PEX vs. XLF

Last updated Jul 17, 2026

PEX (ProShares Global Listed Private Equity ETF) and XLF (State Street Financial Select Sector SPDR ETF) are both Financials Equities funds - PEX tracks the LPX Direct Listed Private Equity Index while XLF tracks the Financial Select Sector Index. Both are passively managed. Over the past 10 years, PEX returned 4.92%/yr vs 13.55%/yr for XLF. A 0.54 correlation means they provide meaningful diversification when combined. PEX charges 3.13%/yr vs 0.08%/yr for XLF.

Performance

PEX vs. XLF - 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 Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEX achieves a -7.84% return, which is significantly lower than XLF's 4.51% return. Over the past 10 years, PEX has underperformed XLF with an annualized return of 4.92%, while XLF has yielded a comparatively higher 13.55% annualized return.

PEX

• 1D: 0.68%
• 1M: 3.24%
• 6M: -10.07%
• YTD: -7.84%
• 1Y: -14.95%
• 3Y*: 4.15%
• 5Y*: 0.32%
• 10Y*: 4.92%

XLF

• 1D: 0.34%
• 1M: 4.78%
• 6M: 5.28%
• YTD: 4.51%
• 1Y: 10.81%
• 3Y*: 19.83%
• 5Y*: 11.37%
• 10Y*: 13.55%

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

PEX vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEX ProShares Global Listed Private Equity ETF	-7.84%	0.21%	13.05%	23.11%	-25.98%	28.34%	-1.14%	25.53%	-13.31%	14.33%
XLF State Street Financial Select Sector SPDR ETF	4.51%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between PEX and XLF is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013	0.54

The correlation between PEX and XLF shifts across timeframes, from 0.54 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.

PEX vs. XLF - Sectors Allocation Comparison

Sectors	PEX	XLF
Financial Services	96.7%	98.0%
Industrials	1.6%	0.2%
Healthcare	1.4%	-
Basic Materials	0.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	1.8%
Utilities	-	-

Return for Risk

PEX vs. XLF — 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

XLF

XLF Risk / Return Rank: 22
XLF Sharpe Ratio Rank: 25
XLF Sortino Ratio Rank: 23
XLF Omega Ratio Rank: 23
XLF Calmar Ratio Rank: 20
XLF Martin Ratio Rank: 20

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. XLF - 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 Financial Select Sector SPDR ETF (XLF). 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	XLF	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	0.74	-1.68
Sortino ratio: Return per unit of downside risk	-1.25	1.09	-2.35
Omega ratio: Gain probability vs. loss probability	0.86	1.14	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.61	0.73	-1.34
Martin ratio: Return relative to average drawdown	-1.07	1.86	-2.94

PEX vs. XLF - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.94, which is lower than the XLF Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PEX and XLF, 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. XLF - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for PEX and XLF.

Drawdown Indicators

	PEX	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-82.69%	+33.52%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-14.79%	-9.93%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-15.54%	-9.18%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	-25.81%	-10.77%
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	-42.86%	-6.31%
Current Drawdown Current decline from peak	-16.70%	0.00%	-16.70%
Average Drawdown Average peak-to-trough decline	-8.31%	-19.95%	+11.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.93%	5.81%	+8.12%

Volatility

PEX vs. XLF - Volatility Comparison

ProShares Global Listed Private Equity ETF (PEX) and State Street Financial Select Sector SPDR ETF (XLF) have volatilities of 3.97% and 4.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEX	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.13%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	11.24%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	14.64%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	18.52%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	22.06%	-2.81%

PEX vs. XLF - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than XLF's 0.08% expense ratio.

Dividends

PEX vs. XLF - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 8.61%, more than XLF's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEX ProShares Global Listed Private Equity ETF	8.61%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%
XLF State Street Financial Select Sector SPDR ETF	1.42%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both PEX and XLF in my portfolio?

PEX and XLF have a correlation of 0.57, 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 XLF?

XLF has higher volatility (4.13%) compared to PEX (3.97%). In terms of maximum drawdown, PEX dropped -49.17% vs XLF's -82.69%.

Which ETF is better, PEX or XLF?

On 10-year performance, XLF leads with 13.55% vs 4.92% for PEX. On fees, XLF is cheaper at 0.08% per year. On volatility, PEX has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEX or XLF?

Over the 10-year period, XLF has performed better with a 13.55% return vs 4.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEX or XLF?

XLF is cheaper with a 0.08% expense ratio, compared with 3.13% for PEX.

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

PEX has the higher dividend yield at 8.61%, compared with 1.42% for XLF.

What is the main difference between PEX and XLF?

PEX tracks LPX Direct Listed Private Equity Index, while XLF tracks Financial Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 3.13% for PEX and 0.08% for XLF.

Which has better risk-adjusted returns?

XLF currently has the higher Sharpe Ratio (0.74 vs -0.94), 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.