^SPXEW vs. ^XSP

Last updated Apr 1, 2026

Compare and contrast key facts about S&P 500 Equal Weighted Index (^SPXEW) and S&P 500 Mini-SPX Options Index (^XSP).

Performance

^SPXEW vs. ^XSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Equal Weighted Index (^SPXEW) and S&P 500 Mini-SPX Options Index (^XSP). The values are adjusted to include any dividend payments, if applicable.

^SPXEW vs. ^XSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
^SPXEW S&P 500 Equal Weighted Index	0.19%	9.34%	10.90%	11.56%	-13.11%	18.80%
^XSP S&P 500 Mini-SPX Options Index	-4.63%	16.39%	23.31%	24.23%	-19.44%	22.15%

Returns By Period

In the year-to-date period, ^SPXEW achieves a 0.19% return, which is significantly higher than ^XSP's -4.63% return.

^SPXEW

• 1D: 2.02%
• 1M: -6.18%
• YTD: 0.19%
• 6M: 1.11%
• 1Y: 10.74%
• 3Y*: 9.79%
• 5Y*: 5.99%
• 10Y*: 9.27%

^XSP

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^SPXEW vs. ^XSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SPXEW

^SPXEW Risk / Return Rank: 48
^SPXEW Sharpe Ratio Rank: 46
^SPXEW Sortino Ratio Rank: 42
^SPXEW Omega Ratio Rank: 44
^SPXEW Calmar Ratio Rank: 50
^SPXEW Martin Ratio Rank: 59

^XSP

^XSP Risk / Return Rank: 71
^XSP Sharpe Ratio Rank: 66
^XSP Sortino Ratio Rank: 66
^XSP Omega Ratio Rank: 73
^XSP Calmar Ratio Rank: 68
^XSP Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SPXEW vs. ^XSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Equal Weighted Index (^SPXEW) and S&P 500 Mini-SPX Options Index (^XSP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SPXEW	^XSP	Difference
Sharpe ratio Return per unit of total volatility	0.63	0.90	-0.27
Sortino ratio Return per unit of downside risk	1.00	1.39	-0.39
Omega ratio Gain probability vs. loss probability	1.14	1.21	-0.07
Calmar ratio Return relative to maximum drawdown	0.92	1.40	-0.48
Martin ratio Return relative to average drawdown	4.08	6.61	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SPXEW vs. ^XSP - Sharpe Ratio Comparison

The current ^SPXEW Sharpe Ratio is 0.63, which is comparable to the ^XSP Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of ^SPXEW and ^XSP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^SPXEW	^XSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.90	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.60	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.63	-0.16

Correlation

The correlation between ^SPXEW and ^XSP is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^SPXEW vs. ^XSP - Drawdown Comparison

The maximum ^SPXEW drawdown since its inception was -60.83%, which is greater than ^XSP's maximum drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for ^SPXEW and ^XSP.

Drawdown Indicators

	^SPXEW	^XSP	Difference
Max Drawdown Largest peak-to-trough decline	-60.83%	-25.43%	-35.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.61%	-12.14%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-25.43%	+2.96%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	—	—
Current Drawdown Current decline from peak	-6.18%	-6.45%	+0.27%
Average Drawdown Average peak-to-trough decline	-7.05%	-6.03%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.57%	+0.27%

Volatility

^SPXEW vs. ^XSP - Volatility Comparison

The current volatility for S&P 500 Equal Weighted Index (^SPXEW) is 4.46%, while S&P 500 Mini-SPX Options Index (^XSP) has a volatility of 5.34%. This indicates that ^SPXEW experiences smaller price fluctuations and is considered to be less risky than ^XSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SPXEW	^XSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	5.34%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	9.53%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.20%	18.32%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	16.93%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	16.89%	+1.54%