PSP vs. KCE

Last updated Jun 25, 2026

PSP (Invesco Global Listed Private Equity ETF) and KCE (SPDR S&P Capital Markets ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index. Both are passively managed. Over the past 10 years, PSP returned 7.69%/yr vs 17.68%/yr for KCE. A 0.79 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 0.35%/yr for KCE.

Performance

PSP vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Listed Private Equity ETF (PSP) 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, PSP achieves a -17.22% return, which is significantly lower than KCE's 0.10% return. Over the past 10 years, PSP has underperformed KCE with an annualized return of 7.69%, while KCE has yielded a comparatively higher 17.68% annualized return.

PSP

• 1D: -1.13%
• 1M: -8.64%
• YTD: -17.22%
• 6M: -17.82%
• 1Y: -13.81%
• 3Y*: 8.85%
• 5Y*: -0.96%
• 10Y*: 7.69%

KCE

• 1D: -2.56%
• 1M: -1.89%
• YTD: 0.10%
• 6M: -1.97%
• 1Y: 7.16%
• 3Y*: 24.35%
• 5Y*: 11.63%
• 10Y*: 17.68%

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

PSP vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSP Invesco Global Listed Private Equity ETF	-17.22%	6.49%	17.42%	37.72%	-37.37%	27.30%	12.47%	35.73%	-15.12%	24.13%
KCE SPDR S&P Capital Markets ETF	0.10%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%

Correlation

The correlation between PSP and KCE is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 24, 2006	0.79

The correlation between PSP and KCE has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

PSP vs. KCE - Sectors Allocation Comparison

Sectors	PSP	KCE
Financial Services	90.9%	98.8%
Consumer Defensive	5.3%	-
Industrials	3.2%	-
Communication Services	1.0%	-
Healthcare	0.5%	-
Basic Materials	0.1%	-
Technology	0.1%	1.2%
Consumer Cyclical	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PSP vs. KCE — Risk / Return Rank

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

PSP

PSP Risk / Return Rank: 3
PSP Sharpe Ratio Rank: 4
PSP Sortino Ratio Rank: 4
PSP Omega Ratio Rank: 4
PSP Calmar Ratio Rank: 4
PSP Martin Ratio Rank: 2

KCE

KCE Risk / Return Rank: 14
KCE Sharpe Ratio Rank: 14
KCE Sortino Ratio Rank: 13
KCE Omega Ratio Rank: 13
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.

PSP vs. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.

	PSP	KCE	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	0.36	-1.05
Sortino ratio: Return per unit of downside risk	-0.84	0.62	-1.46
Omega ratio: Gain probability vs. loss probability	0.90	1.07	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.62	0.41	-1.03
Martin ratio: Return relative to average drawdown	-1.32	1.07	-2.38

PSP vs. KCE - Sharpe Ratio Comparison

The current PSP Sharpe Ratio is -0.69, which is lower than the KCE Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of PSP and KCE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSP vs. KCE - Drawdown Comparison

The maximum PSP drawdown since its inception was -85.40%, which is greater than KCE's maximum drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for PSP and KCE.

Drawdown Indicators

	PSP	KCE	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-74.00%	-11.40%
Max Drawdown (1Y) Largest decline over 1 year	-22.37%	-17.44%	-4.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.94%	-26.31%	+3.37%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-34.45%	-12.71%
Max Drawdown (10Y) Largest decline over 10 years	-47.16%	-40.78%	-6.38%
Current Drawdown Current decline from peak	-21.27%	-7.06%	-14.21%
Average Drawdown Average peak-to-trough decline	-30.65%	-22.75%	-7.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.51%	6.73%	+3.78%

Volatility

PSP vs. KCE - Volatility Comparison

Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 7.41% compared to SPDR S&P Capital Markets ETF (KCE) at 6.24%. This indicates that PSP's price experiences larger fluctuations and is considered to be riskier than KCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSP	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	6.24%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	15.52%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	20.12%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.89%	23.08%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	22.96%	-0.60%

PSP vs. KCE - Expense Ratio Comparison

PSP has a 1.44% expense ratio, which is higher than KCE's 0.35% expense ratio.

Dividends

PSP vs. KCE - Dividend Comparison

PSP's dividend yield for the trailing twelve months is around 6.58%, more than KCE's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.80%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
PSP Invesco Global Listed Private Equity ETF	6.58%	5.87%	8.62%	3.96%	2.88%	10.34%	4.66%	5.87%	6.81%	10.18%	4.12%	6.23%

Frequently Asked Questions

Can I hold both PSP and KCE in my portfolio?

PSP and KCE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSP or KCE?

PSP has higher volatility (7.41%) compared to KCE (6.24%). In terms of maximum drawdown, PSP dropped -85.40% vs KCE's -74.00%.

Which ETF is better, PSP or KCE?

On 10-year performance, KCE leads with 17.68% vs 7.69% for PSP. On fees, KCE is cheaper at 0.35% per year. On volatility, KCE has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSP or KCE?

Over the 10-year period, KCE has performed better with a 17.68% return vs 7.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSP or KCE?

KCE is cheaper with a 0.35% expense ratio, compared with 1.44% for PSP.

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

PSP has the higher dividend yield at 6.58%, compared with 1.80% for KCE.

What is the main difference between PSP and KCE?

PSP is categorized as Global Equities, while KCE is Financials Equities. PSP tracks Red Rocks Global Listed Private Equity Index, while KCE tracks S&P Capital Markets Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 1.44% for PSP and 0.35% for KCE.

Which has better risk-adjusted returns?

KCE currently has the higher Sharpe Ratio (0.36 vs -0.69), 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.