SIZE vs. KCE

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and KCE (SPDR S&P Capital Markets ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size 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, SIZE returned 11.76%/yr vs 16.37%/yr for KCE. A 0.79 correlation means they provide meaningful diversification when combined. SIZE charges 0.15%/yr vs 0.35%/yr for KCE.

Performance

SIZE vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) 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, SIZE achieves a 9.07% return, which is significantly higher than KCE's -1.07% return. Over the past 10 years, SIZE has underperformed KCE with an annualized return of 11.76%, while KCE has yielded a comparatively higher 16.37% annualized return.

SIZE

• 1D: -0.68%
• 1M: 3.62%
• YTD: 9.07%
• 6M: 8.29%
• 1Y: 18.11%
• 3Y*: 15.94%
• 5Y*: 8.07%
• 10Y*: 11.76%

KCE

• 1D: -1.85%
• 1M: -2.01%
• YTD: -1.07%
• 6M: 1.30%
• 1Y: 10.93%
• 3Y*: 23.82%
• 5Y*: 11.80%
• 10Y*: 16.37%

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

SIZE vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIZE iShares MSCI USA Size Factor ETF	9.07%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%
KCE SPDR S&P Capital Markets ETF	-1.07%	10.76%	37.51%	32.04%	-22.14%	40.05%	30.82%	27.13%	-15.63%	32.01%

Correlation

The correlation between SIZE and KCE is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.79

The correlation between SIZE and KCE shifts across timeframes, from 0.74 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

SIZE vs. KCE - Sectors Allocation Comparison

Sectors	SIZE	KCE
Technology	19.9%	1.5%
Industrials	16.1%	-
Financial Services	13.5%	98.5%
Consumer Cyclical	9.8%	-
Healthcare	9.6%	-
Real Estate	5.7%	-
Consumer Defensive	5.7%	-
Utilities	5.5%	-
Energy	5.2%	-
Basic Materials	4.8%	-
Communication Services	4.1%	-

Return for Risk

SIZE vs. KCE — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 44
SIZE Sharpe Ratio Rank: 40
SIZE Sortino Ratio Rank: 42
SIZE Omega Ratio Rank: 38
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

KCE

KCE Risk / Return Rank: 17
KCE Sharpe Ratio Rank: 17
KCE Sortino Ratio Rank: 17
KCE Omega Ratio Rank: 17
KCE Calmar Ratio Rank: 16
KCE Martin Ratio Rank: 17

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.

SIZE vs. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

	SIZE	KCE	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.56	+0.87
Sortino ratio: Return per unit of downside risk	2.12	0.87	+1.25
Omega ratio: Gain probability vs. loss probability	1.25	1.11	+0.14
Calmar ratio: Return relative to maximum drawdown	2.28	0.63	+1.65
Martin ratio: Return relative to average drawdown	8.88	1.65	+7.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. KCE - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is higher than the KCE Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of SIZE 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.

Sharpe Ratios by Period

	SIZE	KCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.56	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.52	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.71	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.25	+0.43

Drawdowns

SIZE vs. KCE - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum KCE drawdown of -74.00%. Use the drawdown chart below to compare losses from any high point for SIZE and KCE.

Drawdown Indicators

	SIZE	KCE	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-74.00%	+34.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-17.44%	+9.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-26.31%	+7.60%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-34.45%	+10.42%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-40.78%	+1.63%
Current Drawdown Current decline from peak	-0.68%	-8.15%	+7.47%
Average Drawdown Average peak-to-trough decline	-4.18%	-22.81%	+18.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	6.63%	-4.59%

Volatility

SIZE vs. KCE - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.17%, while SPDR S&P Capital Markets ETF (KCE) has a volatility of 4.24%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than KCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIZE	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.24%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	14.98%	-5.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	19.69%	-6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	23.01%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	23.10%	-4.41%

SIZE vs. KCE - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is lower than KCE's 0.35% expense ratio.

Dividends

SIZE vs. KCE - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, less than KCE's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KCE SPDR S&P Capital Markets ETF	1.75%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%
SIZE iShares MSCI USA Size Factor ETF	1.42%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%

Frequently Asked Questions

Can I hold both SIZE and KCE in my portfolio?

SIZE and KCE have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIZE or KCE?

KCE has higher volatility (4.24%) compared to SIZE (3.17%). In terms of maximum drawdown, SIZE dropped -39.15% vs KCE's -74.00%.

Which ETF is better, SIZE or KCE?

On 10-year performance, KCE leads with 16.37% vs 11.76% for SIZE. On fees, SIZE is cheaper at 0.15% per year. On volatility, SIZE has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or KCE?

Over the 10-year period, KCE has performed better with a 16.37% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or KCE?

SIZE is cheaper with a 0.15% expense ratio, compared with 0.35% for KCE.

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

KCE has the higher dividend yield at 1.75%, compared with 1.42% for SIZE.

What is the main difference between SIZE and KCE?

SIZE is categorized as Mid Cap Blend Equities, while KCE is Financials Equities. SIZE tracks MSCI USA Low Size Index, while KCE tracks S&P Capital Markets Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for SIZE and 0.35% for KCE.

Which has better risk-adjusted returns?

SIZE currently has the higher Sharpe Ratio (1.43 vs 0.56), 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.