PEX vs. IAK

Last updated Jun 4, 2026

PEX (ProShares Global Listed Private Equity ETF) and IAK (iShares U.S. Insurance ETF) are both Financials Equities funds - PEX tracks the LPX Direct Listed Private Equity Index while IAK tracks the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, PEX returned 4.13%/yr vs 11.66%/yr for IAK. At a 0.46 correlation, their price movements are largely independent. PEX charges 3.13%/yr vs 0.43%/yr for IAK.

Performance

PEX vs. IAK - Performance Comparison

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

Returns By Period

In the year-to-date period, PEX achieves a -12.48% return, which is significantly lower than IAK's -4.56% return. Over the past 10 years, PEX has underperformed IAK with an annualized return of 4.13%, while IAK has yielded a comparatively higher 11.66% annualized return.

PEX

• 1D: -2.88%
• 1M: -5.57%
• YTD: -12.48%
• 6M: -10.90%
• 1Y: -12.90%
• 3Y*: 3.61%
• 5Y*: -1.12%
• 10Y*: 4.13%

IAK

• 1D: -0.88%
• 1M: -2.27%
• YTD: -4.56%
• 6M: -1.81%
• 1Y: -4.16%
• 3Y*: 16.73%
• 5Y*: 11.50%
• 10Y*: 11.66%

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

PEX vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEX ProShares Global Listed Private Equity ETF	-12.48%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%
IAK iShares U.S. Insurance ETF	-4.56%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between PEX and IAK is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.46

The correlation between PEX and IAK shifts across timeframes, from 0.27 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.

PEX vs. IAK - Sectors Allocation Comparison

Sectors	PEX	IAK
Financial Services	96.7%	99.5%
Industrials	1.5%	-
Healthcare	1.5%	0.5%
Basic Materials	0.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PEX vs. IAK — Risk / Return Rank

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

PEX

PEX Risk / Return Rank: 3
PEX Sharpe Ratio Rank: 2
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 4
PEX Martin Ratio Rank: 4

IAK

IAK Risk / Return Rank: 5
IAK Sharpe Ratio Rank: 6
IAK Sortino Ratio Rank: 6
IAK Omega Ratio Rank: 5
IAK Calmar Ratio Rank: 4
IAK Martin Ratio Rank: 3

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. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and iShares U.S. Insurance ETF (IAK). 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.

	PEX	IAK	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.28	-0.55
Sortino ratio: Return per unit of downside risk	-1.09	-0.29	-0.80
Omega ratio: Gain probability vs. loss probability	0.88	0.97	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.55	+0.02
Martin ratio: Return relative to average drawdown	-1.06	-1.14	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEX vs. IAK - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.83, which is lower than the IAK Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of PEX and IAK, 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

	PEX	IAK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.28	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.64	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.56	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.26	-0.01

Drawdowns

PEX vs. IAK - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for PEX and IAK.

Drawdown Indicators

	PEX	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-77.38%	+28.21%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-7.62%	-17.10%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-11.58%	-13.14%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-14.76%	-21.82%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	-44.95%	-4.22%
Current Drawdown Current decline from peak	-20.90%	-5.82%	-15.08%
Average Drawdown Average peak-to-trough decline	-8.21%	-16.13%	+7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	3.96%	+8.26%

Volatility

PEX vs. IAK - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 4.81% compared to iShares U.S. Insurance ETF (IAK) at 3.82%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.82%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	9.98%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	14.77%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	18.07%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	20.89%	-1.45%

PEX vs. IAK - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than IAK's 0.43% expense ratio.

Dividends

PEX vs. IAK - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.81%, more than IAK's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.76%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
PEX ProShares Global Listed Private Equity ETF	12.81%	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 PEX and IAK in my portfolio?

PEX and IAK have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEX or IAK?

PEX has higher volatility (4.81%) compared to IAK (3.82%). In terms of maximum drawdown, PEX dropped -49.17% vs IAK's -77.38%.

Which ETF is better, PEX or IAK?

On 10-year performance, IAK leads with 11.66% vs 4.13% for PEX. On fees, IAK is cheaper at 0.43% per year. On volatility, IAK has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEX or IAK?

Over the 10-year period, IAK has performed better with a 11.66% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEX or IAK?

IAK is cheaper with a 0.43% expense ratio, compared with 3.13% for PEX.

Which ETF pays a higher dividend yield, PEX or IAK?

PEX has the higher dividend yield at 12.81%, compared with 2.76% for IAK.

What is the main difference between PEX and IAK?

PEX tracks LPX Direct Listed Private Equity Index, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 3.13% for PEX and 0.43% for IAK.

Which has better risk-adjusted returns?

IAK currently has the higher Sharpe Ratio (-0.28 vs -0.83), 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.