^XSP vs. ^SPXEW

Last updated Jun 3, 2026

^XSP (S&P 500 Mini-SPX Options Index) and ^SPXEW (S&P 500 Equal Weighted Index) are both indexes. Over the past 5 years, ^XSP returned 12.66%/yr vs 6.68%/yr for ^SPXEW. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

^XSP vs. ^SPXEW - Performance Comparison

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

Returns By Period

In the year-to-date period, ^XSP achieves a 11.16% return, which is significantly higher than ^SPXEW's 9.36% return.

^XSP

• 1D: 0.13%
• 1M: 5.25%
• YTD: 11.16%
• 6M: 11.43%
• 1Y: 28.20%
• 3Y*: 21.12%
• 5Y*: 12.66%
• 10Y*: —

^SPXEW

• 1D: 0.34%
• 1M: 3.36%
• YTD: 9.36%
• 6M: 10.47%
• 1Y: 18.88%
• 3Y*: 13.39%
• 5Y*: 6.68%
• 10Y*: 9.98%

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

^XSP vs. ^SPXEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
^XSP S&P 500 Mini-SPX Options Index	11.16%	16.39%	23.31%	24.23%	-19.44%	22.15%
^SPXEW S&P 500 Equal Weighted Index	9.36%	9.34%	10.90%	11.56%	-13.11%	18.80%

Correlation

The correlation between ^XSP and ^SPXEW is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 2, 2021	0.87

The correlation between ^XSP and ^SPXEW shifts across timeframes, from 0.75 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

^XSP vs. ^SPXEW — Risk / Return Rank

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

^XSP

^XSP Risk / Return Rank: 79
^XSP Sharpe Ratio Rank: 77
^XSP Sortino Ratio Rank: 76
^XSP Omega Ratio Rank: 78
^XSP Calmar Ratio Rank: 78
^XSP Martin Ratio Rank: 88

^SPXEW

^SPXEW Risk / Return Rank: 57
^SPXEW Sharpe Ratio Rank: 56
^SPXEW Sortino Ratio Rank: 59
^SPXEW Omega Ratio Rank: 56
^SPXEW Calmar Ratio Rank: 57
^SPXEW Martin Ratio Rank: 59

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.

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

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Mini-SPX Options Index (^XSP) and S&P 500 Equal Weighted Index (^SPXEW). 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.

	^XSP	^SPXEW	Difference
Sharpe ratio Return per unit of total volatility	2.39	1.63	+0.76
Sortino ratio Return per unit of downside risk	3.25	2.38	+0.88
Omega ratio Gain probability vs. loss probability	1.43	1.29	+0.15
Calmar ratio Return relative to maximum drawdown	3.16	2.35	+0.81
Martin ratio Return relative to average drawdown	14.61	8.83	+5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XSP vs. ^SPXEW - Sharpe Ratio Comparison

The current ^XSP Sharpe Ratio is 2.39, which is higher than the ^SPXEW Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of ^XSP and ^SPXEW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^XSP	^SPXEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.63	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.41	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.49	+0.32

Drawdowns

^XSP vs. ^SPXEW - Drawdown Comparison

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

Drawdown Indicators

	^XSP	^SPXEW	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-60.83%	+35.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-8.03%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-18.31%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-22.47%	-2.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.87%	-7.02%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.14%	-0.17%

Volatility

^XSP vs. ^SPXEW - Volatility Comparison

S&P 500 Mini-SPX Options Index (^XSP) has a higher volatility of 2.83% compared to S&P 500 Equal Weighted Index (^SPXEW) at 2.66%. This indicates that ^XSP's price experiences larger fluctuations and is considered to be riskier than ^SPXEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XSP	^SPXEW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.66%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	8.37%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	11.62%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	16.24%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	18.43%	-1.68%

Frequently Asked Questions

Can I hold both ^XSP and ^SPXEW in my portfolio?

^XSP and ^SPXEW have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^XSP or ^SPXEW?

^XSP has higher volatility (2.83%) compared to ^SPXEW (2.66%). In terms of maximum drawdown, ^XSP dropped -25.43% vs ^SPXEW's -60.83%.

Which has better risk-adjusted returns?

^XSP currently has the higher Sharpe Ratio (2.39 vs 1.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.