PXWEX vs. EFIV

Last updated Jun 24, 2026

PXWEX (Pax Ellevate Global Women’s Leadership Fund) and EFIV (State Street SPDR S&P 500 ESG ETF) are both funds - PXWEX is a Global Equities fund managed by Impax Asset Management, while EFIV is a S&P 500 fund tracking the S&P 500 ESG Index. Over the past 5 years, PXWEX returned 7.36%/yr vs 13.94%/yr for EFIV. Their correlation of 0.93 suggests significant overlap in exposure. PXWEX charges 0.77%/yr vs 0.10%/yr for EFIV.

Performance

PXWEX vs. EFIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pax Ellevate Global Women’s Leadership Fund (PXWEX) and State Street SPDR S&P 500 ESG ETF (EFIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PXWEX having a 9.08% return and EFIV slightly lower at 8.70%.

PXWEX

• 1D: -0.42%
• 1M: 0.32%
• YTD: 9.08%
• 6M: 8.36%
• 1Y: 22.63%
• 3Y*: 16.00%
• 5Y*: 7.36%
• 10Y*: 10.93%

EFIV

• 1D: -1.65%
• 1M: -0.29%
• YTD: 8.70%
• 6M: 8.03%
• 1Y: 27.67%
• 3Y*: 20.78%
• 5Y*: 13.94%
• 10Y*: —

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

PXWEX vs. EFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PXWEX Pax Ellevate Global Women’s Leadership Fund	9.08%	17.41%	12.15%	18.14%	-19.99%	17.28%	14.52%
EFIV State Street SPDR S&P 500 ESG ETF	8.70%	18.47%	23.80%	27.92%	-17.76%	31.70%	16.38%

Correlation

The correlation between PXWEX and EFIV 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 (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 28, 2020	0.93

The correlation between PXWEX and EFIV has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

PXWEX vs. EFIV — Risk / Return Rank

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

PXWEX

PXWEX Risk / Return Rank: 48
PXWEX Sharpe Ratio Rank: 48
PXWEX Sortino Ratio Rank: 45
PXWEX Omega Ratio Rank: 45
PXWEX Calmar Ratio Rank: 45
PXWEX Martin Ratio Rank: 56

EFIV

EFIV Risk / Return Rank: 71
EFIV Sharpe Ratio Rank: 74
EFIV Sortino Ratio Rank: 72
EFIV Omega Ratio Rank: 72
EFIV Calmar Ratio Rank: 63
EFIV 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.

PXWEX vs. EFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pax Ellevate Global Women’s Leadership Fund (PXWEX) and State Street SPDR S&P 500 ESG ETF (EFIV). 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.

	PXWEX	EFIV	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.23	-0.33
Sortino ratio: Return per unit of downside risk	2.62	3.05	-0.43
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	2.46	2.94	-0.49
Martin ratio: Return relative to average drawdown	10.67	13.37	-2.70

PXWEX vs. EFIV - Sharpe Ratio Comparison

The current PXWEX Sharpe Ratio is 1.89, which is comparable to the EFIV Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PXWEX and EFIV, 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

PXWEX vs. EFIV - Drawdown Comparison

The maximum PXWEX drawdown since its inception was -53.70%, which is greater than EFIV's maximum drawdown of -24.52%. Use the drawdown chart below to compare losses from any high point for PXWEX and EFIV.

Drawdown Indicators

	PXWEX	EFIV	Difference
Max Drawdown Largest peak-to-trough decline	-53.70%	-24.52%	-29.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.60%	-9.44%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-19.23%	+0.92%
Max Drawdown (5Y) Largest decline over 5 years	-29.67%	-24.52%	-5.15%
Max Drawdown (10Y) Largest decline over 10 years	-34.47%	—	—
Current Drawdown Current decline from peak	-1.57%	-2.43%	+0.86%
Average Drawdown Average peak-to-trough decline	-9.78%	-4.78%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.07%	+0.14%

Volatility

PXWEX vs. EFIV - Volatility Comparison

The current volatility for Pax Ellevate Global Women’s Leadership Fund (PXWEX) is 4.20%, while State Street SPDR S&P 500 ESG ETF (EFIV) has a volatility of 5.15%. This indicates that PXWEX experiences smaller price fluctuations and is considered to be less risky than EFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXWEX	EFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	5.15%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	10.07%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	12.50%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	17.04%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	16.87%	+0.12%

PXWEX vs. EFIV - Expense Ratio Comparison

PXWEX has a 0.77% expense ratio, which is higher than EFIV's 0.10% expense ratio.

Dividends

PXWEX vs. EFIV - Dividend Comparison

PXWEX's dividend yield for the trailing twelve months is around 8.99%, more than EFIV's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFIV State Street SPDR S&P 500 ESG ETF	0.98%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%
PXWEX Pax Ellevate Global Women’s Leadership Fund	8.99%	9.83%	9.47%	1.60%	3.12%	1.21%	1.04%	3.03%	4.90%	2.49%	1.80%	2.41%

Frequently Asked Questions

Can I hold both PXWEX and EFIV in my portfolio?

With a correlation of 0.91, PXWEX and EFIV 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, PXWEX or EFIV?

EFIV has higher volatility (5.15%) compared to PXWEX (4.20%). In terms of maximum drawdown, PXWEX dropped -53.70% vs EFIV's -24.52%.

Which has better risk-adjusted returns?

EFIV currently has the higher Sharpe Ratio (2.23 vs 1.89), 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.