PEX vs. PSP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Global Listed Private Equity ETF (PEX) and Invesco Global Listed Private Equity ETF (PSP).

PEX and PSP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PEX is a passively managed fund by ProShares that tracks the performance of the LPX Direct Listed Private Equity Index. It was launched on Feb 26, 2013. PSP is a passively managed fund by Invesco that tracks the performance of the Red Rocks Global Listed Private Equity Index. It was launched on Oct 24, 2006. Both PEX and PSP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PEX vs. PSP - Performance Comparison

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

PEX vs. PSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEX ProShares Global Listed Private Equity ETF	-13.96%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%
PSP Invesco Global Listed Private Equity ETF	-15.50%	6.49%	17.42%	37.72%	-37.37%	27.30%	12.47%	35.73%	-15.12%	24.13%

Returns By Period

In the year-to-date period, PEX achieves a -13.96% return, which is significantly higher than PSP's -15.50% return. Over the past 10 years, PEX has underperformed PSP with an annualized return of 4.38%, while PSP has yielded a comparatively higher 7.53% annualized return.

PEX

• 1D: 2.67%
• 1M: -6.84%
• YTD: -13.96%
• 6M: -15.90%
• 1Y: -12.72%
• 3Y*: 4.51%
• 5Y*: 0.04%
• 10Y*: 4.38%

PSP

• 1D: 2.50%
• 1M: -6.13%
• YTD: -15.50%
• 6M: -16.07%
• 1Y: -6.54%
• 3Y*: 10.76%
• 5Y*: 0.92%
• 10Y*: 7.53%

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

PEX vs. PSP - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than PSP's 1.44% expense ratio.

PEX

ProShares Global Listed Private Equity ETF

PSP

Invesco Global Listed Private Equity ETF

Return for Risk

PEX vs. PSP — Risk / Return Rank

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

PEX

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

PSP

PSP Risk / Return Rank: 6
PSP Sharpe Ratio Rank: 7
PSP Sortino Ratio Rank: 7
PSP Omega Ratio Rank: 7
PSP Calmar Ratio Rank: 7
PSP Martin Ratio Rank: 5

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. PSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and Invesco Global Listed Private Equity ETF (PSP). 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	PSP	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-0.27	-0.41
Sortino ratio Return per unit of downside risk	-0.87	-0.22	-0.65
Omega ratio Gain probability vs. loss probability	0.89	0.97	-0.08
Calmar ratio Return relative to maximum drawdown	-0.54	-0.34	-0.20
Martin ratio Return relative to average drawdown	-1.39	-0.96	-0.42
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. PSP - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.68, which is lower than the PSP Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of PEX and PSP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PEX	PSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.27	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.04	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.34	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.08	+0.17

Correlation

The correlation between PEX and PSP is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PEX vs. PSP - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 13.04%, more than PSP's 6.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEX ProShares Global Listed Private Equity ETF	13.04%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%
PSP Invesco Global Listed Private Equity ETF	6.84%	5.87%	8.62%	3.96%	2.88%	10.34%	4.66%	5.87%	6.81%	10.18%	4.12%	6.23%

Drawdowns

PEX vs. PSP - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum PSP drawdown of -85.40%. Use the drawdown chart below to compare losses from any high point for PEX and PSP.

Drawdown Indicators

	PEX	PSP	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-85.40%	+36.23%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-22.37%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-47.16%	+10.58%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	-47.16%	-2.01%
Current Drawdown Current decline from peak	-22.24%	-19.63%	-2.61%
Average Drawdown Average peak-to-trough decline	-8.08%	-30.84%	+22.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.64%	7.91%	+1.73%

Volatility

PEX vs. PSP - Volatility Comparison

The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 6.62%, while Invesco Global Listed Private Equity ETF (PSP) has a volatility of 7.24%. This indicates that PEX experiences smaller price fluctuations and is considered to be less risky than PSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	PSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	7.24%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	14.52%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	24.36%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	23.57%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	22.30%	-2.92%