PRVT vs. KBWP

Last updated Jul 10, 2026

PRVT (Tema Listed Private Managers ETF) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds. PRVT is actively managed, while KBWP is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. PRVT charges 0.75%/yr vs 0.35%/yr for KBWP.

Performance

PRVT vs. KBWP - Performance Comparison

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

Returns By Period

PRVT

• 1D: 2.08%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KBWP

• 1D: -0.91%
• 1M: 10.84%
• 6M: 5.59%
• YTD: 4.85%
• 1Y: 13.00%
• 3Y*: 19.75%
• 5Y*: 13.86%
• 10Y*: 12.57%

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

PRVT vs. KBWP - Yearly Performance Comparison

	2026 (YTD)
PRVT Tema Listed Private Managers ETF	1.57%
KBWP Invesco KBW Property & Casualty Insurance ETF	-1.47%

Correlation

The correlation between PRVT and KBWP is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 6, 2026	0.80

Return for Risk

PRVT vs. KBWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

KBWP

KBWP Risk / Return Rank: 27
KBWP Sharpe Ratio Rank: 25
KBWP Sortino Ratio Rank: 25
KBWP Omega Ratio Rank: 24
KBWP Calmar Ratio Rank: 33
KBWP Martin Ratio Rank: 28

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.

PRVT vs. KBWP - Risk-Adjusted Trends Comparison

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

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	KBWP	Difference
Sharpe ratio: Return per unit of total volatility	—	0.77	—
Sortino ratio: Return per unit of downside risk	—	1.18	—
Omega ratio: Gain probability vs. loss probability	—	1.14	—
Calmar ratio: Return relative to maximum drawdown	—	1.37	—
Martin ratio: Return relative to average drawdown	—	3.11	—

Drawdowns

PRVT vs. KBWP - Drawdown Comparison

The maximum PRVT drawdown since its inception was -2.95%, smaller than the maximum KBWP drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for PRVT and KBWP.

Drawdown Indicators

	PRVT	KBWP	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-39.76%	+36.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.76%	—
Current Drawdown Current decline from peak	-0.93%	-1.81%	+0.88%
Average Drawdown Average peak-to-trough decline	-0.97%	-4.36%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.19%	—

Volatility

Volatility by Period

	PRVT	KBWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	39.67%	16.98%	+22.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	18.60%	+21.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.67%	20.75%	+18.92%

PRVT vs. KBWP - Expense Ratio Comparison

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

Dividends

PRVT vs. KBWP - Dividend Comparison

PRVT has not paid dividends to shareholders, while KBWP's dividend yield for the trailing twelve months is around 1.87%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWP Invesco KBW Property & Casualty Insurance ETF	1.87%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%
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 KBWP in my portfolio?

PRVT and KBWP have a correlation of 0.80, 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 KBWP?

On fees, KBWP 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 KBWP?

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

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

KBWP has the higher dividend yield at 1.87%, compared with 0.00% for PRVT.

What is the main difference between PRVT and KBWP?

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