KWT vs. SPY

Last updated Jun 3, 2026

KWT (iShares MSCI Kuwait ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - KWT is a Financials Equities fund tracking the MSCI All Kuwait Select Size Liquidity Capped Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, KWT returned 9.40%/yr vs 14.20%/yr for SPY. At a 0.41 correlation, their price movements are largely independent. KWT charges 0.74%/yr vs 0.09%/yr for SPY.

Performance

KWT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWT achieves a -0.71% return, which is significantly lower than SPY's 11.69% return.

KWT

• 1D: 0.24%
• 1M: -1.69%
• YTD: -0.71%
• 6M: 0.34%
• 1Y: 6.38%
• 3Y*: 10.83%
• 5Y*: 9.40%
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

KWT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	-0.71%	25.38%	11.29%	-4.71%	5.16%	30.73%	9.07%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	9.15%

Correlation

The correlation between KWT and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.41

KWT vs. SPY - Sectors Allocation Comparison

Sectors	KWT	SPY
Financial Services	64.4%	11.8%
Real Estate	11.0%	1.9%
Industrials	10.8%	7.8%
Communication Services	6.3%	11.3%
Consumer Defensive	2.7%	4.8%
Consumer Cyclical	2.2%	10.3%
Basic Materials	1.6%	1.8%
Utilities	1.0%	2.4%
Energy	-	3.6%
Healthcare	-	8.4%
Technology	-	35.9%

Return for Risk

KWT vs. SPY — Risk / Return Rank

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

KWT

KWT Risk / Return Rank: 16
KWT Sharpe Ratio Rank: 16
KWT Sortino Ratio Rank: 16
KWT Omega Ratio Rank: 17
KWT Calmar Ratio Rank: 17
KWT Martin Ratio Rank: 17

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

KWT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) and State Street SPDR S&P 500 ETF (SPY). 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.

	KWT	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.46	2.52	-2.06
Sortino ratio Return per unit of downside risk	0.74	3.42	-2.67
Omega ratio Gain probability vs. loss probability	1.10	1.46	-0.36
Calmar ratio Return relative to maximum drawdown	0.71	3.42	-2.71
Martin ratio Return relative to average drawdown	1.69	15.93	-14.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KWT vs. SPY - Sharpe Ratio Comparison

The current KWT Sharpe Ratio is 0.46, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of KWT and SPY, 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

	KWT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	2.52	-2.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.84	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.59	+0.32

Drawdowns

KWT vs. SPY - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KWT and SPY.

Drawdown Indicators

	KWT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-55.19%	+30.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-8.88%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-18.76%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-24.50%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-5.51%	0.00%	-5.51%
Average Drawdown Average peak-to-trough decline	-7.31%	-9.05%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	1.91%	+2.92%

Volatility

KWT vs. SPY - Volatility Comparison

iShares MSCI Kuwait ETF (KWT) has a higher volatility of 3.20% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that KWT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	2.75%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	8.89%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	11.81%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.61%	17.05%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.93%	17.94%	-4.01%

KWT vs. SPY - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

KWT vs. SPY - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.44%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KWT iShares MSCI Kuwait ETF	5.44%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KWT and SPY in my portfolio?

KWT and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWT or SPY?

KWT has higher volatility (3.20%) compared to SPY (2.75%). In terms of maximum drawdown, KWT dropped -24.37% vs SPY's -55.19%.

Which ETF is better, KWT or SPY?

On 5-year performance, SPY leads with 14.20% vs 9.40% for KWT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWT or SPY?

Over the 5-year period, SPY has performed better with a 14.20% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.74% for KWT.

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

KWT has the higher dividend yield at 5.44%, compared with 0.97% for SPY.

What is the main difference between KWT and SPY?

KWT is categorized as Financials Equities, while SPY is S&P 500. KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.74% for KWT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 0.46), 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.