ION vs. GXPE

Last updated Aug 2, 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. Over the past year, ION returned 56.19% vs 42.07% for GXPE. Their -0.08 correlation means they have often moved in opposite directions in the past. 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 -7.96% return, which is significantly lower than GXPE's 34.48% return.

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%

GXPE

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

*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

ION vs. GXPE - Yearly Performance Comparison

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

Correlation

The correlation between ION and GXPE 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

ION vs. GXPE — Risk / Return Rank

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

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

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

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.

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

ION vs. GXPE - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 1.45, which is comparable to the GXPE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of ION and GXPE, 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

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

Volatility

ION vs. GXPE - Volatility Comparison

Proshares S&P Global Core Battery Metals ETF (ION) has a higher volatility of 9.49% compared to Global X PureCap MSCI Energy ETF (GXPE) at 5.85%. This indicates that ION's price experiences larger fluctuations and is considered to be riskier than GXPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

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 1.61%, less than GXPE's 2.07% 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 ION and GXPE in my portfolio?

ION and GXPE 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, ION or GXPE?

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

Which ETF is better, ION or GXPE?

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, ION or GXPE?

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, 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 2.07%, compared with 1.61% 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.

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.