NBHC vs. KRE

Last updated Jun 3, 2026

NBHC (National Bank Holdings Corporation) is a stock, while KRE (SPDR S&P Regional Banking ETF) is Financials Equities fund tracking the S&P Regional Banks Select Industry Index. Over the past 10 years, NBHC returned 9.53%/yr vs 8.06%/yr for KRE. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

NBHC vs. KRE - Performance Comparison

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

Returns By Period

In the year-to-date period, NBHC achieves a 11.87% return, which is significantly higher than KRE's 7.92% return. Over the past 10 years, NBHC has outperformed KRE with an annualized return of 9.53%, while KRE has yielded a comparatively lower 8.06% annualized return.

NBHC

• 1D: 1.63%
• 1M: -2.04%
• YTD: 11.87%
• 6M: 13.37%
• 1Y: 20.15%
• 3Y*: 11.50%
• 5Y*: 3.80%
• 10Y*: 9.53%

KRE

• 1D: 1.80%
• 1M: -0.40%
• YTD: 7.92%
• 6M: 11.14%
• 1Y: 26.29%
• 3Y*: 21.60%
• 5Y*: 2.38%
• 10Y*: 8.06%

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

NBHC vs. KRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBHC National Bank Holdings Corporation	11.87%	-8.94%	19.11%	-8.81%	-2.16%	37.06%	-4.50%	16.56%	-3.44%	2.77%
KRE SPDR S&P Regional Banking ETF	7.92%	10.21%	18.58%	-7.61%	-15.08%	39.29%	-7.43%	27.44%	-18.81%	7.49%

Correlation

The correlation between NBHC and KRE 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	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 21, 2012	0.76

The correlation between NBHC and KRE has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

NBHC vs. KRE — Risk / Return Rank

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

NBHC

NBHC Risk / Return Rank: 63
NBHC Sharpe Ratio Rank: 65
NBHC Sortino Ratio Rank: 60
NBHC Omega Ratio Rank: 58
NBHC Calmar Ratio Rank: 66
NBHC Martin Ratio Rank: 66

KRE

KRE Risk / Return Rank: 32
KRE Sharpe Ratio Rank: 31
KRE Sortino Ratio Rank: 31
KRE Omega Ratio Rank: 32
KRE Calmar Ratio Rank: 34
KRE Martin Ratio Rank: 30

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.

NBHC vs. KRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank Holdings Corporation (NBHC) and SPDR S&P Regional Banking ETF (KRE). 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.

	NBHC	KRE	Difference
Sharpe ratio Return per unit of total volatility	0.79	1.14	-0.35
Sortino ratio Return per unit of downside risk	1.27	1.65	-0.38
Omega ratio Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio Return relative to maximum drawdown	1.36	1.70	-0.34
Martin ratio Return relative to average drawdown	3.06	4.42	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBHC vs. KRE - Sharpe Ratio Comparison

The current NBHC Sharpe Ratio is 0.79, which is lower than the KRE Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of NBHC and KRE, 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

	NBHC	KRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.14	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.08	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.25	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.13	+0.14

Drawdowns

NBHC vs. KRE - Drawdown Comparison

The maximum NBHC drawdown since its inception was -48.43%, smaller than the maximum KRE drawdown of -68.54%. Use the drawdown chart below to compare losses from any high point for NBHC and KRE.

Drawdown Indicators

	NBHC	KRE	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-68.54%	+20.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-14.95%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-32.94%	-28.20%	-4.74%
Max Drawdown (5Y) Largest decline over 5 years	-43.64%	-52.69%	+9.05%
Max Drawdown (10Y) Largest decline over 10 years	-48.43%	-54.92%	+6.49%
Current Drawdown Current decline from peak	-13.88%	-5.01%	-8.87%
Average Drawdown Average peak-to-trough decline	-13.33%	-21.91%	+8.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	5.74%	+0.63%

Volatility

NBHC vs. KRE - Volatility Comparison

The current volatility for National Bank Holdings Corporation (NBHC) is 5.26%, while SPDR S&P Regional Banking ETF (KRE) has a volatility of 5.76%. This indicates that NBHC experiences smaller price fluctuations and is considered to be less risky than KRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBHC	KRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	5.76%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	15.67%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	25.74%	23.25%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.67%	29.96%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	31.92%	-0.55%

Dividends

NBHC vs. KRE - Dividend Comparison

NBHC's dividend yield for the trailing twelve months is around 2.99%, more than KRE's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KRE SPDR S&P Regional Banking ETF	2.26%	2.45%	2.59%	2.99%	2.51%	1.97%	2.78%	2.21%	2.48%	1.40%	1.40%	1.80%
NBHC National Bank Holdings Corporation	2.99%	3.16%	2.60%	2.80%	2.23%	1.98%	2.44%	2.13%	1.75%	1.05%	0.69%	0.94%

Frequently Asked Questions

Can I hold both NBHC and KRE in my portfolio?

NBHC and KRE 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, NBHC or KRE?

KRE has higher volatility (5.76%) compared to NBHC (5.26%). In terms of maximum drawdown, NBHC dropped -48.43% vs KRE's -68.54%.

Which has better risk-adjusted returns?

KRE currently has the higher Sharpe Ratio (1.14 vs 0.79), 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.