^XSP vs. ^SPXEW

Last updated Apr 2, 2026

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

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.

^XSP vs. ^SPXEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
^XSP S&P 500 Mini-SPX Options Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	22.15%
^SPXEW S&P 500 Equal Weighted Index	0.50%	9.34%	10.90%	11.56%	-13.11%	18.80%

Returns By Period

In the year-to-date period, ^XSP achieves a -3.95% return, which is significantly lower than ^SPXEW's 0.50% return.

^XSP

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: —

^SPXEW

• 1D: 0.32%
• 1M: -5.69%
• YTD: 0.50%
• 6M: 1.23%
• 1Y: 10.97%
• 3Y*: 9.90%
• 5Y*: 6.06%
• 10Y*: 9.30%

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

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: 66
^XSP Sharpe Ratio Rank: 63
^XSP Sortino Ratio Rank: 63
^XSP Omega Ratio Rank: 67
^XSP Calmar Ratio Rank: 59
^XSP Martin Ratio Rank: 77

^SPXEW

^SPXEW Risk / Return Rank: 40
^SPXEW Sharpe Ratio Rank: 40
^SPXEW Sortino Ratio Rank: 39
^SPXEW Omega Ratio Rank: 42
^SPXEW Calmar Ratio Rank: 37
^SPXEW Martin Ratio Rank: 44

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	0.92	0.64	+0.28
Sortino ratio Return per unit of downside risk	1.41	1.02	+0.40
Omega ratio Gain probability vs. loss probability	1.21	1.14	+0.07
Calmar ratio Return relative to maximum drawdown	1.41	0.88	+0.54
Martin ratio Return relative to average drawdown	6.61	3.88	+2.74
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 0.92, which is higher than the ^SPXEW Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of ^XSP and ^SPXEW, 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

	^XSP	^SPXEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.64	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.37	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.48	+0.16

Correlation

The correlation between ^XSP and ^SPXEW 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

^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	-12.14%	-12.61%	+0.47%
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	-5.78%	-5.88%	+0.10%
Average Drawdown Average peak-to-trough decline	-6.03%	-7.05%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.86%	-0.26%

Volatility

^XSP vs. ^SPXEW - Volatility Comparison

S&P 500 Mini-SPX Options Index (^XSP) has a higher volatility of 5.37% compared to S&P 500 Equal Weighted Index (^SPXEW) at 4.39%. 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	5.37%	4.39%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	8.87%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	17.19%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	16.26%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	18.43%	-1.54%