PEX vs. VPC
PEX (ProShares Global Listed Private Equity ETF) and VPC (Virtus Private Credit ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index. Both are passively managed. Over the past 5 years, PEX returned -0.97%/yr vs 0.37%/yr for VPC. A 0.75 correlation means they provide meaningful diversification when combined. PEX charges 3.13%/yr vs 0.75%/yr for VPC.
Performance
PEX vs. VPC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PEX having a -13.10% return and VPC slightly lower at -13.15%.
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%
VPC
- 1D
- -1.45%
- 1M
- -4.16%
- YTD
- -13.15%
- 6M
- -11.96%
- 1Y
- -16.89%
- 3Y*
- 1.05%
- 5Y*
- 0.37%
- 10Y*
- —
PEX vs. VPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -13.10% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 14.81% |
VPC Virtus Private Credit ETF | -13.15% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
Correlation
The correlation between PEX and VPC is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.75 |
The correlation between PEX and VPC has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.
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Return for Risk
PEX vs. VPC — Risk / Return Rank
PEX
VPC
PEX vs. VPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and Virtus Private Credit ETF (VPC). 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 | VPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.81 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.74 | +0.17 |
| Martin ratioReturn relative to average drawdown | -1.09 | -1.39 | +0.31 |
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Drawdowns
PEX vs. VPC - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum VPC drawdown of -53.45%. Use the drawdown chart below to compare losses from any high point for PEX and VPC.
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Drawdown Indicators
| PEX | VPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -53.45% | +4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -22.76% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -24.86% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | -24.86% | -11.72% |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | — | — |
Current DrawdownCurrent decline from peak | -21.46% | -23.08% | +1.62% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -7.75% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.99% | 12.13% | +0.86% |
Volatility
PEX vs. VPC - Volatility Comparison
ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 5.24% compared to Virtus Private Credit ETF (VPC) at 4.15%. This indicates that PEX's price experiences larger fluctuations and is considered to be riskier than VPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEX | VPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 4.15% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 11.25% | +2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.95% | 13.52% | +2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 13.56% | +4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 20.52% | -1.08% |
PEX vs. VPC - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than VPC's 0.75% expense ratio.
Dividends
PEX vs. VPC - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 12.91%, less than VPC's 16.77% 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% |
VPC Virtus Private Credit ETF | 16.77% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PEX and VPC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.24%) compared to VPC (4.15%). In terms of maximum drawdown, PEX dropped -49.17% vs VPC's -53.45%.
On 5-year performance, VPC leads with 0.37% vs -0.97% for PEX. On fees, VPC is cheaper at 0.75% per year. On volatility, VPC has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VPC has performed better with a 0.37% return vs -0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPC is cheaper with a 0.75% expense ratio, compared with 3.13% for PEX.
VPC has the higher dividend yield at 16.77%, compared with 12.91% for PEX.
PEX is categorized as Financials Equities, while VPC is Nontraditional Bonds. PEX tracks LPX Direct Listed Private Equity Index, while VPC tracks Indxx Private Credit Index. They also come from different issuers: ProShares and Virtus Investment Partners. Their fees differ too: 3.13% for PEX and 0.75% for VPC.
PEX currently has the higher Sharpe Ratio (-0.89 vs -1.26), 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.
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