PEX vs. ^GSPC
PEX (ProShares Global Listed Private Equity ETF) is Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, PEX returned 4.91%/yr vs 13.26%/yr for ^GSPC. Their 0.60 correlation means they have sometimes moved together and sometimes differently.
Performance
PEX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -6.82% return, which is significantly lower than ^GSPC's 9.41% return. Over the past 10 years, PEX has underperformed ^GSPC with an annualized return of 4.91%, while ^GSPC has yielded a comparatively higher 13.26% annualized return.
PEX
- 1D
- 0.15%
- 1M
- 3.38%
- 6M
- -7.02%
- YTD
- -6.82%
- 1Y
- -10.44%
- 3Y*
- 4.37%
- 5Y*
- -0.25%
- 10Y*
- 4.91%
- ALL TIME*
- 5.23%
^GSPC
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^GSPC S&P 500 Index | $37.98T | $37.61T | $41.48T |
| $46.71K | $56.13K | $56.35K |
PEX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -6.82% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 14.33% |
^GSPC S&P 500 Index | 9.41% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between PEX and ^GSPC is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013 | 0.60 |
The correlation between PEX and ^GSPC has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.
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Return for Risk
PEX vs. ^GSPC — Risk / Return Rank
PEX
^GSPC
PEX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and S&P 500 Index (^GSPC). 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.
| PEX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.25 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.00 | -2.54 |
| Martin ratioReturn relative to average drawdown | -1.04 | 8.49 | -9.53 |
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Drawdowns
PEX vs. ^GSPC - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for PEX and ^GSPC.
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Drawdown Indicators
| PEX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -56.78% | +7.61% |
Max Drawdown (1Y)Largest decline over 1 year | -21.09% | -9.10% | -11.99% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -18.90% | -5.82% |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | -25.43% | -11.15% |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | -33.92% | -15.25% |
Current DrawdownCurrent decline from peak | -15.79% | -1.58% | -14.21% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -10.70% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.79% | 2.14% | +8.65% |
Volatility
PEX vs. ^GSPC - Volatility Comparison
ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 3.74% compared to S&P 500 Index (^GSPC) at 3.51%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 3.51% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 10.11% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.89% | 12.87% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 17.01% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 18.07% | +1.19% |
Frequently Asked Questions
PEX and ^GSPC have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (3.74%) compared to ^GSPC (3.51%). In terms of maximum drawdown, PEX dropped -49.17% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.42 vs -0.71), 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.
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