EFIV vs. PXWEX

Last updated Jun 4, 2026

EFIV (State Street SPDR S&P 500 ESG ETF) and PXWEX (Pax Ellevate Global Women’s Leadership Fund) are both funds - EFIV is a S&P 500 fund tracking the S&P 500 ESG Index, while PXWEX is a Global Equities fund managed by Impax Asset Management. Over the past 5 years, EFIV returned 14.48%/yr vs 7.98%/yr for PXWEX. Their correlation of 0.93 suggests significant overlap in exposure. EFIV charges 0.10%/yr vs 0.77%/yr for PXWEX.

Performance

EFIV vs. PXWEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ESG ETF (EFIV) and Pax Ellevate Global Women’s Leadership Fund (PXWEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFIV achieves a 9.91% return, which is significantly lower than PXWEX's 10.82% return.

EFIV

• 1D: -0.68%
• 1M: 4.63%
• YTD: 9.91%
• 6M: 10.51%
• 1Y: 30.49%
• 3Y*: 21.82%
• 5Y*: 14.48%
• 10Y*: —

PXWEX

• 1D: 0.31%
• 1M: 5.77%
• YTD: 10.82%
• 6M: 12.61%
• 1Y: 24.28%
• 3Y*: 16.76%
• 5Y*: 7.98%
• 10Y*: 10.57%

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

EFIV vs. PXWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EFIV State Street SPDR S&P 500 ESG ETF	9.91%	18.47%	23.80%	27.92%	-17.76%	31.70%	16.69%
PXWEX Pax Ellevate Global Women’s Leadership Fund	10.82%	17.41%	12.15%	18.14%	-19.99%	17.28%	15.21%

Correlation

The correlation between EFIV and PXWEX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020	0.93

The correlation between EFIV and PXWEX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

EFIV vs. PXWEX — Risk / Return Rank

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

EFIV

EFIV Risk / Return Rank: 76
EFIV Sharpe Ratio Rank: 79
EFIV Sortino Ratio Rank: 80
EFIV Omega Ratio Rank: 78
EFIV Calmar Ratio Rank: 65
EFIV Martin Ratio Rank: 77

PXWEX

PXWEX Risk / Return Rank: 49
PXWEX Sharpe Ratio Rank: 49
PXWEX Sortino Ratio Rank: 47
PXWEX Omega Ratio Rank: 46
PXWEX Calmar Ratio Rank: 46
PXWEX Martin Ratio Rank: 57

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.

EFIV vs. PXWEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ESG ETF (EFIV) and Pax Ellevate Global Women’s Leadership Fund (PXWEX). 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.

	EFIV	PXWEX	Difference
Sharpe ratio Return per unit of total volatility	2.60	2.06	+0.54
Sortino ratio Return per unit of downside risk	3.62	2.87	+0.75
Omega ratio Gain probability vs. loss probability	1.47	1.37	+0.10
Calmar ratio Return relative to maximum drawdown	3.24	2.58	+0.66
Martin ratio Return relative to average drawdown	15.02	11.41	+3.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFIV vs. PXWEX - Sharpe Ratio Comparison

The current EFIV Sharpe Ratio is 2.60, which is comparable to the PXWEX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EFIV and PXWEX, 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

	EFIV	PXWEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.06	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.50	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.36	+0.70

Drawdowns

EFIV vs. PXWEX - Drawdown Comparison

The maximum EFIV drawdown since its inception was -24.52%, smaller than the maximum PXWEX drawdown of -53.70%. Use the drawdown chart below to compare losses from any high point for EFIV and PXWEX.

Drawdown Indicators

	EFIV	PXWEX	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-53.70%	+29.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-9.60%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-18.31%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-29.67%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.47%	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.81%	-9.80%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.17%	-0.13%

Volatility

EFIV vs. PXWEX - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ESG ETF (EFIV) is 3.14%, while Pax Ellevate Global Women’s Leadership Fund (PXWEX) has a volatility of 3.33%. This indicates that EFIV experiences smaller price fluctuations and is considered to be less risky than PXWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFIV	PXWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	3.33%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	9.55%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.79%	12.03%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	16.05%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	16.97%	-0.14%

EFIV vs. PXWEX - Expense Ratio Comparison

EFIV has a 0.10% expense ratio, which is lower than PXWEX's 0.77% expense ratio.

Dividends

EFIV vs. PXWEX - Dividend Comparison

EFIV's dividend yield for the trailing twelve months is around 0.94%, less than PXWEX's 8.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFIV State Street SPDR S&P 500 ESG ETF	0.94%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%
PXWEX Pax Ellevate Global Women’s Leadership Fund	8.87%	9.83%	9.47%	1.60%	3.12%	1.21%	1.04%	3.03%	4.90%	2.49%	1.80%	2.41%

Frequently Asked Questions

Can I hold both EFIV and PXWEX in my portfolio?

With a correlation of 0.91, EFIV and PXWEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EFIV or PXWEX?

PXWEX has higher volatility (3.33%) compared to EFIV (3.14%). In terms of maximum drawdown, EFIV dropped -24.52% vs PXWEX's -53.70%.

Which has better risk-adjusted returns?

EFIV currently has the higher Sharpe Ratio (2.60 vs 2.06), 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.