KBWD vs SPY: Performance, Holdings, Fees & Risk
KBWD and SPY are ETFs, but they can differ materially in exposure, yield, fees and risk. KBWD is Invesco KBW High Dividend Yield Financial ETF, while SPY is State Street SPDR S&P 500 ETF. SPY is broader by holdings count, with 505 positions versus 40 for KBWD. SPY has the lower expense ratio. Current AlgovestIQ evidence has SPY ahead on AIQ Score, 66 versus 52.
What is the main difference between KBWD and SPY?
KBWD puts 58% of its assets in Financial Services, while SPY spreads across 11 sectors with none above 38%.
| Metric | KBWD | SPY |
|---|---|---|
| Fund | ||
| Expense ratio | 5.39% | 0.09% |
| Holdings | 40 | 505 |
| Top-10 concentration | 37.1% | 38.2% |
| Distribution yieldTrailing 12 months | 16.6% | 0.99% |
| Average volume | 498,131 | 46,698,705 |
| Performance | ||
| 1Y return | -22.7% | +16.4% |
| YTD return | -23.3% | +12.8% |
| 5Y annualized returnTotal return, distributions reinvested | -2.8% | +12.6% |
| Risk | ||
| Annualized volatility | 17.5% | 12.8% |
| Max drawdown (1Y) | -31.5% | -9.1% |
| Max drawdown (5Y)Total return, distributions reinvested | -30.7% | -24.5% |
| Beta | 0.67 | 1.00 |
| Sharpe ratio | -1.66 | 0.91 |
| Sortino ratio | -2.48 | 1.39 |
| AlgovestIQ | ||
| AIQ Score | 52/100 | 66/100 |
| AIQ Edge Score | 4/10 | 9/10 |
| Momentum | 25/100 | 63/100 |
| Risk Resilience | 64/100 | 88/100 |
AlgovestIQ AIQ Comparison
Invesco KBW High Dividend Yield Financial ETF vs State Street SPDR S&P 500 ETF
SPY leads
SPY leads by 14 AIQ points, primarily on Quality and Momentum.
Competitive: 3 of 4 evidence groups support SPY, and its current signal state is conflicted.
Invesco KBW High Dividend Yield Financial ETF
State Street SPDR S&P 500 ETF
The Algovestiq AIQ Score currently favors SPY over KBWD, 66 versus 52 as of Oct 21, 2026. SPY's advantage is driven primarily by stronger quality and momentum, while KBWD holds the stronger value profile. SPY also shows the stronger technical structure relative to its 50-day moving average. 3 of 4 covered evidence groups favor SPY today, and the comparison is rated Competitive on stability: the leader is throwing conflicting signals. SPY lead: Stable — the AIQ differential has held near 14 points over 30 sessions.
Compare Invesco KBW High Dividend Yield Financial ETF and State Street SPDR S&P 500 ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
KBWD vs SPY: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | KBWD | SPY | Fits |
|---|---|---|---|
| Lower costExpense ratio | 5.39% | 0.09% | SPY |
| Broader diversificationNumber of holdings | 40 | 505 | SPY |
| Lower concentrationWeight of the 10 largest holdings | 37.1% | 38.2% | Similar |
| Higher incomeTrailing 12-month distribution yield | 16.6% | 0.99% | KBWD |
| Smaller drawdownsMax drawdown, 5 years | -30.7% | -24.5% | SPY |
| Lower volatilityAnnualized volatility, 1 year | 17.5% | 12.8% | SPY |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare KBWD and SPY against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Quality46 vs 84SPY +38
- Momentum25 vs 63SPY +38
- Value73 vs 41KBWD +32
- Risk Resilience64 vs 88SPY +24
3 of 4 evidence groups favor SPY. SPY’s edge is concentrated in quality and momentum; KBWD keeps a meaningful value edge.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Value +1
No signal started or stopped since the prior session; its 7 active signals are unchanged.
Largest factor move: Momentum +16
New signals
- Uptrend Structure Active — bullish, trend, long horizon
SPY's lead widened by 3 AIQ points in the latest session.
Deeper signal detail for each name lives on its own signals page — KBWD and SPY both carry a full feed there.
