ES=F vs. SPXT

Last updated Jun 4, 2026

ES=F (S&P 500 E-Mini 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. Over the past 10 years, ES=F returned 13.66%/yr vs 11.34%/yr for SPXT. A 0.76 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 S&P 500 E-Mini 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

In the year-to-date period, ES=F achieves a 9.50% return, which is significantly higher than SPXT's 2.70% return. Over the past 10 years, ES=F has outperformed SPXT with an annualized return of 13.66%, while SPXT has yielded a comparatively lower 11.34% annualized return.

ES=F

• 1D: -1.00%
• 1M: 4.39%
• YTD: 9.50%
• 6M: 9.99%
• 1Y: 26.18%
• 3Y*: 20.74%
• 5Y*: 12.29%
• 10Y*: 13.66%

SPXT

• 1D: -0.15%
• 1M: -1.41%
• YTD: 2.70%
• 6M: 3.39%
• 1Y: 15.02%
• 3Y*: 16.34%
• 5Y*: 9.16%
• 10Y*: 11.34%

*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 S&P 500 E-Mini Futures	9.50%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%
SPXT ProShares S&P 500 Ex-Technology ETF	2.70%	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 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.76

The correlation between ES=F and SPXT shifts across timeframes, from 0.76 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

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

ES=F Risk / Return Rank: 85
ES=F Sharpe Ratio Rank: 82
ES=F Sortino Ratio Rank: 84
ES=F Omega Ratio Rank: 80
ES=F Calmar Ratio Rank: 85
ES=F Martin Ratio Rank: 93

SPXT

SPXT Risk / Return Rank: 41
SPXT Sharpe Ratio Rank: 40
SPXT Sortino Ratio Rank: 41
SPXT Omega Ratio Rank: 38
SPXT Calmar Ratio Rank: 38
SPXT Martin Ratio Rank: 49

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 S&P 500 E-Mini 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.

	ES=F	SPXT	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.46	+0.62
Sortino ratio: Return per unit of downside risk	2.91	2.11	+0.80
Omega ratio: Gain probability vs. loss probability	1.38	1.26	+0.13
Calmar ratio: Return relative to maximum drawdown	2.61	1.91	+0.70
Martin ratio: Return relative to average drawdown	11.71	8.32	+3.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ES=F vs. SPXT - Sharpe Ratio Comparison

The current ES=F Sharpe Ratio is 2.08, which is higher than the SPXT Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ES=F and SPXT, 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

	ES=F	SPXT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.46	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.63	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.70	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.72	-0.34

Drawdowns

ES=F vs. SPXT - Drawdown Comparison

The maximum ES=F drawdown since its inception was -57.11%, which is greater than SPXT's maximum drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for ES=F and SPXT.

Drawdown Indicators

	ES=F	SPXT	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-34.38%	-22.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-7.90%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.54%	-15.58%	-2.96%
Max Drawdown (5Y) Largest decline over 5 years	-25.02%	-21.47%	-3.55%
Max Drawdown (10Y) Largest decline over 10 years	-34.45%	-34.38%	-0.07%
Current Drawdown Current decline from peak	-1.00%	-2.52%	+1.52%
Average Drawdown Average peak-to-trough decline	-12.50%	-4.14%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.81%	+0.28%

Volatility

ES=F vs. SPXT - Volatility Comparison

S&P 500 E-Mini Futures (ES=F) has a higher volatility of 2.89% compared to ProShares S&P 500 Ex-Technology ETF (SPXT) at 2.57%. This indicates that ES=F's price experiences larger fluctuations and is considered to be riskier than SPXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ES=F	SPXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	2.57%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	7.53%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	10.34%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	14.71%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	16.23%	+1.40%

Frequently Asked Questions

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

ES=F and SPXT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ES=F or SPXT?

ES=F has higher volatility (2.89%) compared to SPXT (2.57%). In terms of maximum drawdown, ES=F dropped -57.11% vs SPXT's -34.38%.

Which has better risk-adjusted returns?

ES=F currently has the higher Sharpe Ratio (2.08 vs 1.46), 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.