Data as of Oct 28, 2026.
IAI vs KBWB: Differences, Returns & Fees
Over the year to Oct 28, 2026, IAI returned +2.3% to KBWB's +18.4%; 15% of their weight is in the same names.
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Net assets on Oct 27, 2026: $1.3bn for iShares U.S. Broker-Dealers & Securities Exchanges ETF and $6.7bn for Invesco KBW Bank ETF.
Pair scorecard
KBWB costs 0.02 points a year less; their one-year returns differ by 16.1 points; KBWB is 5.2 times larger.
| Measure | IAI | KBWB |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.3% | +18.4% |
| Drawdown | ||
| Below its high | 9.5%, high on Sep 3, 2026 | 10.1%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | Dow Jones U.S. Select Investment Services Index | KBW Nasdaq Bank Index |
| Cost and size | ||
| Expense ratio | 0.37% | 0.35% |
| Net assets, as of Oct 27, 2026 | $1.3bn | $6.7bn |
| Holdings | ||
| Holdings in common | 15% | |
| Top ten holdings, share of the fund | 74.5% | 59.3% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Nov 11, 2011 to Oct 23, 2026 · 780 weekly returnsIAI returned more: +943.1% to +505.7%. IAI swung less: 21.6% to 26.5%. IAI fell less at its worst: −35.8% to −48.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IAI | KBWB | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +943.1% | +505.7% | IAI | Price change plus distributions, reinvested. |
| Annualized | +16.9% | +12.8% | IAI | Total return as a yearly rate. |
| Price return | +715.7% | +328.4% | IAI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.6% | 26.5% | IAI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.6% | 18.1% | IAI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −35.8% | −48.6% | IAI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.75 | 0.52 | IAI | Return above Treasury bills per unit of volatility. |
| Sortino | 1.12 | 0.76 | IAI | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.47 | 0.26 | IAI | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 780 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IAI and KBWB hold 15% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
15% in common
Only in one fund ↓
Side by side
IAI and KBWB on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
IAI and KBWB are built for the same job. How do they differ in cost, holdings and results?
- What each follows. IAI follows Dow Jones U.S. Select Investment Services Index and KBWB follows KBW Nasdaq Bank Index.
- Holdings in common. 15% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 IAI returned +2.3% and KBWB +18.4% with distributions reinvested, a gap of 16.1 points.
Data as of Oct 28, 2026.
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IAI
IAI tracks an index. Over the year to Oct 28, 2026 it returned +2.3% with distributions reinvested. The prospectus expense ratio is 0.37% a year. By its holdings published by its issuer for Oct 27, 2026, 88% of the fund by weight is stocks the S&P 500 also holds, across 36 positions, with the top ten at 74.5%. It sat 9.5% below its high of Sep 3, 2026 on Oct 28, 2026.
KBWB
KBWB tracks an index. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.35% a year. By its holdings published by its issuer for Oct 27, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 28 positions, with the top ten at 59.3%. It sat 10.1% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, IAI or KBWB?
- In the year to Oct 28, 2026, with distributions reinvested, IAI returned +2.3% and KBWB +18.4%.
- Which is cheaper, IAI or KBWB?
- KBWB is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, IAI against KBWB, data as of Oct 28, 2026. https://etfiq.com/compare/any/iai-vs-kbwb
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