alliance Bancorporation	2.11%	1.86%	1.78%	2.20%	2.38%	1.11%	1.67%	0.88%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KRE and WAL in my portfolio?

KRE and WAL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KRE or WAL?

WAL has higher volatility (10.54%) compared to KRE (6.14%). In terms of maximum drawdown, KRE dropped -68.54% vs WAL's -92.14%.

Which has better risk-adjusted returns?

KRE currently has the higher Sharpe Ratio (0.92 vs 0.22), 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.