KIE vs VFH: Grades, Fees and Holdings Compared

State Street SPDR S&P Insurance ETF

KIEANYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

14.0%by weight

Expense ratio

VFH −0.26pt a year

KIE0.35%VFH0.09%

Avg volume · 30D

KIE 2.0×the volume

KIE1.19MVFH579K

10Y return · a year

VFH +1.0pt

KIE+11.9%VFH+12.9%

KIE vs VFH Performance

Oct 29, 2021 – Oct 30, 2026

+71.8%KIE+52.3%VFH

Expense ratio: KIE 0.35%; VFH 0.09%, better
Fund size: KIE $516M; VFH $13.9B
1Y total return: KIE +14.9%, better; VFH +9.6%
Yield (12M): KIE 1.56%; VFH 1.71%, better
Holdings: KIE 56; VFH 426
Avg volume (30D): KIE 1.19M sh, better; VFH 579K sh
NAV per share: KIE $63.34; VFH $137.29
52W range

ETF.net Grade

Pillar letters and Scores for KIE, VFH, with each pillar’s weight
Pillar	KIE	VFH
Cost30% weight	A74	A88Higher
Mission25% weight	A74	Not scored
Risk15% weight	B58Higher	C53
Tradability15% weight	A82Higher	B56
Holdings10% weight	A79Higher	C53
Durability5% weight	C53	A84Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. KIE and VFH are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds

See all 18 ›

KIE ranks 3rd and VFH 4th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIXGiShares Global Financials ETFScore 66

Our read on each fund

ETF.net Research

KIEAState Street SPDR S&P Insurance ETF

VFHBVanguard Financials ETF

In short

KIE Most financial-sector funds are banks with a side of insurance. KIE flips it: roughly 50 insurance stocks and nothing else, running since 2005 at a price below the typical broad-financials fund.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

KIE The fund seeks to track, before fees and expenses, the total return performance of the S&P Insurance Select Industry Index.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

KIE 0.35% a year, under the 0.44% median for its financials peer group, and modest for a single-industry slice.
Trading since 2005, through the financial crisis and every rate cycle since.
One of the more actively traded funds in its category, which typically shows up as tighter bid-ask spreads for the people buying it.
Roughly 50 insurance names, few enough to actually read the holdings list, with distributions paid quarterly.ssga.com

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

KIE Broad financials rivals like XLF and VFH charge closer to 0.08%. The insurance-only focus costs extra.
One industry, about 50 stocks: catastrophe losses, reserve surprises and rate swings hit the whole basket at once.
Insurance is a slice of the financial sector, not a stand-in for it. Banks, exchanges and payment networks sit outside this index.ssga.com

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full KIE profile⁠

Full VFH profile⁠

KIE vs VFH Holdings

How KIE and VFH differ

Overlap by weight

14.0%

Shared holdings make up 99.9% of KIE and 14.0% of VFH.

Level by level

Holdings54 in both14.0%
Sector7 Sectors97.4%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in KIE and VFH, widest gap first
Sector	More in KIEMore in VFH	KIE	VFH
Technology	VFH +1.9 points	0.0%	1.9%
Health Care	KIE +1.8 points	1.9%	0.1%
Financials	KIE +0.8 points	98.1%	97.3%
Real Estate	VFH +0.6 points	0.0%	0.6%
Industrials	VFH +0.1 points	0.0%	0.1%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in KIE and VFH, widest gap first
Country	More in KIEMore in VFH	KIE	VFH
United States	VFH +1.9 points	98.0%	100.0%
Switzerland	KIE +2.0 points	1.9%	0.0%

