PBEU vs. KBWB

Last updated Jun 23, 2026

PBEU (Portfolio Building Block European Banks Index ETF) and KBWB (Invesco KBW Bank ETF) are both Financials Equities funds - PBEU tracks the BITA European Banks Index while KBWB tracks the KBW Nasdaq Bank Index. Both are passively managed. A 0.61 correlation means they provide meaningful diversification when combined. PBEU charges 0.13%/yr vs 0.35%/yr for KBWB.

Performance

PBEU vs. KBWB - Performance Comparison

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

Returns By Period

In the year-to-date period, PBEU achieves a 15.27% return, which is significantly higher than KBWB's 12.18% return.

PBEU

• 1D: 0.88%
• 1M: 8.76%
• YTD: 15.27%
• 6M: 16.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KBWB

• 1D: 1.42%
• 1M: 8.59%
• YTD: 12.18%
• 6M: 10.15%
• 1Y: 41.92%
• 3Y*: 36.76%
• 5Y*: 11.16%
• 10Y*: 13.99%

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

PBEU vs. KBWB - Yearly Performance Comparison

	2026 (YTD)	2025
PBEU Portfolio Building Block European Banks Index ETF	15.27%	11.42%
KBWB Invesco KBW Bank ETF	12.18%	10.21%

Correlation

The correlation between PBEU and KBWB is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.61

Return for Risk

PBEU vs. KBWB — Risk / Return Rank

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

PBEU

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

KBWB

KBWB Risk / Return Rank: 58
KBWB Sharpe Ratio Rank: 66
KBWB Sortino Ratio Rank: 59
KBWB Omega Ratio Rank: 61
KBWB Calmar Ratio Rank: 53
KBWB Martin Ratio Rank: 49

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.

PBEU vs. KBWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block European Banks Index ETF (PBEU) and Invesco KBW Bank ETF (KBWB). 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.

	PBEU	KBWB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.08	—
Sortino ratio: Return per unit of downside risk	—	2.69	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	2.57	—
Martin ratio: Return relative to average drawdown	—	8.09	—

Drawdowns

PBEU vs. KBWB - Drawdown Comparison

The maximum PBEU drawdown since its inception was -17.26%, smaller than the maximum KBWB drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for PBEU and KBWB.

Drawdown Indicators

	PBEU	KBWB	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	-50.27%	+33.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.38%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-25.43%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-49.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.27%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.96%	-11.70%	+7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.20%	—

Volatility

Volatility by Period

	PBEU	KBWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.64%	20.30%	+7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.64%	26.55%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.64%	29.21%	-1.57%

PBEU vs. KBWB - Expense Ratio Comparison

PBEU has a 0.13% expense ratio, which is lower than KBWB's 0.35% expense ratio.

Dividends

PBEU vs. KBWB - Dividend Comparison

PBEU's dividend yield for the trailing twelve months is around 0.01%, less than KBWB's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	2.43%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBEU and KBWB in my portfolio?

PBEU and KBWB have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBEU or KBWB?

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, PBEU or KBWB?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.35% for KBWB.

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

KBWB has the higher dividend yield at 2.43%, compared with 0.01% for PBEU.

What is the main difference between PBEU and KBWB?

PBEU tracks BITA European Banks Index, while KBWB tracks KBW Nasdaq Bank Index. They also come from different issuers: Portfolio Building Block and Invesco. Their fees differ too: 0.13% for PBEU and 0.35% for KBWB.