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SPYD vs. KBWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYD vs. KBWY

Last updated Jun 3, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while KBWY is a REIT fund tracking the KBW Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, SPYD returned 8.64%/yr vs 1.26%/yr for KBWY. A 0.77 correlation means they provide meaningful diversification when combined. SPYD charges 0.07%/yr vs 0.35%/yr for KBWY.

Performance

SPYD vs. KBWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street 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.

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Returns By Period

In the year-to-date period, SPYD achieves a 10.83% return, which is significantly lower than KBWY's 18.02% return. Over the past 10 years, SPYD has outperformed KBWY with an annualized return of 8.64%, while KBWY has yielded a comparatively lower 1.26% annualized return.

SPYD

1D
0.53%
1M
1.26%
YTD
10.83%
6M
12.06%
1Y
16.98%
3Y*
14.54%
5Y*
6.85%
10Y*
8.64%

KBWY

1D
0.93%
1M
4.96%
YTD
18.02%
6M
18.08%
1Y
24.22%
3Y*
9.40%
5Y*
2.26%
10Y*
1.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYD vs. KBWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		10.83%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		18.02%-5.30%-3.49%12.88%-19.00%31.22%-25.83%23.36%-18.20%0.81%

Correlation

The correlation between SPYD and KBWY is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2015

0.77

The correlation between SPYD and KBWY has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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State Street SPDR Portfolio S&P 500 High Dividend ETF

Invesco KBW Premium Yield Equity REIT ETF

Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. VOO
Often compared with KBWY:
KBWY vs. VNQKBWY vs. OKBWY vs. SRETKBWY vs. JEPIKBWY vs. SCHHKBWY vs. VOOKBWY vs. SPY

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: 4343
Overall Rank
SPYD Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPYD Omega Ratio Rank: 3838
Omega Ratio Rank
SPYD Calmar Ratio Rank: 4848
Calmar Ratio Rank
SPYD Martin Ratio Rank: 4343
Martin Ratio Rank
KBWY
KBWY Risk / Return Rank: 4242
Overall Rank
KBWY Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
KBWY Sortino Ratio Rank: 4242
Sortino Ratio Rank
KBWY Omega Ratio Rank: 3838
Omega Ratio Rank
KBWY Calmar Ratio Rank: 5252
Calmar Ratio Rank
KBWY Martin Ratio Rank: 3939
Martin Ratio Rank
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 State Street 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.

SPYDKBWYDifference

Sharpe ratio

Return per unit of total volatility

1.47

1.48

-0.01

Sortino ratio

Return per unit of downside risk

2.22

2.14

+0.08

Omega ratio

Gain probability vs. loss probability

1.25

1.25

0.00

Calmar ratio

Return relative to maximum drawdown

2.40

2.60

-0.20

Martin ratio

Return relative to average drawdown

6.98

6.20

+0.78

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 1.47, which is comparable to the KBWY Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SPYD and KBWY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPYDKBWYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.47

1.48

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.11

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.05

+0.39

Sharpe Ratio (All Time)

Calculated using the full available price history

0.47

0.20

+0.27

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.

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Drawdown Indicators

SPYDKBWYDifference

Max Drawdown

Largest peak-to-trough decline

-46.42%

-57.68%

+11.26%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-9.24%

+2.19%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

-29.93%

+13.80%

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

-0.67%

-10.10%

+9.43%

Average Drawdown

Average peak-to-trough decline

-6.17%

-14.18%

+8.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

3.88%

-1.46%

Volatility

SPYD vs. KBWY - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 2.65%, while Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a volatility of 4.92%. 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.

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Volatility by Period

SPYDKBWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

4.92%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

7.71%

11.59%

-3.88%

Volatility (1Y)

Calculated over the trailing 1-year period

11.61%

16.42%

-4.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.13%

21.61%

-5.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.78%

27.05%

-7.27%

SPYD vs. KBWY - Expense Ratio Comparison

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

Dividends

SPYD vs. KBWY - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.19%, less than KBWY's 8.58% yield.

PositionTTM20252024202320222021202020192018201720162015
KBWY
Invesco KBW Premium Yield Equity REIT ETF		8.58%9.79%8.74%7.90%7.41%5.05%10.35%6.19%8.64%7.25%6.55%5.72%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.19%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

SPYD and KBWY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWY has higher volatility (4.92%) compared to SPYD (2.65%). In terms of maximum drawdown, SPYD dropped -46.42% vs KBWY's -57.68%.

On 10-year performance, SPYD leads with 8.64% vs 1.26% for KBWY. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYD has performed better with a 8.64% return vs 1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.35% for KBWY.

KBWY has the higher dividend yield at 8.58%, compared with 4.19% for SPYD.

SPYD is categorized as S&P 500, while KBWY is REIT. SPYD tracks S&P 500 High Dividend Index, while KBWY tracks KBW Premium Yield Equity REIT Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.07% for SPYD and 0.35% for KBWY.

KBWY currently has the higher Sharpe Ratio (1.48 vs 1.47), 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.

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