Concentration

Weight in the 10 largest Holdings

KIE20.1%
VFH48.5%

Securities held

KIE54
VFH424

Asset class

KIE: Equity
VFH: Equity

Holdings

Only in KIE0
In both54
Only in VFH370

Only in KIE

0 securities, 0.0% of KIE by weight

Only in VFH

370 securities, 85.5% of VFH by weight

JPMorgan Chase & Co10.46%
Berkshire Hathaway Inc8.36%
Visa Inc7.10%
Mastercard Inc5.32%
Bank of America Corp4.20%
Goldman Sachs Group Inc/The2.96%
Wells Fargo & Co2.88%
Morgan Stanley2.64%
Citigroup Inc2.61%
Charles Schwab Corp/The1.92%
American Express Co1.91%
Blackrock Inc1.85%
S&P Global Inc1.42%
Capital One Financial Corp1.34%
Bank of New York Mellon Corp/The1.17%
CME Group Inc1.13%
US Bancorp1.07%
PNC Financial Services Group Inc/The1.06%
Intercontinental Exchange Inc1.02%
Robinhood Markets Inc1.01%
Blackstone Inc0.99%
Moody's Corp0.80%
KKR & Co Inc0.68%
Truist Financial Corp0.67%
Apollo Global Management Inc0.58%
State Street Corp0.57%
Fifth Third Bancorp0.55%
Ameriprise Financial Inc0.53%
Nasdaq Inc0.50%
Coinbase Global Inc0.47%
MSCI Inc0.46%
Block Inc0.45%
Interactive Brokers Group Inc0.43%
M&T Bank Corp0.38%
Huntington Bancshares Inc/OH0.37%
Northern Trust Corp0.35%
Cboe Global Markets Inc0.34%
PayPal Holdings Inc0.33%
Citizens Financial Group Inc0.32%
Raymond James Financial Inc0.31%
Ares Management Corp0.29%
LPL Financial Holdings Inc0.29%
Corpay Inc0.29%
Fiserv Inc0.29%
Synchrony Financial0.28%
Regions Financial Corp0.27%
T Rowe Price Group Inc0.27%
SoFi Technologies Inc0.24%
Affirm Holdings Inc0.23%
Global Payments Inc0.23%

Weight gaps

All 54 Holdings in both funds, largest gap first.

