ES=F vs. SPXT

Last updated Jun 26, 2026

ES=F (E-mini S&P 500 Futures) is an asset, while SPXT (ProShares S&P 500 Ex-Technology ETF) is S&P 500 fund tracking the S&P 500 Ex-Information Technology Index. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

ES=F vs. SPXT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in E-mini S&P 500 Futures (ES=F) and ProShares S&P 500 Ex-Technology ETF (SPXT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ES=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXT

• 1D: -0.25%
• 1M: -1.32%
• YTD: 3.47%
• 6M: 2.41%
• 1Y: 15.16%
• 3Y*: 16.10%
• 5Y*: 9.22%
• 10Y*: 11.61%

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

ES=F vs. SPXT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ES=F E-mini S&P 500 Futures	0.00%	0.00%	0.00%	7.45%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%
SPXT ProShares S&P 500 Ex-Technology ETF	3.47%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%

Correlation

The correlation between ES=F and SPXT is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.59

The correlation between ES=F and SPXT has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

ES=F vs. SPXT — Risk / Return Rank

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

ES=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXT

SPXT Risk / Return Rank: 48
SPXT Sharpe Ratio Rank: 48
SPXT Sortino Ratio Rank: 48
SPXT Omega Ratio Rank: 45
SPXT Calmar Ratio Rank: 44
SPXT Martin Ratio Rank: 54

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.

ES=F vs. SPXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for E-mini S&P 500 Futures (ES=F) and ProShares S&P 500 Ex-Technology ETF (SPXT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ES=F	SPXT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	2.09	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.93	—
Martin ratio: Return relative to average drawdown	—	8.25	—

Drawdowns

Drawdown Indicators

	ES=F	SPXT	Difference
Max Drawdown Largest peak-to-trough decline	—	-34.38%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.90%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.38%	—
Current Drawdown Current decline from peak	—	-2.01%	—
Average Drawdown Average peak-to-trough decline	—	-4.12%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.84%	—

Volatility

Volatility by Period

	ES=F	SPXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	10.49%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.23%	—

Frequently Asked Questions

Can I hold both ES=F and SPXT in my portfolio?

ES=F and SPXT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.