KBWR vs SPY
Invesco KBW Regional Banking ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, KBWR or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. KBWR is less concentrated, with 29.9% 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 | KBWR | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $52M | $804.7B |
| Dividend Yield | 2.65% | 0.98% |
| Holdings | 52 | 505 |
| Volatility (annualized) | 27.1% | 13.9%Best |
| Max Drawdown | -52.9% | -34.1%Best |
| $10,000 over 14.3 years | $42,732 | $60,466Best |
| Top 10 Weight | 29.9%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Nov 1, 2011 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 202 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. KBWR has data through Feb 20, 2026 and SPY through Sep 10, 2026.
Volatility and max drawdown, and the $10,000 over 14.3 years row, are measured over the window both funds cover: Nov 1, 2011 to Feb 20, 2026 (14.3 years).
Risk: Volatility and Drawdowns
KBWR has been the more volatile fund, with annualized monthly volatility of 27.1% compared with 13.9% 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 -52.9% for KBWR 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 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
KBWR 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, KBWR currently yields 2.65% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 51 holdings in KBWR and 504 in SPY, totalling 100.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 308 days apart, KBWR as of Sep 30, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 51 positions we hold weights for in KBWR and 504 in SPY, against full books of 52 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for KBWR (99.5% of the fund), and 50 for KBWR that do not appear in SPY (98.1%).
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.
You are not choosing between two funds in isolation.
Whichever of KBWR 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, KBWR or SPY?
KBWR 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 is riskier, KBWR or SPY?
KBWR has been the more volatile fund at 27.1% annualized versus 13.9% for SPY. Worst drawdown: KBWR -52.9% vs SPY -34.1%.
Should I hold both KBWR and SPY?
KBWR and SPY have a monthly-return correlation of 0.54, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, KBWR or SPY?
KBWR yields 2.65% while SPY yields 0.98%, so KBWR currently pays the higher dividend yield.
Is SPY better than KBWR?
SPY has a lower expense ratio. SPY led over 1Y and the full window. KBWR is less concentrated, with 29.9% 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.