PSCF vs. KWT

Last updated Jun 4, 2026

PSCF (Invesco S&P SmallCap Financials ETF) and KWT (iShares MSCI Kuwait ETF) are both Financials Equities funds - PSCF tracks the S&P SmallCap 600 Financials Index while KWT tracks the MSCI All Kuwait Select Size Liquidity Capped Index. Both are passively managed. Over the past 5 years, PSCF returned 2.81%/yr vs 9.17%/yr for KWT. At a 0.30 correlation, their price movements are largely independent. PSCF charges 0.29%/yr vs 0.74%/yr for KWT.

Performance

PSCF vs. KWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Financials ETF (PSCF) and iShares MSCI Kuwait ETF (KWT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCF achieves a 4.89% return, which is significantly higher than KWT's -1.30% return.

PSCF

• 1D: -1.78%
• 1M: -2.06%
• YTD: 4.89%
• 6M: 5.56%
• 1Y: 16.72%
• 3Y*: 15.40%
• 5Y*: 2.81%
• 10Y*: 6.80%

KWT

• 1D: -0.59%
• 1M: -1.54%
• YTD: -1.30%
• 6M: -1.08%
• 1Y: 6.41%
• 3Y*: 10.61%
• 5Y*: 9.17%
• 10Y*: —

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

PSCF vs. KWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSCF Invesco S&P SmallCap Financials ETF	4.89%	6.19%	15.50%	6.02%	-19.34%	27.82%	21.52%
KWT iShares MSCI Kuwait ETF	-1.30%	25.38%	11.29%	-4.71%	5.16%	30.73%	9.07%

Correlation

The correlation between PSCF and KWT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.30

The correlation between PSCF and KWT shifts across timeframes, from 0.18 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

PSCF vs. KWT - Sectors Allocation Comparison

Sectors	PSCF	KWT
Financial Services	66.9%	64.4%
Real Estate	30.8%	11.0%
Technology	1.9%	-
Industrials	0.3%	10.8%
Basic Materials	-	1.6%
Communication Services	-	6.3%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	2.7%
Energy	-	-
Healthcare	-	-
Utilities	-	1.0%

Return for Risk

PSCF vs. KWT — Risk / Return Rank

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

PSCF

PSCF Risk / Return Rank: 29
PSCF Sharpe Ratio Rank: 27
PSCF Sortino Ratio Rank: 27
PSCF Omega Ratio Rank: 26
PSCF Calmar Ratio Rank: 34
PSCF Martin Ratio Rank: 31

KWT

KWT Risk / Return Rank: 16
KWT Sharpe Ratio Rank: 16
KWT Sortino Ratio Rank: 16
KWT Omega Ratio Rank: 16
KWT Calmar Ratio Rank: 16
KWT Martin Ratio Rank: 15

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.

PSCF vs. KWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Financials ETF (PSCF) and iShares MSCI Kuwait ETF (KWT). 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.

	PSCF	KWT	Difference
Sharpe ratio Return per unit of total volatility	0.97	0.47	+0.50
Sortino ratio Return per unit of downside risk	1.47	0.74	+0.73
Omega ratio Gain probability vs. loss probability	1.18	1.10	+0.08
Calmar ratio Return relative to maximum drawdown	1.69	0.56	+1.14
Martin ratio Return relative to average drawdown	4.50	1.33	+3.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCF vs. KWT - Sharpe Ratio Comparison

The current PSCF Sharpe Ratio is 0.97, which is higher than the KWT Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of PSCF and KWT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSCF	KWT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.47	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.68	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.90	-0.53

Drawdowns

PSCF vs. KWT - Drawdown Comparison

The maximum PSCF drawdown since its inception was -45.46%, which is greater than KWT's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for PSCF and KWT.

Drawdown Indicators

	PSCF	KWT	Difference
Max Drawdown Largest peak-to-trough decline	-45.46%	-24.37%	-21.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-11.54%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-24.34%	-15.72%	-8.62%
Max Drawdown (5Y) Largest decline over 5 years	-36.77%	-24.37%	-12.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.46%	—	—
Current Drawdown Current decline from peak	-4.29%	-6.07%	+1.78%
Average Drawdown Average peak-to-trough decline	-8.59%	-7.30%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	4.85%	-1.13%

Volatility

PSCF vs. KWT - Volatility Comparison

Invesco S&P SmallCap Financials ETF (PSCF) has a higher volatility of 4.63% compared to iShares MSCI Kuwait ETF (KWT) at 3.16%. This indicates that PSCF's price experiences larger fluctuations and is considered to be riskier than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCF	KWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	3.16%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	11.64%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.42%	13.84%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	13.61%	+8.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	13.93%	+10.86%

PSCF vs. KWT - Expense Ratio Comparison

PSCF has a 0.29% expense ratio, which is lower than KWT's 0.74% expense ratio.

Dividends

PSCF vs. KWT - Dividend Comparison

PSCF's dividend yield for the trailing twelve months is around 2.42%, less than KWT's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KWT iShares MSCI Kuwait ETF	5.47%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
PSCF Invesco S&P SmallCap Financials ETF	2.42%	2.09%	2.48%	3.32%	2.93%	1.83%	3.57%	4.27%	4.21%	2.26%	3.01%	2.37%

Frequently Asked Questions

Can I hold both PSCF and KWT in my portfolio?

PSCF and KWT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSCF or KWT?

PSCF has higher volatility (4.63%) compared to KWT (3.16%). In terms of maximum drawdown, PSCF dropped -45.46% vs KWT's -24.37%.

Which ETF is better, PSCF or KWT?

On 5-year performance, KWT leads with 9.17% vs 2.81% for PSCF. On fees, PSCF is cheaper at 0.29% per year. On volatility, KWT has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCF or KWT?

Over the 5-year period, KWT has performed better with a 9.17% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCF or KWT?

PSCF is cheaper with a 0.29% expense ratio, compared with 0.74% for KWT.

Which ETF pays a higher dividend yield, PSCF or KWT?

KWT has the higher dividend yield at 5.47%, compared with 2.42% for PSCF.

What is the main difference between PSCF and KWT?

PSCF tracks S&P SmallCap 600 Financials Index, while KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.29% for PSCF and 0.74% for KWT.

Which has better risk-adjusted returns?

PSCF currently has the higher Sharpe Ratio (0.96 vs 0.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.