PEX vs. KBWP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Global Listed Private Equity ETF (PEX) and Invesco KBW Property & Casualty Insurance ETF (KBWP).

PEX and KBWP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PEX is a passively managed fund by ProShares that tracks the performance of the LPX Direct Listed Private Equity Index. It was launched on Feb 26, 2013. KBWP is a passively managed fund by Invesco that tracks the performance of the KBW Nasdaq Property & Casualty (TR). It was launched on Dec 2, 2010. Both PEX and KBWP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PEX vs. KBWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

PEX vs. KBWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEX ProShares Global Listed Private Equity ETF	-13.96%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%
KBWP Invesco KBW Property & Casualty Insurance ETF	-5.76%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%

Returns By Period

In the year-to-date period, PEX achieves a -13.96% return, which is significantly lower than KBWP's -5.76% return. Over the past 10 years, PEX has underperformed KBWP with an annualized return of 4.38%, while KBWP has yielded a comparatively higher 11.51% annualized return.

PEX

• 1D: 2.67%
• 1M: -6.84%
• YTD: -13.96%
• 6M: -15.90%
• 1Y: -12.72%
• 3Y*: 4.51%
• 5Y*: 0.04%
• 10Y*: 4.38%

KBWP

• 1D: 0.13%
• 1M: -5.12%
• YTD: -5.76%
• 6M: -2.54%
• 1Y: -2.65%
• 3Y*: 14.71%
• 5Y*: 11.89%
• 10Y*: 11.51%

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

PEX vs. KBWP - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than KBWP's 0.35% expense ratio.

PEX

ProShares Global Listed Private Equity ETF

KBWP

Invesco KBW Property & Casualty Insurance ETF

Return for Risk

PEX vs. KBWP — Risk / Return Rank

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

PEX

PEX Risk / Return Rank: 2
PEX Sharpe Ratio Rank: 2
PEX Sortino Ratio Rank: 2
PEX Omega Ratio Rank: 2
PEX Calmar Ratio Rank: 3
PEX Martin Ratio Rank: 2

KBWP

KBWP Risk / Return Rank: 9
KBWP Sharpe Ratio Rank: 9
KBWP Sortino Ratio Rank: 9
KBWP Omega Ratio Rank: 9
KBWP Calmar Ratio Rank: 10
KBWP Martin Ratio Rank: 9

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.

PEX vs. KBWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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.

	PEX	KBWP	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-0.14	-0.54
Sortino ratio Return per unit of downside risk	-0.87	-0.06	-0.81
Omega ratio Gain probability vs. loss probability	0.89	0.99	-0.10
Calmar ratio Return relative to maximum drawdown	-0.54	-0.14	-0.40
Martin ratio Return relative to average drawdown	-1.39	-0.37	-1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEX vs. KBWP - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.68, which is lower than the KBWP Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of PEX and KBWP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PEX	KBWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.14	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.65	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.56	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.71	-0.46

Correlation

The correlation between PEX and KBWP is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PEX vs. KBWP - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 13.04%, more than KBWP's 1.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEX ProShares Global Listed Private Equity ETF	13.04%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%
KBWP Invesco KBW Property & Casualty Insurance ETF	1.97%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

Drawdowns

PEX vs. KBWP - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for PEX and KBWP.

Drawdown Indicators

	PEX	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-39.76%	-9.41%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-11.59%	-13.13%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-17.00%	-19.58%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	-39.76%	-9.41%
Current Drawdown Current decline from peak	-22.24%	-6.54%	-15.70%
Average Drawdown Average peak-to-trough decline	-8.08%	-4.35%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.64%	4.48%	+5.16%

Volatility

PEX vs. KBWP - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 6.62% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 4.31%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	4.31%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	11.79%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	19.27%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	18.49%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	20.65%	-1.27%