PEX vs. KWT

Last updated Jun 4, 2026

PEX (ProShares Global Listed Private Equity ETF) and KWT (iShares MSCI Kuwait ETF) are both Financials Equities funds - PEX tracks the LPX Direct Listed Private Equity Index while KWT tracks the MSCI All Kuwait Select Size Liquidity Capped Index. Both are passively managed. Over the past 5 years, PEX returned -1.12%/yr vs 9.17%/yr for KWT. At a 0.35 correlation, their price movements are largely independent. PEX charges 3.13%/yr vs 0.74%/yr for KWT.

Performance

PEX vs. KWT - 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 Kuwait ETF (KWT). 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 KWT's -1.30% 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%

KWT

• 1D: -0.59%
• 1M: -1.54%
• YTD: -1.30%
• 6M: -1.08%
• 1Y: 6.41%
• 3Y*: 10.61%
• 5Y*: 9.17%
• 10Y*: —

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

PEX vs. KWT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PEX ProShares Global Listed Private Equity ETF	-12.48%	0.21%	13.05%	23.11%	-25.98%	28.34%	20.89%
KWT iShares MSCI Kuwait ETF	-1.30%	25.38%	11.29%	-4.71%	5.16%	30.73%	9.07%

Correlation

The correlation between PEX and KWT is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.35

The correlation between PEX and KWT shifts across timeframes, from 0.23 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

PEX vs. KWT - Sectors Allocation Comparison

Sectors	PEX	KWT
Financial Services	96.7%	64.4%
Industrials	1.5%	10.8%
Healthcare	1.5%	-
Basic Materials	0.4%	1.6%
Communication Services	-	6.3%
Consumer Cyclical	-	2.2%
Consumer Defensive	-	2.7%
Energy	-	-
Real Estate	-	11.0%
Technology	-	-
Utilities	-	1.0%

Return for Risk

PEX vs. KWT — 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

KWT

KWT Risk / Return Rank: 16
KWT Sharpe Ratio Rank: 16
KWT Sortino Ratio Rank: 16
KWT Omega Ratio Rank: 16
KWT Calmar Ratio Rank: 16
KWT Martin Ratio Rank: 15

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. KWT - 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 Kuwait ETF (KWT). 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	KWT	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	0.47	-1.29
Sortino ratio: Return per unit of downside risk	-1.09	0.74	-1.83
Omega ratio: Gain probability vs. loss probability	0.88	1.10	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.52	0.56	-1.08
Martin ratio: Return relative to average drawdown	-1.06	1.33	-2.38
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. KWT - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.83, which is lower than the KWT Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of PEX and KWT, 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	KWT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	0.47	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.68	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.90	-0.65

Drawdowns

PEX vs. KWT - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, which is greater than KWT's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for PEX and KWT.

Drawdown Indicators

	PEX	KWT	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-24.37%	-24.80%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-11.54%	-13.18%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-15.72%	-9.00%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-24.37%	-12.21%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	—	—
Current Drawdown Current decline from peak	-20.90%	-6.07%	-14.83%
Average Drawdown Average peak-to-trough decline	-8.21%	-7.30%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.22%	4.85%	+7.37%

Volatility

PEX vs. KWT - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 4.81% compared to iShares MSCI Kuwait ETF (KWT) at 3.16%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than KWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	KWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.16%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	11.64%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	13.84%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	13.61%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	13.93%	+5.51%

PEX vs. KWT - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than KWT's 0.74% expense ratio.

Dividends

PEX vs. KWT - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.81%, more than KWT's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KWT iShares MSCI Kuwait ETF	5.47%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
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 KWT in my portfolio?

PEX and KWT have a correlation of 0.23, 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 KWT?

PEX has higher volatility (4.81%) compared to KWT (3.16%). In terms of maximum drawdown, PEX dropped -49.17% vs KWT's -24.37%.

Which ETF is better, PEX or KWT?

On 5-year performance, KWT leads with 9.17% vs -1.12% for PEX. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEX or KWT?

Over the 5-year period, KWT has performed better with a 9.17% return vs -1.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEX or KWT?

KWT is cheaper with a 0.74% expense ratio, compared with 3.13% for PEX.

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

PEX has the higher dividend yield at 12.81%, compared with 5.47% for KWT.

What is the main difference between PEX and KWT?

PEX tracks LPX Direct Listed Private Equity Index, while KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 3.13% for PEX and 0.74% for KWT.

Which has better risk-adjusted returns?

KWT currently has the higher Sharpe Ratio (0.47 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.