PRVT vs. KBWB

Last updated Jul 30, 2026

PRVT (Tema Listed Private Managers ETF) and KBWB (Invesco KBW Bank ETF) are both Financials Equities funds. PRVT is actively managed, while KBWB is passively managed. Their 0.59 correlation means they have sometimes moved together and sometimes differently. PRVT charges 0.75%/yr vs 0.35%/yr for KBWB.

Performance

PRVT vs. KBWB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Listed Private Managers ETF (PRVT) and Invesco KBW Bank ETF (KBWB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PRVT

• 1D: -0.91%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

KBWB

• 1D: -2.63%
• 1M: 0.80%
• 6M: 12.26%
• YTD: 13.32%
• 1Y: 29.36%
• 3Y*: 30.95%
• 5Y*: 11.58%
• 10Y*: 13.30%
• ALL TIME*: 13.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KBWB Invesco KBW Bank ETF	$162.89M	$193.15M	$155.46M
PRVT Tema Listed Private Managers ETF	$8.30K	$7.65K	$7.65K

PRVT vs. KBWB - Yearly Performance Comparison

	2026 (YTD)
PRVT Tema Listed Private Managers ETF	6.54%
KBWB Invesco KBW Bank ETF	-0.01%

Correlation

The correlation between PRVT and KBWB is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 6, 2026	0.59

PRVT vs. KBWB - Sectors Allocation Comparison

Sectors	PRVT	KBWB
Real Estate	100.0%	-
Financial Services	98.6%	100.0%
Basic Materials	2.0%	-
Utilities	1.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

PRVT vs. KBWB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRVT

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

KBWB

KBWB Risk / Return Rank: 55
KBWB Sharpe Ratio Rank: 61
KBWB Sortino Ratio Rank: 57
KBWB Omega Ratio Rank: 59
KBWB Calmar Ratio Rank: 51
KBWB Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRVT vs. KBWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Listed Private Managers ETF (PRVT) 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.

	PRVT	KBWB	Difference
Sharpe ratio: Return per unit of total volatility	—	1.43	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.80	—
Martin ratio: Return relative to average drawdown	—	5.67	—

Drawdowns

PRVT vs. KBWB - Drawdown Comparison

The maximum PRVT drawdown since its inception was -4.07%, smaller than the maximum KBWB drawdown of -50.27%. Use the drawdown chart below to compare losses from any high point for PRVT and KBWB.

Drawdown Indicators

	PRVT	KBWB	Difference
Max Drawdown Largest peak-to-trough decline	-4.07%	-50.27%	+46.20%
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	-0.91%	-4.07%	+3.16%
Average Drawdown Average peak-to-trough decline	-1.08%	-11.63%	+10.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.20%	—

Volatility

Volatility by Period

	PRVT	KBWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.36%	20.56%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.36%	26.40%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.36%	29.06%	-2.70%

PRVT vs. KBWB - Expense Ratio Comparison

PRVT has a 0.75% expense ratio, which is higher than KBWB's 0.35% expense ratio.

Dividends

PRVT vs. KBWB - Dividend Comparison

PRVT has not paid dividends to shareholders, while KBWB's dividend yield for the trailing twelve months is around 1.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWB Invesco KBW Bank ETF	1.97%	2.04%	2.46%	3.20%	3.05%	2.13%	2.62%	2.38%	2.54%	1.35%	1.53%	1.53%
PRVT Tema Listed Private Managers ETF	0.00%	0.00%	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 PRVT and KBWB in my portfolio?

PRVT and KBWB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PRVT or KBWB?

On fees, KBWB is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PRVT or KBWB?

KBWB is cheaper with a 0.35% expense ratio, compared with 0.75% for PRVT.

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

KBWB has the higher dividend yield at 1.97%, compared with 0.00% for PRVT.

What is the main difference between PRVT and KBWB?

They also come from different issuers: Tema and Invesco. Their fees differ too: 0.75% for PRVT and 0.35% for KBWB.