ION vs. GXPE

Last updated Jul 14, 2026

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

Performance

ION vs. GXPE - Performance Comparison

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

Returns By Period

In the year-to-date period, ION achieves a -8.79% return, which is significantly lower than GXPE's 27.77% return.

ION

• 1D: -3.05%
• 1M: -19.37%
• 6M: -21.38%
• YTD: -8.79%
• 1Y: 56.28%
• 3Y*: 8.05%
• 5Y*: —
• 10Y*: —

GXPE

• 1D: 3.14%
• 1M: -0.23%
• 6M: 23.43%
• YTD: 27.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ION vs. GXPE - Yearly Performance Comparison

	2026 (YTD)	2025
ION Proshares S&P Global Core Battery Metals ETF	-8.79%	54.96%
GXPE Global X PureCap MSCI Energy ETF	27.77%	4.62%

Correlation

The correlation between ION and GXPE is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	-0.08

Return for Risk

ION vs. GXPE — Risk / Return Rank

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

ION

ION Risk / Return Rank: 47
ION Sharpe Ratio Rank: 51
ION Sortino Ratio Rank: 47
ION Omega Ratio Rank: 46
ION Calmar Ratio Rank: 45
ION Martin Ratio Rank: 44

GXPE

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

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.

ION vs. GXPE - Risk-Adjusted Trends Comparison

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

	ION	GXPE	Difference
Sharpe ratio: Return per unit of total volatility	1.42	—	—
Sortino ratio: Return per unit of downside risk	1.91	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	5.71	—	—

Drawdowns

ION vs. GXPE - Drawdown Comparison

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

Drawdown Indicators

	ION	GXPE	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-15.73%	-36.35%
Max Drawdown (1Y) Largest decline over 1 year	-31.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.77%	—	—
Current Drawdown Current decline from peak	-31.20%	-9.30%	-21.90%
Average Drawdown Average peak-to-trough decline	-23.64%	-4.15%	-19.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	—	—

Volatility

Volatility by Period

	ION	GXPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.87%	20.85%	+19.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.60%	20.85%	+10.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.60%	20.85%	+10.75%

ION vs. GXPE - Expense Ratio Comparison

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

Dividends

ION vs. GXPE - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.63%, less than GXPE's 2.18% yield.

Position	TTM	2025	2024	2023	2022
GXPE Global X PureCap MSCI Energy ETF	2.18%	1.20%	0.00%	0.00%	0.00%
ION Proshares S&P Global Core Battery Metals ETF	1.63%	1.63%	1.74%	2.23%	0.13%

Frequently Asked Questions

Can I hold both ION and GXPE in my portfolio?

ION and GXPE have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ION or GXPE?

On fees, GXPE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ION or GXPE?

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

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

GXPE has the higher dividend yield at 2.18%, compared with 1.63% for ION.

What is the main difference between ION and GXPE?

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