PEXL vs. CSD

Last updated Aug 2, 2026

PEXL (Pacer US Export Leaders ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - PEXL tracks the Pacer US Export Leaders Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 5 years, PEXL returned 10.94%/yr vs 15.97%/yr for CSD. Their correlation of 0.81 means they have usually moved in the same direction. PEXL charges 0.60%/yr vs 0.65%/yr for CSD.

Performance

PEXL vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Export Leaders ETF (PEXL) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEXL achieves a 15.70% return, which is significantly lower than CSD's 33.33% return.

PEXL

• 1D: 0.34%
• 1M: -3.35%
• 6M: 12.08%
• YTD: 15.70%
• 1Y: 33.58%
• 3Y*: 16.59%
• 5Y*: 10.94%
• 10Y*: —
• ALL TIME*: 14.24%

CSD

• 1D: -0.25%
• 1M: -6.37%
• 6M: 19.91%
• YTD: 33.33%
• 1Y: 54.94%
• 3Y*: 31.10%
• 5Y*: 15.97%
• 10Y*: 13.22%
• ALL TIME*: 9.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSD Invesco S&P Spin-Off ETF	$2.08M	$2.19M	$2.22M
PEXL Pacer US Export Leaders ETF	$115.47K	$147.61K	$160.93K

PEXL vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PEXL Pacer US Export Leaders ETF	15.70%	27.33%	5.79%	24.40%	-20.41%	30.12%	25.02%	39.86%	-17.19%
CSD Invesco S&P Spin-Off ETF	33.33%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-21.60%

Correlation

The correlation between PEXL and CSD is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 24, 2018	0.81

The correlation between PEXL and CSD has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

PEXL vs. CSD - Sectors Allocation Comparison

Sectors	PEXL	CSD
Technology	58.8%	23.5%
Communication Services	13.1%	5.2%
Consumer Defensive	8.0%	1.0%
Industrials	7.8%	35.5%
Healthcare	5.9%	12.8%
Consumer Cyclical	3.6%	2.4%
Basic Materials	2.7%	6.8%
Energy	0.9%	-
Financial Services	-	0.1%
Real Estate	-	3.8%
Utilities	-	7.3%

Return for Risk

PEXL vs. CSD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PEXL

PEXL Risk / Return Rank: 71
PEXL Sharpe Ratio Rank: 68
PEXL Sortino Ratio Rank: 67
PEXL Omega Ratio Rank: 63
PEXL Calmar Ratio Rank: 79
PEXL Martin Ratio Rank: 77

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 88
CSD Sortino Ratio Rank: 85
CSD Omega Ratio Rank: 82
CSD Calmar Ratio Rank: 93
CSD Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PEXL vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Export Leaders ETF (PEXL) and Invesco S&P Spin-Off ETF (CSD). 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.

	PEXL	CSD	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.12	-0.55
Sortino ratio: Return per unit of downside risk	2.20	2.81	-0.61
Omega ratio: Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.80	4.53	-1.74
Martin ratio: Return relative to average drawdown	9.84	14.08	-4.24

PEXL vs. CSD - Sharpe Ratio Comparison

The current PEXL Sharpe Ratio is 1.57, which is comparable to the CSD Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PEXL and CSD, 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

PEXL vs. CSD - Drawdown Comparison

The maximum PEXL drawdown since its inception was -36.76%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for PEXL and CSD.

Drawdown Indicators

	PEXL	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-36.76%	-70.47%	+33.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-12.02%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-30.15%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-30.44%	-30.15%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.55%	—
Current Drawdown Current decline from peak	-6.99%	-11.21%	+4.22%
Average Drawdown Average peak-to-trough decline	-6.66%	-14.16%	+7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.86%	-0.62%

Volatility

PEXL vs. CSD - Volatility Comparison

Pacer US Export Leaders ETF (PEXL) has a higher volatility of 6.70% compared to Invesco S&P Spin-Off ETF (CSD) at 5.61%. This indicates that PEXL's price experiences larger fluctuations and is considered to be riskier than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEXL	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	5.61%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	16.41%	19.42%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	20.40%	25.67%	-5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.29%	23.56%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.12%	24.97%	-0.85%

PEXL vs. CSD - Expense Ratio Comparison

PEXL has a 0.60% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

PEXL vs. CSD - Dividend Comparison

PEXL's dividend yield for the trailing twelve months is around 0.31%, more than CSD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.12%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
PEXL Pacer US Export Leaders ETF	0.31%	0.44%	0.48%	0.48%	0.60%	0.22%	0.48%	0.49%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PEXL and CSD in my portfolio?

PEXL and CSD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEXL or CSD?

PEXL has higher volatility (6.70%) compared to CSD (5.61%). In terms of maximum drawdown, PEXL dropped -36.76% vs CSD's -70.47%.

Which ETF is better, PEXL or CSD?

On 5-year performance, CSD leads with 15.97% vs 10.94% for PEXL. On fees, PEXL is cheaper at 0.60% per year. On volatility, CSD has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEXL or CSD?

Over the 5-year period, CSD has performed better with a 15.97% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEXL or CSD?

PEXL is cheaper with a 0.60% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, PEXL or CSD?

PEXL has the higher dividend yield at 0.31%, compared with 0.12% for CSD.

What is the main difference between PEXL and CSD?

PEXL tracks Pacer US Export Leaders Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.60% for PEXL and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (2.12 vs 1.57), 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.