KBWD vs SPY
Invesco KBW High Dividend Yield Financial ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KBWD or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. KBWD is less concentrated, with 36.4% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KBWD | SPY |
|---|---|---|
| Expense Ratio | 5.39% | 0.09%Best |
| AUM | $407M | $804.7B |
| Dividend Yield | 13.79% | 0.98% |
| Holdings | 41 | 505 |
| YTD Return | -5.55% | +12.47%Best |
| 1Y Return | -4.11% | +17.51%Best |
| 3Y Return (annualized) | +3.02% | +21.18%Best |
| 5Y Return (annualized) | +0.67% | +12.88%Best |
| Volatility (annualized) | 20.9% | 14.1%Best |
| Max Drawdown | -65.2% | -34.1%Best |
| $10,000 over 5 years | $10,340 | $18,327Best |
| Top 10 Weight | 36.4%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Dec 2, 2010 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 2, 2010 to Sep 11, 2026 (15.8 years).
KBWD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
KBWD vs SPY Performance
Invesco KBW High Dividend Yield Financial ETF (KBWD) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KBWD returned -4.11% while SPY returned +17.51%. Year to date, KBWD is down 5.55% versus a gain of 12.47% for SPY.
Over three years, KBWD compounded at +3.02% per year against +21.18% for SPY; over five years the annualized figures are +0.67% and +12.88% respectively. Across the full 16-year window we track, SPY has the edge at +12.83% annualized vs -0.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KBWD has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 14.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -65.2% for KBWD and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
KBWD charges 5.39% per year while SPY charges 0.09%. On a $10,000 position that is $539 vs $9 annually, a gap of $530 per year that compounds over a long holding period. On income, KBWD currently yields 13.79% against 0.98% for SPY.
Holdings Overlap
3.1% of KBWD's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings KBWD also owns.
KBWD and SPY share little of their money.
2 positions in common, counted across the 38 positions we hold weights for in KBWD and 504 in SPY, against full books of 41 and 505.
What only one of them owns
Measured across the 38 and 504 positions we hold weights for.
SPY holds 492 positions KBWD does not, 99.4% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
You are not choosing between two funds in isolation.
Whichever of KBWD and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KBWD or SPY?
KBWD has an expense ratio of 5.39% while SPY charges 0.09%. SPY is the cheaper option, by $530 a year on a $10,000 investment.
Which performed better, KBWD or SPY?
Over the past year KBWD returned -4.11% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), KBWD annualized -0.45% vs +12.83% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KBWD or SPY?
KBWD has been the more volatile fund at 20.9% annualized versus 14.1% for SPY. Worst drawdown: KBWD -65.2% vs SPY -34.1%.
Should I hold both KBWD and SPY?
KBWD and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between KBWD and SPY?
3.1% of KBWD's money is in holdings SPY also owns. 0.1% of SPY's is in holdings KBWD also owns. They hold 2 positions in common, counted across the 38 positions we hold weights for in KBWD and 504 in SPY.
Which pays a higher dividend, KBWD or SPY?
KBWD yields 13.79% while SPY yields 0.98%, so KBWD currently pays the higher dividend yield.
Is SPY better than KBWD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. KBWD is less concentrated, with 36.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.