GXPE vs. ION

Last updated Aug 1, 2026

GXPE (Global X PureCap MSCI Energy ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - GXPE is a Energy Equities fund tracking the MSCI USA Energy PureCap Index, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past year, GXPE returned 42.07% vs 56.19% for ION. Their -0.08 correlation means they have often moved in opposite directions in the past. GXPE charges 0.15%/yr vs 0.58%/yr for ION.

Performance

GXPE vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X PureCap MSCI Energy ETF (GXPE) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXPE achieves a 34.48% return, which is significantly higher than ION's -7.96% return.

GXPE

• 1D: 0.83%
• 1M: 12.27%
• 6M: 17.67%
• YTD: 34.48%
• 1Y: 42.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.70%

ION

• 1D: -0.29%
• 1M: -7.01%
• 6M: -17.55%
• YTD: -7.96%
• 1Y: 56.19%
• 3Y*: 9.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GXPE Global X PureCap MSCI Energy ETF	$27.82K	$19.84K	$23.45K
ION Proshares S&P Global Core Battery Metals ETF	$76.11K	$91.53K	$254.87K

GXPE vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025
GXPE Global X PureCap MSCI Energy ETF	34.48%	4.62%
ION Proshares S&P Global Core Battery Metals ETF	-7.96%	54.96%

Correlation

The correlation between GXPE and ION is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	-0.08

Return for Risk

GXPE vs. ION — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GXPE

GXPE Risk / Return Rank: 73
GXPE Sharpe Ratio Rank: 83
GXPE Sortino Ratio Rank: 77
GXPE Omega Ratio Rank: 75
GXPE Calmar Ratio Rank: 72
GXPE Martin Ratio Rank: 56

ION

ION Risk / Return Rank: 53
ION Sharpe Ratio Rank: 63
ION Sortino Ratio Rank: 56
ION Omega Ratio Rank: 54
ION Calmar Ratio Rank: 47
ION Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GXPE vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X PureCap MSCI Energy ETF (GXPE) and Proshares S&P Global Core Battery Metals ETF (ION). 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.

	GXPE	ION	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.45	+0.47
Sortino ratio: Return per unit of downside risk	2.51	1.94	+0.58
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.54	1.70	+0.84
Martin ratio: Return relative to average drawdown	6.75	4.67	+2.07

GXPE vs. ION - Sharpe Ratio Comparison

The current GXPE Sharpe Ratio is 1.92, which is higher than the ION Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GXPE and ION, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GXPE vs. ION - Drawdown Comparison

The maximum GXPE drawdown since its inception was -15.73%, smaller than the maximum ION drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for GXPE and ION.

Drawdown Indicators

	GXPE	ION	Difference
Max Drawdown Largest peak-to-trough decline	-15.73%	-52.08%	+36.35%
Max Drawdown (1Y) Largest decline over 1 year	-15.73%	-33.66%	+17.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.44%	—
Current Drawdown Current decline from peak	-4.53%	-30.57%	+26.04%
Average Drawdown Average peak-to-trough decline	-4.28%	-23.76%	+19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	12.26%	-6.33%

Volatility

GXPE vs. ION - Volatility Comparison

The current volatility for Global X PureCap MSCI Energy ETF (GXPE) is 5.85%, while Proshares S&P Global Core Battery Metals ETF (ION) has a volatility of 9.49%. This indicates that GXPE experiences smaller price fluctuations and is considered to be less risky than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXPE	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	9.49%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	30.92%	-14.16%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	39.63%	-18.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	31.58%	-10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	31.58%	-10.94%

GXPE vs. ION - Expense Ratio Comparison

GXPE has a 0.15% expense ratio, which is lower than ION's 0.58% expense ratio.

Dividends

GXPE vs. ION - Dividend Comparison

GXPE's dividend yield for the trailing twelve months is around 2.07%, more than ION's 1.61% yield.

Position	TTM	2025	2024	2023	2022
GXPE Global X PureCap MSCI Energy ETF	2.07%	1.20%	0.00%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.61%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both GXPE and ION in my portfolio?

GXPE and ION have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXPE or ION?

ION has higher volatility (9.49%) compared to GXPE (5.85%). In terms of maximum drawdown, GXPE dropped -15.73% vs ION's -52.08%.

Which ETF is better, GXPE or ION?

On 1-year performance, ION leads with 56.19% vs 42.07% for GXPE. On fees, GXPE is cheaper at 0.15% per year. On volatility, GXPE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXPE or ION?

Over the 1-year period, ION has performed better with a 56.19% return vs 42.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXPE or ION?

GXPE is cheaper with a 0.15% expense ratio, compared with 0.58% for ION.

Which ETF pays a higher dividend yield, GXPE or ION?

GXPE has the higher dividend yield at 2.07%, compared with 1.61% for ION.

What is the main difference between GXPE and ION?

GXPE is categorized as Energy Equities, while ION is Lithium & Battery Metals. GXPE tracks MSCI USA Energy PureCap Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.15% for GXPE and 0.58% for ION.

Which has better risk-adjusted returns?

GXPE currently has the higher Sharpe Ratio (1.92 vs 1.45), 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.