The central trade-off
SPY (State Street SPDR S&P 500 ETF): the stronger current systematic profile, led by quality and momentum.
KBWD (Invesco KBW High Dividend Yield Financial ETF): the counter-case, on value, valuation — but at materially higher volatility, 22.1% against 9%.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | KBWD | SPY | Why it matters |
|---|---|---|---|
| Expense ratio | 5.39% | 0.09% | Lower is better — it compounds against you every year you hold. |
| Holdings | 40 | 505 | More holdings means broader diversification, not better returns. |
| Average volume | 498,131 | 46,698,705 | Liquidity — matters most if you trade size. |
| Annualized volatility | 17.5% | 12.8% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -31.5% | -9.1% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -1.66 | 0.91 | Return per unit of risk. Higher is better. |
| Beta | 0.67 | 1.00 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
KBWD and SPY share 0.08% of their weighted exposure across 2 common holdings.
36 holdings are unique to KBWD, and 502 holdings are unique to SPY. Owning both is genuinely additive — most of the capital sits in different securities.
SPY is the more concentrated of the two: its ten largest positions are 38.17% of the fund, against 37.07% for KBWD (505 holdings vs 40). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
Largest shared positions
| Holding | KBWD | SPY | Shared |
|---|---|---|---|
| PRUPrudential Financial Inc | 1.77% | 0.06% | 0.06% |
| BENFranklin Templeton Inc | 1.31% | 0.02% | 0.02% |
Shared weight is the lower of the two positions — the portion of capital both funds genuinely have in the same security.
What KBWD adds that SPY doesn’t
| Holding | KBWD | SPY |
|---|---|---|
| FSKFS KKR Capital Corp | 4.2% | Not held |
| GSBDGoldman Sachs BDC Inc | 4.03% | Not held |
| ORCOrchid Island Capital Inc | 4% | Not held |
| IVRInvesco Mortgage Capital Inc | 3.82% | Not held |
| DXDynex Capital Inc | 3.7% | Not held |
| ARRARMOUR Residential REIT Inc | 3.67% | Not held |
What SPY adds that KBWD doesn’t
| Holding | SPY | KBWD |
|---|---|---|
| NVDANVIDIA CORP | 8.08% | Not held |
| AAPLAPPLE INC | 7.33% | Not held |
| MSFTMICROSOFT CORP | 5.59% | Not held |
| AMZNAMAZON.COM INC | 3.77% | Not held |
| GOOGLALPHABET INC CL A | 2.98% | Not held |
| AVGOBROADCOM INC | 2.61% | Not held |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
KBWD vs SPY: five-year payout growth
SPY grew its split-adjusted payout faster over 2020-2025 — 5.05% a year against KBWD's 1.85%. SPY never reduced its annual distribution in the window; KBWD did in 2 years. KBWD: The 2020 payout was 15.6% below 2019, so the growth rate measures a recovery from a weak starting year.
| Dividend metric | KBWD | SPY |
|---|---|---|
| 5Y payout CAGR | 1.85% | 5.05% |
| 2020 annual payout | $1.600 | $5.691 |
| 2025 annual payout | $1.754 | $7.281 |
| Calendar-year declines | 2 | 0 |
| Peer rank | #29 of 33 | #95 of 138 |
Split-adjusted annual distributions, 2020–2025. Research as of Sep 19, 2026. Yield and expense ratio above are current values, not part of this window.
AIQ Agreement Matrix
3 of 4 covered evidence groups favor SPY. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | SPY | 52 vs 66 |
| Fundamentals | Not covered | Not covered |
| Valuation | KBWD | Value 73 vs 41 |
| Technicals | SPY | Price vs 50-day -12.9% vs 0.6%; vs 200-day -18.8% vs 5.9% |
| Risk Resilience | SPY | Risk Resilience 64 vs 88 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of KBWD and SPY and are excluded from the count.
AIQ Decision Stability
The two are close enough that your objective, not the score, should decide.
- The AIQ gap is wide at 14 points. (supports the conclusion holding)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on SPY.
How the comparison changed
95 daily snapshots · Jun 22 – Oct 20SPY lead: Stable — the AIQ differential has held near 14 points over 30 sessions.
