SPYD vs. KBWY

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Invesco KBW Premium Yield Equity REIT ETF (KBWY).

SPYD and KBWY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPYD is a passively managed fund by State Street that tracks the performance of the S&P 500 High Dividend Index. It was launched on Oct 21, 2015. KBWY is a passively managed fund by Invesco that tracks the performance of the KBW Premium Yield Equity REIT Index. It was launched on Dec 2, 2010. Both SPYD and KBWY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPYD vs. KBWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). The values are adjusted to include any dividend payments, if applicable.

SPYD vs. KBWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYD SPDR Portfolio S&P 500 High Dividend ETF	6.32%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%
KBWY Invesco KBW Premium Yield Equity REIT ETF	1.36%	-5.30%	-3.49%	12.88%	-19.00%	31.22%	-25.83%	23.36%	-18.20%	0.81%

Returns By Period

In the year-to-date period, SPYD achieves a 6.32% return, which is significantly higher than KBWY's 1.36% return. Over the past 10 years, SPYD has outperformed KBWY with an annualized return of 8.49%, while KBWY has yielded a comparatively lower 0.27% annualized return.

SPYD

• 1D: 0.91%
• 1M: -4.18%
• YTD: 6.32%
• 6M: 5.84%
• 1Y: 7.66%
• 3Y*: 11.19%
• 5Y*: 7.79%
• 10Y*: 8.49%

KBWY

• 1D: 1.46%
• 1M: -5.95%
• YTD: 1.36%
• 6M: 0.50%
• 1Y: 0.75%
• 3Y*: 2.80%
• 5Y*: -0.24%
• 10Y*: 0.27%

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

SPYD vs. KBWY - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than KBWY's 0.35% expense ratio.

KBWY

Invesco KBW Premium Yield Equity REIT ETF

SPYD

SPDR Portfolio S&P 500 High Dividend ETF

Return for Risk

SPYD vs. KBWY — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 30
SPYD Sharpe Ratio Rank: 29
SPYD Sortino Ratio Rank: 29
SPYD Omega Ratio Rank: 28
SPYD Calmar Ratio Rank: 32
SPYD Martin Ratio Rank: 32

KBWY

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

SPYD vs. KBWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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.

	SPYD	KBWY	Difference
Sharpe ratio Return per unit of total volatility	0.49	0.04	+0.45
Sortino ratio Return per unit of downside risk	0.79	0.19	+0.60
Omega ratio Gain probability vs. loss probability	1.10	1.02	+0.08
Calmar ratio Return relative to maximum drawdown	0.73	0.08	+0.65
Martin ratio Return relative to average drawdown	2.60	0.23	+2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYD vs. KBWY - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 0.49, which is higher than the KBWY Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of SPYD and KBWY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPYD	KBWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.04	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	-0.01	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.01	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.16	+0.30

Correlation

The correlation between SPYD and KBWY is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPYD vs. KBWY - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.37%, less than KBWY's 9.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYD SPDR Portfolio S&P 500 High Dividend ETF	4.37%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%
KBWY Invesco KBW Premium Yield Equity REIT ETF	9.87%	9.79%	8.74%	7.90%	7.41%	5.05%	10.35%	6.19%	8.64%	7.25%	6.55%	5.72%

Drawdowns

SPYD vs. KBWY - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, smaller than the maximum KBWY drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for SPYD and KBWY.

Drawdown Indicators

	SPYD	KBWY	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-57.68%	+11.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-13.71%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-32.29%	+10.04%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-57.68%	+11.26%
Current Drawdown Current decline from peak	-4.34%	-22.78%	+18.44%
Average Drawdown Average peak-to-trough decline	-6.24%	-14.17%	+7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	4.89%	-1.43%

Volatility

SPYD vs. KBWY - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 3.08%, while Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a volatility of 5.91%. This indicates that SPYD experiences smaller price fluctuations and is considered to be less risky than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	KBWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	5.91%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	11.75%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	19.26%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	21.58%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	27.04%	-7.24%