PEX vs. SPY

Last updated Jun 23, 2026

PEX (ProShares Global Listed Private Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PEX returned 4.70%/yr vs 15.70%/yr for SPY. A 0.60 correlation means they provide meaningful diversification when combined. PEX charges 3.13%/yr vs 0.09%/yr for SPY.

Performance

PEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEX achieves a -13.10% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, PEX has underperformed SPY with an annualized return of 4.70%, while SPY has yielded a comparatively higher 15.70% annualized return.

PEX

• 1D: -1.14%
• 1M: -1.25%
• YTD: -13.10%
• 6M: -12.03%
• 1Y: -14.11%
• 3Y*: 3.98%
• 5Y*: -0.97%
• 10Y*: 4.70%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

PEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEX ProShares Global Listed Private Equity ETF	-13.10%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PEX and SPY 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	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013	0.60

The correlation between PEX and SPY shifts across timeframes, from 0.60 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.

PEX vs. SPY - Sectors Allocation Comparison

Sectors	PEX	SPY
Financial Services	96.7%	11.1%
Industrials	1.6%	7.8%
Healthcare	1.4%	8.3%
Basic Materials	0.3%	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

PEX vs. SPY — 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: 2
PEX Omega Ratio Rank: 2
PEX Calmar Ratio Rank: 4
PEX Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and State Street SPDR S&P 500 ETF (SPY). 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.

	PEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.16	-3.05
Sortino ratio: Return per unit of downside risk	-1.18	2.91	-4.09
Omega ratio: Gain probability vs. loss probability	0.87	1.39	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.57	3.01	-3.59
Martin ratio: Return relative to average drawdown	-1.09	13.54	-14.62

PEX vs. SPY - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.89, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PEX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PEX vs. SPY - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PEX and SPY.

Drawdown Indicators

	PEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-55.19%	+6.02%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-8.88%	-15.84%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-18.76%	-5.96%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-24.50%	-12.08%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	-33.72%	-15.45%
Current Drawdown Current decline from peak	-21.46%	-1.75%	-19.71%
Average Drawdown Average peak-to-trough decline	-8.25%	-9.04%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.99%	1.97%	+11.02%

Volatility

PEX vs. SPY - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 5.24% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.64%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	9.75%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	12.43%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	17.14%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	17.99%	+1.45%

PEX vs. SPY - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PEX vs. SPY - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.91%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEX ProShares Global Listed Private Equity ETF	12.91%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PEX and SPY in my portfolio?

PEX and SPY 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.

Which is riskier, PEX or SPY?

PEX has higher volatility (5.24%) compared to SPY (4.64%). In terms of maximum drawdown, PEX dropped -49.17% vs SPY's -55.19%.

Which ETF is better, PEX or SPY?

On 10-year performance, SPY leads with 15.70% vs 4.70% for PEX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEX or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 3.13% for PEX.

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

PEX has the higher dividend yield at 12.91%, compared with 1.01% for SPY.

What is the main difference between PEX and SPY?

PEX is categorized as Financials Equities, while SPY is S&P 500. PEX tracks LPX Direct Listed Private Equity Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 3.13% for PEX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs -0.89), 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.