KBWP vs SPY
Invesco KBW Property & Casualty Insurance ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KBWP or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. KBWP led over 5Y, SPY over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.3%.
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 | KBWP | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $289M | $814.4B |
| Dividend Yield | 1.82% | 1.01% |
| Holdings | 26 | 505 |
| YTD Return | +7.60% | +13.34%Best |
| 1Y Return | +9.90% | +19.97%Best |
| 3Y Return (annualized) | +19.54% | +21.20%Best |
| 5Y Return (annualized) | +13.39%Best | +12.81% |
| Volatility (annualized) | 15.6% | 14.1%Best |
| Max Drawdown | -40.3% | -34.1%Best |
| $10,000 over 5 years | $18,744Best | $18,270 |
| Top 10 Weight | 61.3% | 38.0%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid 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 4, 2026 (15.8 years).
KBWP 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 covers the 15.8 years both funds cover.
KBWP vs SPY Performance
Invesco KBW Property & Casualty Insurance ETF (KBWP) 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 KBWP returned +9.90% while SPY returned +19.97%. Year to date, KBWP is up 7.60% versus a gain of 13.34% for SPY.
Over three years, KBWP compounded at +19.54% per year against +21.20% for SPY; over five years the annualized figures are +13.39% and +12.81% respectively. Across the full 16-year window we track, SPY has the edge at +12.90% annualized vs +11.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KBWP has been the more volatile fund, with annualized monthly volatility of 15.6% 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 -40.3% for KBWP 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 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KBWP charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, KBWP currently yields 1.82% against 1.01% for SPY.
Holdings Overlap
83.7% of KBWP's money is in holdings SPY also owns. 1.3% of SPY's money is in holdings KBWP also owns.
Most of KBWP is already inside SPY. Owning both mostly buys the same companies twice.
16 positions in common, counted across the 25 positions we hold weights for in KBWP and 504 in SPY, against full books of 26 and 505.
What only one of them owns
Our book lists 481 positions for SPY that do not appear in our book for KBWP (98.2% of the fund), and 9 for KBWP that do not appear in SPY (16.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in KBWP | Weight in SPY | Difference |
|---|---|---|---|
| TRVThe Travelers Cos, Inc. | 8.82% | 0.12% | 8.70% |
| MMCMarsh & Mclennan Cos Inc Common Stock Usd 1 | 8.21% | 0.14% | 8.07% |
| AONAon Public Limited Company Cl. A | 7.72% | 0.11% | 7.61% |
| CBChubb Ltd Common Stock Usd 24.15 | 7.62% | 0.19% | 7.43% |
| PGRProgressive Corporation | 7.55% | 0.19% | 7.36% |
| WTW:LNWillis Towers Watson Plc Ordinary Shares | 4.64% | 0.05% | 4.59% |
| ALLAllstate Corp. | 4.35% | 0.10% | 4.25% |
| BROBrown & Brown Inc | 4.32% | 0.03% | 4.29% |
| AJGArthur J Gallagher & Co. | 4.21% | 0.10% | 4.11% |
| CINFCincinnati Financial Corp. | 3.89% | 0.04% | 3.85% |
83.7% of KBWP is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KBWP or SPY?
KBWP has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, KBWP or SPY?
Over the past year KBWP returned +9.90% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), KBWP annualized +11.97% vs +12.90% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KBWP or SPY?
KBWP has been the more volatile fund at 15.6% annualized versus 14.1% for SPY. Worst drawdown: KBWP -40.3% vs SPY -34.1%.
Should I hold both KBWP and SPY?
KBWP and SPY have a monthly-return correlation of 0.57, 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 KBWP and SPY?
83.7% of KBWP's money is in holdings SPY also owns. 1.3% of SPY's is in holdings KBWP also owns. They hold 16 positions in common, counted across the 25 positions we hold weights for in KBWP and 504 in SPY.
Which pays a higher dividend, KBWP or SPY?
KBWP yields 1.82% while SPY yields 1.01%, so KBWP currently pays the higher dividend yield.
Is SPY better than KBWP?
SPY has a lower expense ratio. KBWP led over 5Y, SPY over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 61.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.