PSP vs. GPZ

Last updated Jun 24, 2026

PSP (Invesco Global Listed Private Equity ETF) and GPZ (VanEck Alternative Asset Manager ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index. Both are passively managed. Over the past year, PSP returned -10.82% vs -11.53% for GPZ. Their correlation of 0.91 suggests significant overlap in exposure. PSP charges 1.44%/yr vs 0.40%/yr for GPZ.

Performance

PSP vs. GPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, PSP achieves a -16.28% return, which is significantly higher than GPZ's -19.30% return.

PSP

• 1D: -2.66%
• 1M: -7.59%
• YTD: -16.28%
• 6M: -16.44%
• 1Y: -10.82%
• 3Y*: 9.26%
• 5Y*: -0.69%
• 10Y*: 7.81%

GPZ

• 1D: -2.58%
• 1M: -5.07%
• YTD: -19.30%
• 6M: -20.44%
• 1Y: -11.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSP vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
PSP Invesco Global Listed Private Equity ETF	-16.28%	6.00%
GPZ VanEck Alternative Asset Manager ETF	-19.30%	9.24%

Correlation

The correlation between PSP and GPZ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.91

The correlation between PSP and GPZ has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

PSP vs. GPZ - Sectors Allocation Comparison

Sectors	PSP	GPZ
Financial Services	90.9%	100.0%
Consumer Defensive	5.3%	-
Industrials	3.2%	-
Communication Services	1.0%	-
Healthcare	0.5%	-
Basic Materials	0.1%	-
Technology	0.1%	-
Consumer Cyclical	-	-
Energy	-	-
Real Estate	-	2.3%
Utilities	-	-

Return for Risk

PSP vs. GPZ — Risk / Return Rank

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

PSP

PSP Risk / Return Rank: 5
PSP Sharpe Ratio Rank: 5
PSP Sortino Ratio Rank: 5
PSP Omega Ratio Rank: 4
PSP Calmar Ratio Rank: 5
PSP Martin Ratio Rank: 4

GPZ

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

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.

PSP vs. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) and VanEck Alternative Asset Manager ETF (GPZ). 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.

	PSP	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.42	-0.12
Sortino ratio: Return per unit of downside risk	-0.62	-0.41	-0.21
Omega ratio: Gain probability vs. loss probability	0.93	0.95	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.49	-0.36	-0.12
Martin ratio: Return relative to average drawdown	-1.04	-0.73	-0.31

PSP vs. GPZ - Sharpe Ratio Comparison

The current PSP Sharpe Ratio is -0.54, which is comparable to the GPZ Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of PSP and GPZ, 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

PSP vs. GPZ - Drawdown Comparison

The maximum PSP drawdown since its inception was -85.40%, which is greater than GPZ's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for PSP and GPZ.

Drawdown Indicators

	PSP	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-31.72%	-53.68%
Max Drawdown (1Y) Largest decline over 1 year	-22.37%	-31.72%	+9.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.16%	—	—
Current Drawdown Current decline from peak	-20.37%	-25.87%	+5.50%
Average Drawdown Average peak-to-trough decline	-30.65%	-12.27%	-18.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	15.80%	-5.38%

Volatility

PSP vs. GPZ - Volatility Comparison

The current volatility for Invesco Global Listed Private Equity ETF (PSP) is 7.37%, while VanEck Alternative Asset Manager ETF (GPZ) has a volatility of 9.25%. This indicates that PSP experiences smaller price fluctuations and is considered to be less risky than GPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSP	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	9.25%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	22.33%	-5.56%
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	27.85%	-7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.88%	27.60%	-3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	27.60%	-5.24%

PSP vs. GPZ - Expense Ratio Comparison

PSP has a 1.44% expense ratio, which is higher than GPZ's 0.40% expense ratio.

Dividends

PSP vs. GPZ - Dividend Comparison

PSP's dividend yield for the trailing twelve months is around 6.50%, more than GPZ's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPZ VanEck Alternative Asset Manager ETF	1.03%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSP Invesco Global Listed Private Equity ETF	6.50%	5.87%	8.62%	3.96%	2.88%	10.34%	4.66%	5.87%	6.81%	10.18%	4.12%	6.23%

Frequently Asked Questions

Can I hold both PSP and GPZ in my portfolio?

With a correlation of 0.91, PSP and GPZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PSP or GPZ?

GPZ has higher volatility (9.25%) compared to PSP (7.37%). In terms of maximum drawdown, PSP dropped -85.40% vs GPZ's -31.72%.

Which ETF is better, PSP or GPZ?

On 1-year performance, PSP leads with -10.82% vs -11.53% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, PSP has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSP or GPZ?

Over the 1-year period, PSP has performed better with a -10.82% return vs -11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSP or GPZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 1.44% for PSP.

Which ETF pays a higher dividend yield, PSP or GPZ?

PSP has the higher dividend yield at 6.50%, compared with 1.03% for GPZ.

What is the main difference between PSP and GPZ?

PSP is categorized as Global Equities, while GPZ is Financials Equities. PSP tracks Red Rocks Global Listed Private Equity Index, while GPZ tracks MarketVector Alternative Asset Managers Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 1.44% for PSP and 0.40% for GPZ.

Which has better risk-adjusted returns?

GPZ currently has the higher Sharpe Ratio (-0.42 vs -0.54), 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.