KWT vs. PBEU

Last updated Aug 5, 2026

KWT (iShares MSCI Kuwait ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both Financials Equities funds - KWT tracks the MSCI All Kuwait Select Size Liquidity Capped Index while PBEU tracks the BITA European Banks Index. Both are passively managed. Their 0.34 correlation means their historical movements had little consistent relationship. KWT charges 0.74%/yr vs 0.13%/yr for PBEU.

Performance

KWT vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWT achieves a -1.11% return, which is significantly lower than PBEU's 24.05% return.

KWT

• 1D: 0.37%
• 1M: 1.54%
• 6M: 0.83%
• YTD: -1.11%
• 1Y: 1.59%
• 3Y*: 9.43%
• 5Y*: 8.16%
• 10Y*: —
• ALL TIME*: 11.86%

PBEU

• 1D: 0.28%
• 1M: 7.57%
• 6M: 13.88%
• YTD: 24.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KWT iShares MSCI Kuwait ETF	$420.28K	$307.57K	$205.85K
PBEU Portfolio Building Block European Banks Index ETF	$1.21M	$1.55M	$5.52M

KWT vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
KWT iShares MSCI Kuwait ETF	-1.11%	0.77%
PBEU Portfolio Building Block European Banks Index ETF	24.05%	11.42%

Correlation

The correlation between KWT and PBEU is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.34

Return for Risk

KWT vs. PBEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KWT

KWT Risk / Return Rank: 12
KWT Sharpe Ratio Rank: 12
KWT Sortino Ratio Rank: 12
KWT Omega Ratio Rank: 12
KWT Calmar Ratio Rank: 12
KWT Martin Ratio Rank: 12

PBEU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KWT vs. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) and Portfolio Building Block European Banks Index ETF (PBEU). 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.

	KWT	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	0.12	—	—
Sortino ratio: Return per unit of downside risk	0.26	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	0.14	—	—
Martin ratio: Return relative to average drawdown	0.29	—	—

Drawdowns

KWT vs. PBEU - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for KWT and PBEU.

Drawdown Indicators

	KWT	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-17.26%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	—	—
Current Drawdown Current decline from peak	-5.89%	0.00%	-5.89%
Average Drawdown Average peak-to-trough decline	-7.29%	-3.50%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	—	—

Volatility

Volatility by Period

	KWT	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	27.23%	-13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	27.23%	-13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	27.23%	-13.36%

KWT vs. PBEU - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

KWT vs. PBEU - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.57%, more than PBEU's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	5.57%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KWT and PBEU in my portfolio?

KWT and PBEU have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWT or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWT or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.74% for KWT.

Which ETF pays a higher dividend yield, KWT or PBEU?

KWT has the higher dividend yield at 5.57%, compared with 0.01% for PBEU.

What is the main difference between KWT and PBEU?

KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while PBEU tracks BITA European Banks Index. They also come from different issuers: iShares and Portfolio Building Block. Their fees differ too: 0.74% for KWT and 0.13% for PBEU.