KBWP vs SPY
Invesco KBW Property & Casualty Insurance ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | KBWP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $270M | $789.1B | |
| Dividend Yield | 1.94% | 1.01% | |
| Holdings | 27 | 505 | |
| YTD Return | +7.66% | +13.68% | |
| 1Y Return | +14.26% | +21.53% | |
| 3Y Return (annualized) | +19.14% | +21.44% | |
| 5Y Return (annualized) | +12.99% | +13.18% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -40.3% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 2, 2010 | Jan 22, 1993 |
KBWP vs SPY Performance
Invesco KBW Property & Casualty Insurance ETF (KBWP) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year KBWP returned +14.26% while SPY returned +21.53%. Year to date, KBWP is up 7.66% versus a gain of 13.68% for SPY.
Over three years, KBWP compounded at +19.14% per year against +21.44% for SPY; over five years the annualized figures are +12.99% and +13.18% respectively. Across the full 16-year window we track, KBWP has the edge at +12.03% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KBWP has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.57. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.94% against 1.01% for SPY.
Holdings Overlap
KBWP and SPY share 16 holdings out of 511 unique holdings combined, representing a 1.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, KBWP or SPY?
Over the past year KBWP returned +14.26% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), KBWP annualized +12.03% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, KBWP or SPY?
KBWP has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: KBWP -40.3% vs SPY -56.5%.
Should I hold both KBWP and SPY?
KBWP and SPY have a monthly-return correlation of 0.57, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between KBWP and SPY?
KBWP and SPY share 16 common holdings with a 1.3% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, KBWP or SPY?
KBWP yields 1.94% while SPY yields 1.01%, so KBWP currently pays the higher dividend yield.
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