ES=F vs. SPXT

Last updated Apr 4, 2026

Compare and contrast key facts about S&P 500 E-Mini Futures (ES=F) and ProShares S&P 500 Ex-Technology ETF (SPXT).

SPXT is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Information Technology & Telecommunication Services Index. It was launched on Sep 22, 2015.

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.

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	-4.19%	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	-1.68%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%

Returns By Period

In the year-to-date period, ES=F achieves a -4.19% return, which is significantly lower than SPXT's -1.68% return. Over the past 10 years, ES=F has outperformed SPXT with an annualized return of 12.47%, while SPXT has yielded a comparatively lower 11.20% annualized return.

ES=F

• 1D: -0.28%
• 1M: -3.96%
• YTD: -4.19%
• 6M: -2.37%
• 1Y: 21.55%
• 3Y*: 16.95%
• 5Y*: 10.18%
• 10Y*: 12.47%

SPXT

• 1D: -0.23%
• 1M: -4.57%
• YTD: -1.68%
• 6M: 1.56%
• 1Y: 17.03%
• 3Y*: 15.23%
• 5Y*: 9.52%
• 10Y*: 11.20%

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

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: 47
ES=F Sharpe Ratio Rank: 52
ES=F Sortino Ratio Rank: 56
ES=F Omega Ratio Rank: 57
ES=F Calmar Ratio Rank: 23
ES=F Martin Ratio Rank: 46

SPXT

SPXT Risk / Return Rank: 39
SPXT Sharpe Ratio Rank: 39
SPXT Sortino Ratio Rank: 39
SPXT Omega Ratio Rank: 41
SPXT Calmar Ratio Rank: 34
SPXT 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.

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	1.16	0.79	+0.38
Sortino ratio Return per unit of downside risk	1.80	1.21	+0.58
Omega ratio Gain probability vs. loss probability	1.27	1.18	+0.09
Calmar ratio Return relative to maximum drawdown	1.31	1.19	+0.13
Martin ratio Return relative to average drawdown	5.76	5.40	+0.36
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 1.16, which is higher than the SPXT Sharpe Ratio of 0.79. 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	1.16	0.79	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.65	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.69	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.70	-0.35

Correlation

The correlation between ES=F and SPXT is 0.76, 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

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 (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	-5.88%	-5.36%	-0.52%
Average Drawdown Average peak-to-trough decline	-12.56%	-4.19%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.46%	-0.42%

Volatility

ES=F vs. SPXT - Volatility Comparison

S&P 500 E-Mini Futures (ES=F) has a higher volatility of 4.98% compared to ProShares S&P 500 Ex-Technology ETF (SPXT) at 4.27%. 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	4.98%	4.27%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	8.05%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	15.81%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	14.72%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	16.21%	+1.40%