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 4.70%/yr vs 13.88%/yr for ^GSPC. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
PEX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -13.10% return, which is significantly lower than ^GSPC's 9.16% return. Over the past 10 years, PEX has underperformed ^GSPC with an annualized return of 4.70%, while ^GSPC has yielded a comparatively higher 13.88% annualized return.
PEX
- 1D
- -1.14%
- 1M
- -1.25%
- YTD
- -13.10%
- 6M
- -12.03%
- 1Y
- -14.11%
- 3Y*
- 3.98%
- 5Y*
- -0.97%
- 10Y*
- 4.70%
^GSPC
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PEX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -13.10% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 14.33% |
^GSPC S&P 500 Index | 9.16% | 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 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013 | 0.60 |
The correlation between PEX and ^GSPC shifts across timeframes, from 0.60 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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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 | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.37 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 2.78 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.09 | 12.44 | -13.53 |
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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 | -24.72% | -9.10% | -15.62% |
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 | -21.46% | -1.80% | -19.66% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -10.71% | +2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.99% | 2.03% | +10.96% |
Volatility
PEX vs. ^GSPC - Volatility Comparison
ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 5.24% compared to S&P 500 Index (^GSPC) at 4.67%. 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 | 5.24% | 4.67% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 9.84% | +3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.95% | 12.50% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 16.99% | +1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 18.11% | +1.33% |
Frequently Asked Questions
PEX and ^GSPC have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.24%) compared to ^GSPC (4.67%). In terms of maximum drawdown, PEX dropped -49.17% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.03 vs -0.89), 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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