IPRV.L vs. PEX

Last updated Jun 5, 2026

IPRV.L (iShares Listed Private Equity UCITS ETF USD (Dist)) and PEX (ProShares Global Listed Private Equity ETF) are both Financials Equities funds - IPRV.L tracks the S&P Listed Private Equity Index while PEX tracks the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 10 years, IPRV.L returned 12.65%/yr vs 5.06%/yr for PEX. A 0.61 correlation means they provide meaningful diversification when combined. IPRV.L charges 0.75%/yr vs 3.13%/yr for PEX.

Performance

IPRV.L vs. PEX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) and ProShares Global Listed Private Equity ETF (PEX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IPRV.L is traded in GBp, while PEX is traded in USD. To make them comparable, the PEX values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IPRV.L achieves a -12.08% return, which is significantly lower than PEX's -10.35% return. Over the past 10 years, IPRV.L has outperformed PEX with an annualized return of 12.65%, while PEX has yielded a comparatively lower 5.06% annualized return.

IPRV.L

• 1D: 2.62%
• 1M: -2.90%
• YTD: -12.08%
• 6M: -10.54%
• 1Y: -7.71%
• 3Y*: 10.33%
• 5Y*: 6.33%
• 10Y*: 12.65%

PEX

• 1D: 2.01%
• 1M: -3.56%
• YTD: -10.35%
• 6M: -10.27%
• 1Y: -10.57%
• 3Y*: 1.66%
• 5Y*: 0.35%
• 10Y*: 5.06%

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

IPRV.L vs. PEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPRV.L iShares Listed Private Equity UCITS ETF USD (Dist)	-12.08%	-4.65%	26.96%	32.91%	-19.32%	45.11%	2.39%	40.72%	-7.63%	15.66%
PEX ProShares Global Listed Private Equity ETF	-10.35%	-6.93%	15.03%	16.96%	-17.18%	29.56%	-4.05%	20.76%	-8.17%	4.44%

Correlation

The correlation between IPRV.L and PEX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.61

The correlation between IPRV.L and PEX has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

IPRV.L vs. PEX - Sectors Allocation Comparison

Sectors	IPRV.L	PEX
Financial Services	99.0%	96.7%
Industrials	0.7%	1.5%
Consumer Cyclical	0.3%	-
Technology	0.1%	-
Healthcare	0.0%	1.5%
Consumer Defensive	0.0%	-
Basic Materials	-	0.4%
Communication Services	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IPRV.L vs. PEX — Risk / Return Rank

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

IPRV.L

IPRV.L Risk / Return Rank: 6
IPRV.L Sharpe Ratio Rank: 5
IPRV.L Sortino Ratio Rank: 5
IPRV.L Omega Ratio Rank: 5
IPRV.L Calmar Ratio Rank: 6
IPRV.L Martin Ratio Rank: 6

PEX

PEX Risk / Return Rank: 4
PEX Sharpe Ratio Rank: 3
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 5
PEX Martin Ratio Rank: 5

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.

IPRV.L vs. PEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) and ProShares Global Listed Private Equity ETF (PEX). 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.

	IPRV.L	PEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.72	+0.31
Sortino ratio: Return per unit of downside risk	-0.45	-0.92	+0.47
Omega ratio: Gain probability vs. loss probability	0.95	0.89	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.33	-0.46	+0.14
Martin ratio: Return relative to average drawdown	-0.69	-0.93	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPRV.L vs. PEX - Sharpe Ratio Comparison

The current IPRV.L Sharpe Ratio is -0.41, which is higher than the PEX Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of IPRV.L and PEX, 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

	IPRV.L	PEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	-0.72	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.02	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.28	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.33	-0.17

Drawdowns

IPRV.L vs. PEX - Drawdown Comparison

The maximum IPRV.L drawdown since its inception was -74.08%, which is greater than PEX's maximum drawdown of -43.18%. Use the drawdown chart below to compare losses from any high point for IPRV.L and PEX.

Drawdown Indicators

	IPRV.L	PEX	Difference
Max Drawdown Largest peak-to-trough decline	-74.08%	-43.18%	-30.90%
Max Drawdown (1Y) Largest decline over 1 year	-23.47%	-22.91%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-27.90%	-25.43%	-2.47%
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	-25.43%	-2.47%
Max Drawdown (10Y) Largest decline over 10 years	-44.53%	-43.18%	-1.35%
Current Drawdown Current decline from peak	-22.45%	-21.00%	-1.45%
Average Drawdown Average peak-to-trough decline	-11.64%	-7.16%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.08%	11.42%	-0.34%

Volatility

IPRV.L vs. PEX - Volatility Comparison

iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) has a higher volatility of 5.75% compared to ProShares Global Listed Private Equity ETF (PEX) at 4.87%. This indicates that IPRV.L's price experiences larger fluctuations and is considered to be riskier than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPRV.L	PEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.87%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	15.11%	12.29%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	14.84%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	15.83%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	17.81%	+2.55%

IPRV.L vs. PEX - Expense Ratio Comparison

IPRV.L has a 0.75% expense ratio, which is lower than PEX's 3.13% expense ratio.

Dividends

IPRV.L vs. PEX - Dividend Comparison

IPRV.L's dividend yield for the trailing twelve months is around 5.23%, less than PEX's 12.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPRV.L iShares Listed Private Equity UCITS ETF USD (Dist)	5.23%	3.98%	3.81%	4.27%	5.26%	3.42%	4.85%	4.28%	6.46%	6.70%	5.33%	8.21%
PEX ProShares Global Listed Private Equity ETF	12.56%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%

Frequently Asked Questions

Can I hold both IPRV.L and PEX in my portfolio?

IPRV.L and PEX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IPRV.L or PEX?

On fees, IPRV.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPRV.L or PEX?

IPRV.L is cheaper with a 0.75% expense ratio, compared with 3.13% for PEX.

What is the main difference between IPRV.L and PEX?

IPRV.L tracks S&P Listed Private Equity Index, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.75% for IPRV.L and 3.13% for PEX.