WAL vs. KRE

Last updated Jun 4, 2026

WAL (Western Alliance Bancorporation) is a stock, while KRE (SPDR S&P Regional Banking ETF) is Financials Equities fund tracking the S&P Regional Banks Select Industry Index. Over the past 10 years, WAL returned 9.17%/yr vs 7.80%/yr for KRE. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

WAL vs. KRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Alliance Bancorporation (WAL) and SPDR S&P Regional Banking ETF (KRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAL achieves a -6.57% return, which is significantly lower than KRE's 5.35% return. Over the past 10 years, WAL has outperformed KRE with an annualized return of 9.17%, while KRE has yielded a comparatively lower 7.80% annualized return.

WAL

• 1D: -3.05%
• 1M: -2.08%
• YTD: -6.57%
• 6M: -7.49%
• 1Y: 8.33%
• 3Y*: 29.77%
• 5Y*: -3.29%
• 10Y*: 9.17%

KRE

• 1D: -2.39%
• 1M: -1.61%
• YTD: 5.35%
• 6M: 6.27%
• 1Y: 21.36%
• 3Y*: 20.63%
• 5Y*: 1.92%
• 10Y*: 7.80%

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

WAL vs. KRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAL Western Alliance Bancorporation	-6.57%	2.55%	29.67%	14.12%	-43.68%	81.72%	7.77%	45.90%	-30.25%	16.24%
KRE SPDR S&P Regional Banking ETF	5.35%	10.21%	18.58%	-7.61%	-15.08%	39.29%	-7.43%	27.44%	-18.81%	7.49%

Correlation

The correlation between WAL and KRE is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.79

The correlation between WAL and KRE has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

WAL vs. KRE — Risk / Return Rank

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

WAL

WAL Risk / Return Rank: 46
WAL Sharpe Ratio Rank: 49
WAL Sortino Ratio Rank: 42
WAL Omega Ratio Rank: 43
WAL Calmar Ratio Rank: 47
WAL Martin Ratio Rank: 48

KRE

KRE Risk / Return Rank: 26
KRE Sharpe Ratio Rank: 25
KRE Sortino Ratio Rank: 25
KRE Omega Ratio Rank: 26
KRE Calmar Ratio Rank: 29
KRE Martin Ratio Rank: 26

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.

WAL vs. KRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Alliance Bancorporation (WAL) and SPDR S&P Regional Banking ETF (KRE). 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.

	WAL	KRE	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.92	-0.70
Sortino ratio Return per unit of downside risk	0.54	1.39	-0.85
Omega ratio Gain probability vs. loss probability	1.07	1.18	-0.11
Calmar ratio Return relative to maximum drawdown	0.28	1.44	-1.16
Martin ratio Return relative to average drawdown	0.66	3.72	-3.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAL vs. KRE - Sharpe Ratio Comparison

The current WAL Sharpe Ratio is 0.22, which is lower than the KRE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of WAL and KRE, 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

	WAL	KRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.92	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.06	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.24	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.13	-0.02

Drawdowns

WAL vs. KRE - Drawdown Comparison

The maximum WAL drawdown since its inception was -92.14%, which is greater than KRE's maximum drawdown of -68.54%. Use the drawdown chart below to compare losses from any high point for WAL and KRE.

Drawdown Indicators

	WAL	KRE	Difference
Max Drawdown Largest peak-to-trough decline	-92.14%	-68.54%	-23.60%
Max Drawdown (1Y) Largest decline over 1 year	-30.26%	-14.95%	-15.31%
Max Drawdown (3Y) Largest decline over 3 years	-35.98%	-28.20%	-7.78%
Max Drawdown (5Y) Largest decline over 5 years	-84.79%	-52.69%	-32.10%
Max Drawdown (10Y) Largest decline over 10 years	-84.79%	-54.92%	-29.87%
Current Drawdown Current decline from peak	-29.78%	-7.27%	-22.51%
Average Drawdown Average peak-to-trough decline	-38.51%	-21.90%	-16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.73%	5.75%	+6.98%

Volatility

WAL vs. KRE - Volatility Comparison

Western Alliance Bancorporation (WAL) has a higher volatility of 10.54% compared to SPDR S&P Regional Banking ETF (KRE) at 6.14%. This indicates that WAL's price experiences larger fluctuations and is considered to be riskier than KRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAL	KRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.54%	6.14%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	15.84%	+10.98%
Volatility (1Y) Calculated over the trailing 1-year period	37.52%	23.37%	+14.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.28%	29.98%	+30.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.30%	31.92%	+20.38%

Dividends

WAL vs. KRE - Dividend Comparison

WAL's dividend yield for the trailing twelve months is around 2.11%, less than KRE's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KRE SPDR S&P Regional Banking ETF	2.32%	2.45%	2.59%	2.99%	2.51%	1.97%	2.78%	2.21%	2.48%	1.40%	1.40%	1.80%
WAL Western Alliance Bancorporation	2.11%	1.86%	1.78%	2.20%	2.38%	1.11%	1.67%	0.88%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAL and KRE in my portfolio?

WAL and KRE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAL or KRE?

WAL has higher volatility (10.54%) compared to KRE (6.14%). In terms of maximum drawdown, WAL dropped -92.14% vs KRE's -68.54%.

Which has better risk-adjusted returns?

KRE currently has the higher Sharpe Ratio (0.92 vs 0.22), 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.