- Today
- SPY +14
- 52 vs 66
- 7 sessions ago
- SPY +14
- 52 vs 66
- 30 sessions ago
- SPY +14
- 52 vs 66
- 90 sessions ago
- SPY +19
- 51 vs 70
The lead changed hands 2 times in this window, most recently on Jul 30 when SPY moved ahead of KBWD.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
1 bullish / 5 bearish / 1 neutral, conflicted
Only KBWD
- Bollinger Band Squeeze — neutral, volatility, short horizon
- Death Cross Active — bearish, trend, long horizon (7.86%)
- Keltner Channel Breakdown — bearish, volatility, short horizon
- RSI Oversold - Potential Bounce — bullish, momentum, short horizon
- 52-Week Low Proximity — bearish, risk, long horizon (0.4%)
- Downtrend Structure Active — bearish, trend, long horizon
4 bullish / 1 bearish / 1 neutral, conflicted
Only SPY
- Golden Cross Active — bullish, trend, long horizon (5.84%)
- ATR Contraction - Coiling — neutral, volatility, short horizon (0.92%)
- EMA Ribbon Expansion Bullish — bullish, trend, medium horizon
- 52-Week High Proximity — bullish, risk, long horizon (1.2%)
- Uptrend Structure Active — bullish, trend, long horizon
Both carry 1 more signal that do not separate them: MACD Bearish Crossover.
SPY leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Price is down while the AIQ Score moved up 1 points over the same session — price and model disagree (price -0.39%, AIQ +1 points).
Price and the AIQ Score both moved up over the latest session (price +0.53%, AIQ +4 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1KBWD closes the Quality gap — currently 38 points behind, the largest single contributor to SPY's edge.
- 2KBWD's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3SPY's conflicting signal state resolves bearish — it currently carries 4 bullish and 1 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
SPY leads 6 of 6 windows| Metric | KBWD | SPY |
|---|---|---|
| 1 week (5 sessions) | -2.7% | -1.2% |
| 1 month (20 sessions) | -12.5% | -0.6% |
| 3 months (63 sessions) | -15.6% | 2.9% |
| 6 months (126 sessions) | -21.9% | 9.2% |
| Year to date | -23.3% | 12.8% |
| 1 year (252 sessions) | -22.7% | 16.4% |
Technicals
SPY has the stronger structure| Metric | KBWD | SPY |
|---|---|---|
| RSI (14) | 28.9 | 56.2 |
| ADX (14) | 53.4 | 12.5 |
| Price vs 50-day | -12.9% | 0.6% |
| Price vs 200-day | -18.8% | 5.9% |
| Volatility (1M, annualized) | 22.1% | 9% |
Risk
SPY is the more resilient| Metric | KBWD | SPY |
|---|---|---|
| Beta | 0.67 | 1 |
| Sharpe ratio | -1.66 | 0.91 |
| Sortino ratio | -2.48 | 1.39 |
| Max drawdown | -31.5% | -9.1% |
| Current drawdown | -30.3% | -1.3% |
| Annualized volatility | 17.5% | 12.8% |
| Value at risk (95%) | -1.9% | -1.4% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between KBWD and SPY?
KBWD puts 58% of its assets in Financial Services, while SPY spreads across 11 sectors with none above 38%.
How much do KBWD and SPY overlap?
KBWD and SPY share 0.08% of their weighted exposure across 2 common holdings. 36 holdings are unique to KBWD, and 502 holdings are unique to SPY. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, KBWD or SPY?
SPY holds more positions: 505 versus 40 for KBWD.
Which has the lower expense ratio?
SPY has the lower expense ratio, 0.09% a year against 5.39% for KBWD.
Which ETF has the higher distribution yield?
KBWD, with a trailing 12-month distribution yield of 16.6% against 0.99% for SPY.
Which ETF has been more volatile?
KBWD has been more volatile over the past year, at 17.5% annualized against 12.8% for SPY.
Which ETF has had the smaller drawdown?
SPY fell less from peak to trough over the past five years: -24.5% against -30.7% for KBWD.
Compare KBWD and SPY with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.