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PEX vs. PNI.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PEX vs. PNI.AX

Last updated Jun 14, 2026

PEX (ProShares Global Listed Private Equity ETF) is Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while PNI.AX (Pinnacle Investment Management Group Limited) is a stock. Over the past 10 years, PEX returned 4.55%/yr vs 30.11%/yr for PNI.AX. At a 0.18 correlation, their price movements are largely independent.

Performance

PEX vs. PNI.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) and Pinnacle Investment Management Group Limited (PNI.AX). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PEX is traded in USD, while PNI.AX is traded in AUD. To make them comparable, the PNI.AX values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PEX achieves a -10.66% return, which is significantly lower than PNI.AX's -3.38% return. Over the past 10 years, PEX has underperformed PNI.AX with an annualized return of 4.55%, while PNI.AX has yielded a comparatively higher 30.11% annualized return.

PEX

1D
0.68%
1M
1.52%
YTD
-10.66%
6M
-10.17%
1Y
-11.68%
3Y*
3.51%
5Y*
-0.81%
10Y*
4.55%

PNI.AX

1D
1.47%
1M
-0.54%
YTD
-3.38%
6M
-1.53%
1Y
-13.66%
3Y*
23.66%
5Y*
8.47%
10Y*
30.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PEX vs. PNI.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PEX
ProShares Global Listed Private Equity ETF		-10.66%0.21%13.05%23.11%-25.98%28.34%-1.14%25.53%-13.31%14.33%
PNI.AX
Pinnacle Investment Management Group Limited		-3.38%-16.77%112.15%20.02%-45.80%112.31%72.37%9.27%8.97%68.77%

Correlation

The correlation between PEX and PNI.AX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

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

0.23

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

0.19

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

0.18

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Global Listed Private Equity ETF

Pinnacle Investment Management Group Limited

Often compared with PEX:
PEX vs. PSPPEX vs. BIZDPEX vs. CEFSPEX vs. PEXMXPEX vs. VPCPEX vs. SPYPEX vs. TYD
Often compared with PNI.AX:
PNI.AX vs. MQG.AXPNI.AX vs. VUL.AXPNI.AX vs. GDG.AXPNI.AX vs. BRK-BPNI.AX vs. SPYPNI.AX vs. KKRPNI.AX vs. III.L

Return for Risk

PEX vs. PNI.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PEX
PEX Risk / Return Rank: 44
Overall Rank
PEX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
PEX Sortino Ratio Rank: 33
Sortino Ratio Rank
PEX Omega Ratio Rank: 33
Omega Ratio Rank
PEX Calmar Ratio Rank: 55
Calmar Ratio Rank
PEX Martin Ratio Rank: 55
Martin Ratio Rank
PNI.AX
PNI.AX Risk / Return Rank: 2424
Overall Rank
PNI.AX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PNI.AX Sortino Ratio Rank: 2020
Sortino Ratio Rank
PNI.AX Omega Ratio Rank: 2121
Omega Ratio Rank
PNI.AX Calmar Ratio Rank: 2727
Calmar Ratio Rank
PNI.AX Martin Ratio Rank: 2929
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. PNI.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and Pinnacle Investment Management Group Limited (PNI.AX). 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.

PEXPNI.AXDifference
Sharpe ratioReturn per unit of total volatility
-0.82
-0.38

-0.44

Sortino ratioReturn per unit of downside risk
-1.07
-0.28

-0.79

Omega ratioGain probability vs. loss probability

0.88

0.97

-0.09

Calmar ratioReturn relative to maximum drawdown

-0.52

-0.37

-0.16

Martin ratioReturn relative to average drawdown

-1.02

-0.61

-0.41

PEX vs. PNI.AX - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.82, which is lower than the PNI.AX Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of PEX and PNI.AX, 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. PNI.AX - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum PNI.AX drawdown of -95.77%. Use the drawdown chart below to compare losses from any high point for PEX and PNI.AX.

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Drawdown Indicators

PEXPNI.AXDifference

Max Drawdown

Largest peak-to-trough decline

-49.17%

-95.77%

+46.60%

Max Drawdown (1Y)

Largest decline over 1 year

-24.72%

-45.11%

+20.39%

Max Drawdown (3Y)

Largest decline over 3 years

-24.72%

-46.71%

+21.99%

Max Drawdown (5Y)

Largest decline over 5 years

-36.58%

-66.65%

+30.07%

Max Drawdown (10Y)

Largest decline over 10 years

-49.17%

-74.23%

+25.06%

Current Drawdown

Current decline from peak

-19.26%

-32.22%

+12.96%

Average Drawdown

Average peak-to-trough decline

-8.23%

-53.01%

+44.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.67%

27.45%

-14.78%

Volatility

PEX vs. PNI.AX - Volatility Comparison

The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 5.26%, while Pinnacle Investment Management Group Limited (PNI.AX) has a volatility of 8.41%. This indicates that PEX experiences smaller price fluctuations and is considered to be less risky than PNI.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PEXPNI.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.26%

8.41%

-3.15%

Volatility (6M)

Calculated over the trailing 6-month period

13.35%

33.72%

-20.37%

Volatility (1Y)

Calculated over the trailing 1-year period

15.89%

43.71%

-27.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.01%

43.93%

-25.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.45%

45.85%

-26.40%

Dividends

PEX vs. PNI.AX - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.55%, more than PNI.AX's 1.72% yield.

PositionTTM20252024202320222021202020192018201720162015
PEX
ProShares Global Listed Private Equity ETF		12.55%12.80%14.11%13.02%1.77%13.64%5.52%7.94%4.72%24.26%3.24%12.50%
PNI.AX
Pinnacle Investment Management Group Limited		1.72%3.50%1.84%3.57%4.01%1.84%2.17%3.30%2.64%1.50%3.42%3.56%

Frequently Asked Questions

PEX and PNI.AX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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