PBEU vs. KCE

Last updated Jul 15, 2026

PBEU (Portfolio Building Block European Banks Index ETF) and KCE (SPDR S&P Capital Markets ETF) are both Financials Equities funds - PBEU tracks the BITA European Banks Index while KCE tracks the S&P Capital Markets Select Industry Index. Both are passively managed. At a 0.50 correlation, their price movements are largely independent. PBEU charges 0.13%/yr vs 0.35%/yr for KCE.

Performance

PBEU vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Portfolio Building Block European Banks Index ETF (PBEU) and SPDR S&P Capital Markets ETF (KCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBEU achieves a 16.27% return, which is significantly higher than KCE's 6.20% return.

PBEU

• 1D: 1.15%
• 1M: 6.00%
• 6M: 13.57%
• YTD: 16.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KCE

• 1D: 1.45%
• 1M: 2.45%
• 6M: 1.91%
• YTD: 6.20%
• 1Y: 6.09%
• 3Y*: 23.16%
• 5Y*: 13.37%
• 10Y*: 17.66%

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

PBEU vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025
PBEU Portfolio Building Block European Banks Index ETF	16.27%	11.42%
KCE SPDR S&P Capital Markets ETF	6.20%	6.71%

Correlation

The correlation between PBEU and KCE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.50

Return for Risk

PBEU vs. KCE — 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.

KCE

KCE Risk / Return Rank: 14
KCE Sharpe Ratio Rank: 15
KCE Sortino Ratio Rank: 14
KCE Omega Ratio Rank: 14
KCE Calmar Ratio Rank: 14
KCE Martin Ratio Rank: 14

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. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block European Banks Index ETF (PBEU) and SPDR S&P Capital Markets ETF (KCE). 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	KCE	Difference
Sharpe ratio: Return per unit of total volatility	—	0.30	—
Sortino ratio: Return per unit of downside risk	—	0.55	—
Omega ratio: Gain probability vs. loss probability	—	1.07	—
Calmar ratio: Return relative to maximum drawdown	—	0.35	—
Martin ratio: Return relative to average drawdown	—	0.89	—

Drawdowns

PBEU vs. KCE - Drawdown Comparison

The maximum PBEU drawdown since its inception was -17.26%, smaller than the maximum KCE drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for PBEU and KCE.

Drawdown Indicators

	PBEU	KCE	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	-74.00%	+56.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.44%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.78%	—
Current Drawdown Current decline from peak	-1.49%	-1.40%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.75%	-22.71%	+18.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.83%	—

Volatility

Volatility by Period

	PBEU	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.12%	20.49%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	23.13%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	22.85%	+4.27%

PBEU vs. KCE - Expense Ratio Comparison

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

Dividends

PBEU vs. KCE - Dividend Comparison

PBEU's dividend yield for the trailing twelve months is around 0.01%, less than KCE's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.70%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
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 KCE in my portfolio?

PBEU and KCE have a correlation of 0.50, 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 KCE?

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 KCE?

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

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

KCE has the higher dividend yield at 1.70%, compared with 0.01% for PBEU.

What is the main difference between PBEU and KCE?

PBEU tracks BITA European Banks Index, while KCE tracks S&P Capital Markets Select Industry Index. They also come from different issuers: Portfolio Building Block and State Street. Their fees differ too: 0.13% for PBEU and 0.35% for KCE.