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PEX vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PEX vs. EUFN

Last updated Jun 24, 2026

PEX (ProShares Global Listed Private Equity ETF) and EUFN (iShares MSCI Europe Financials ETF) are both Financials Equities funds - PEX tracks the LPX Direct Listed Private Equity Index while EUFN tracks the MSCI Europe Financials Index (Net). Both are passively managed. Over the past 10 years, PEX returned 4.62%/yr vs 14.20%/yr for EUFN. A 0.61 correlation means they provide meaningful diversification when combined. PEX charges 3.13%/yr vs 0.49%/yr for EUFN.

Performance

PEX vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) and iShares MSCI Europe Financials ETF (EUFN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PEX achieves a -13.80% return, which is significantly lower than EUFN's 7.49% return. Over the past 10 years, PEX has underperformed EUFN with an annualized return of 4.62%, while EUFN has yielded a comparatively higher 14.20% annualized return.

PEX

1D
-0.80%
1M
-2.04%
YTD
-13.80%
6M
-12.61%
1Y
-14.73%
3Y*
3.70%
5Y*
-1.24%
10Y*
4.62%

EUFN

1D
-1.02%
1M
4.47%
YTD
7.49%
6M
7.23%
1Y
32.41%
3Y*
33.90%
5Y*
19.66%
10Y*
14.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PEX vs. EUFN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PEX
ProShares Global Listed Private Equity ETF		-13.80%0.21%13.05%23.11%-25.98%28.34%-1.14%25.53%-13.31%14.33%
EUFN
iShares MSCI Europe Financials ETF		7.49%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between PEX and EUFN 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

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2013

0.61

The correlation between PEX and EUFN shifts across timeframes, from 0.61 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

PEX vs. EUFN - Sectors Allocation Comparison

Sectors
PEX
EUFN

Financial Services

96.7%
97.8%

Industrials

1.6%
0.4%

Healthcare

1.4%

-

Basic Materials

0.3%

-

Communication Services

-

-

Consumer Cyclical

-

0.2%

Consumer Defensive

-

-

Energy

-

-

Real Estate

-

-

Technology

-

1.0%

Utilities

-

-

Financial Services

PEX
96.7%
EUFN
97.8%

Industrials

PEX
1.6%
EUFN
0.4%

Healthcare

PEX
1.4%
EUFN

-

Basic Materials

PEX
0.3%
EUFN

-

Communication Services

PEX

-

EUFN

-

Consumer Cyclical

PEX

-

EUFN
0.2%

Consumer Defensive

PEX

-

EUFN

-

Energy

PEX

-

EUFN

-

Real Estate

PEX

-

EUFN

-

Technology

PEX

-

EUFN
1.0%

Utilities

PEX

-

EUFN

-

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ProShares Global Listed Private Equity ETF

iShares MSCI Europe Financials ETF

Often compared with PEX:
PEX vs. PSPPEX vs. BIZDPEX vs. CEFSPEX vs. PEXMXPEX vs. VPCPEX vs. SPYPEX vs. TYD
Often compared with EUFN:
EUFN vs. FDDEUFN vs. XLFEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. EIRLEUFN vs. IEUR

Return for Risk

PEX vs. EUFN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PEX
PEX Risk / Return Rank: 33
Overall Rank
PEX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
PEX Sortino Ratio Rank: 22
Sortino Ratio Rank
PEX Omega Ratio Rank: 22
Omega Ratio Rank
PEX Calmar Ratio Rank: 44
Calmar Ratio Rank
PEX Martin Ratio Rank: 44
Martin Ratio Rank
EUFN
EUFN Risk / Return Rank: 4747
Overall Rank
EUFN Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4949
Sortino Ratio Rank
EUFN Omega Ratio Rank: 4545
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4646
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4848
Martin Ratio Rank
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.

PEX vs. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and iShares MSCI Europe Financials ETF (EUFN). 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.

PEXEUFNDifference
Sharpe ratioReturn per unit of total volatility
-0.93
1.63

-2.55

Sortino ratioReturn per unit of downside risk
-1.23
2.33

-3.56

Omega ratioGain probability vs. loss probability

0.86

1.28

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.60

2.20

-2.80

Martin ratioReturn relative to average drawdown

-1.13

7.71

-8.84

PEX vs. EUFN - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.93, which is lower than the EUFN Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PEX and EUFN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PEX vs. EUFN - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum EUFN drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for PEX and EUFN.

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Drawdown Indicators

PEXEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-49.17%

-53.25%

+4.08%

Max Drawdown (1Y)

Largest decline over 1 year

-24.72%

-14.77%

-9.95%

Max Drawdown (3Y)

Largest decline over 3 years

-24.72%

-15.95%

-8.77%

Max Drawdown (5Y)

Largest decline over 5 years

-36.58%

-35.15%

-1.43%

Max Drawdown (10Y)

Largest decline over 10 years

-49.17%

-53.25%

+4.08%

Current Drawdown

Current decline from peak

-22.09%

-1.02%

-21.07%

Average Drawdown

Average peak-to-trough decline

-8.26%

-14.51%

+6.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.06%

4.22%

+8.84%

Volatility

PEX vs. EUFN - Volatility Comparison

The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 5.26%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 6.24%. This indicates that PEX experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PEXEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.26%

6.24%

-0.98%

Volatility (6M)

Calculated over the trailing 6-month period

13.47%

17.09%

-3.62%

Volatility (1Y)

Calculated over the trailing 1-year period

15.93%

20.01%

-4.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.99%

21.86%

-3.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.30%

23.88%

-4.58%

PEX vs. EUFN - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than EUFN's 0.49% expense ratio.

Dividends

PEX vs. EUFN - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 13.01%, more than EUFN's 4.27% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		4.27%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
PEX
ProShares Global Listed Private Equity ETF		13.01%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

PEX and EUFN 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.

EUFN has higher volatility (6.24%) compared to PEX (5.26%). In terms of maximum drawdown, PEX dropped -49.17% vs EUFN's -53.25%.

On 10-year performance, EUFN leads with 14.20% vs 4.62% for PEX. On fees, EUFN is cheaper at 0.49% per year. On volatility, PEX has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUFN has performed better with a 14.20% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.49% expense ratio, compared with 3.13% for PEX.

PEX has the higher dividend yield at 13.01%, compared with 4.27% for EUFN.

PEX tracks LPX Direct Listed Private Equity Index, while EUFN tracks MSCI Europe Financials Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 3.13% for PEX and 0.49% for EUFN.

EUFN currently has the higher Sharpe Ratio (1.63 vs -0.93), 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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