Holding weights in KIE and VFH, widest gap first
Holding	More in KIEMore in VFH	KIE	VFH
Kemper CorpKMPR	KIE +2.15 points	2.17%	0.02%
Baldwin Insurance Group Inc/BWIN	KIE +2.01 points	2.04%	0.03%
Ryan Specialty Holdings IncRYAN	KIE +1.94 points	1.99%	0.05%
Selective Insurance GroupSIGI	KIE +1.94 points	2.00%	0.06%
White Mountains Insurance GpWTM	KIE +1.93 points	1.99%	0.06%
Siriuspoint LtdSPNT	KIE +1.91 points	1.94%	0.03%
American Financial Group IncAFG	KIE +1.87 points	1.98%	0.11%
Skyward Specialty InsuranceSKWD	KIE +1.86 points	1.88%	0.02%
Rli CorpRLI	KIE +1.85 points	1.91%	0.06%
Palomar Holdings IncPLMR	KIE +1.83 points	1.87%	0.04%
Hanover Insurance Group Inc/THG	KIE +1.81 points	1.90%	0.09%
Axis Capital Holdings LtdAXS	KIE +1.82 points	1.90%	0.08%
Mercury General CorpMCY	KIE +1.81 points	1.84%	0.03%
Everest Group LtdEG	KIE +1.80 points	1.97%	0.17%
Erie Indemnity Company Class AERIE	KIE +1.79 points	1.86%	0.07%
Cno Financial Group IncCNO	KIE +1.77 points	1.83%	0.06%
Reinsurance Group of AmericaRGA	KIE +1.76 points	1.95%	0.19%
Kinsale Capital Group IncKNSL	KIE +1.75 points	1.83%	0.08%
Assured Guaranty LtdAGO	KIE +1.75 points	1.78%	0.03%
Renaissancere Holdings LtdRNR	KIE +1.74 points	1.90%	0.16%
Assurant IncAIZ	KIE +1.73 points	1.89%	0.16%
Wr Berkley CorpWRB	KIE +1.73 points	1.90%	0.17%
Horace Mann EducatorsHMN	KIE +1.69 points	1.71%	0.02%
Primerica IncPRI	KIE +1.68 points	1.78%	0.10%
Oscar Health Inc Class AOSCR	KIE +1.67 points	1.76%	0.09%
Cincinnati Financial CorpCINF	KIE +1.66 points	1.95%	0.29%
Lemonade IncLMND	KIE +1.65 points	1.69%	0.04%
Loews CorpL	KIE +1.65 points	1.86%	0.21%
Markel Group IncMKL	KIE +1.64 points	1.90%	0.26%
Lincoln National CorpLNC	KIE +1.64 points	1.72%	0.08%
Brown & Brown IncBRO	KIE +1.64 points	1.85%	0.21%
Unum GroupUNM	KIE +1.62 points	1.77%	0.15%
Old Republic Intl CorpORI	KIE +1.61 points	1.71%	0.10%
Arch Capital Group LtdACGL	KIE +1.59 points	1.96%	0.37%
Globe Life IncGL	KIE +1.56 points	1.71%	0.15%
First American FinancialFAF	KIE +1.55 points	1.62%	0.07%
Willis Towers Watson PLCWTW	KIE +1.53 points	1.85%	0.32%
Fidelity National FinancialFNF	KIE +1.53 points	1.64%	0.11%
Genworth Financial IncGNW	KIE +1.52 points	1.56%	0.04%
Principal Financial GroupPFG	KIE +1.52 points	1.81%	0.29%
American International GroupAIG	KIE +1.50 points	1.97%	0.47%
Brighthouse Financial IncBHF	KIE +1.49 points	1.52%	0.03%
Hartford Insurance Group IncHIG	KIE +1.35 points	1.75%	0.40%
Aflac IncAFL	KIE +1.34 points	1.95%	0.61%
Prudential Financial IncPRU	KIE +1.33 points	1.80%	0.47%
Metlife IncMET	KIE +1.30 points	1.91%	0.61%
Arthur J Gallagher & CoAJG	KIE +1.29 points	1.99%	0.70%
Aon PLC Class AAON	KIE +1.24 points	1.91%	0.67%
Stewart Information ServicesSTC	KIE +1.20 points	1.22%	0.02%
Allstate CorpALL	KIE +1.15 points	1.83%	0.68%
Travelers Cos Inc/TheTRV	KIE +1.09 points	1.97%	0.88%
Marsh & Mclennan CosMRSH	KIE +1.04 points	2.02%	0.98%
Chubb LtdCB	KIE +0.60 points	1.95%	1.35%
Progressive CorpPGR	KIE +0.50 points	1.94%	1.44%

All 54 KIE holdings⁠All 404 VFH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

KIE vs VFH Cost

Overpaying KIE vs VFH

$5,228

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

KIE 0.35%
$7,126
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

KIE 0.35%
VFH 0.09%
Overpaying

Year by year

Year	KIE	VFH	Overpaying
10	$634	$165	$469
20	$2,454	$646	$1,808
30	$7,126	$1,898	$5,228

Expense ratio

0.35%KIE
0.09%VFH, cheaper

VFH0.09%KIE0.35%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

KIE 5th cheapest of 18 funds

KIE vs VFH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KIE 1.56%; VFH 1.71%, better
Payout (12M): KIE $0.99; VFH $2.35
Last payment: KIE $0.18; VFH $0.45
Ex-dividend: KIE Sep 21, 2026; VFH Sep 23, 2026
Paid on: KIE Sep 23, 2026; VFH Sep 25, 2026
Frequency: KIE Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

KIEQuarterly · 39 paymentsAll KIE payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

KIE vs VFH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: KIE 17.8%VFH 15.9%, better
Return per unit of riskSharpe ratio, 3 years: KIE 0.68VFH 1.11, better
Worst fallMax drawdown, 5 years: KIE −15.7%, betterVFH −25.7%
Market sensitivityBeta, 5 years: KIE 0.46VFH 0.82; Market = 1

KIE and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026VFH
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026KIE

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