PXWIX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) and State Street SPDR S&P 500 ETF (SPY).

PXWIX is managed by Pax World Funds. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

PXWIX vs. SPY - Performance Comparison

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

PXWIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	-6.93%	17.72%	12.41%	18.41%	-19.77%	17.58%	13.94%	26.80%	-7.55%	25.15%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, PXWIX achieves a -6.93% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, PXWIX has underperformed SPY with an annualized return of 9.09%, while SPY has yielded a comparatively higher 13.98% annualized return.

PXWIX

• 1D: 0.12%
• 1M: -8.29%
• YTD: -6.93%
• 6M: -2.55%
• 1Y: 12.99%
• 3Y*: 10.99%
• 5Y*: 5.70%
• 10Y*: 9.09%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

PXWIX vs. SPY - Expense Ratio Comparison

PXWIX has a 0.51% expense ratio, which is higher than SPY's 0.09% expense ratio.

PXWIX

Pax Ellevate Global Women’s Leadership Fund Institutional Class

SPY

State Street SPDR S&P 500 ETF

Return for Risk

PXWIX vs. SPY — Risk / Return Rank

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

PXWIX

PXWIX Risk / Return Rank: 40
PXWIX Sharpe Ratio Rank: 38
PXWIX Sortino Ratio Rank: 40
PXWIX Omega Ratio Rank: 39
PXWIX Calmar Ratio Rank: 39
PXWIX Martin Ratio Rank: 46

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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.

PXWIX vs. SPY - Risk-Adjusted Trends Comparison

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

	PXWIX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.82	0.93	-0.11
Sortino ratio Return per unit of downside risk	1.25	1.45	-0.20
Omega ratio Gain probability vs. loss probability	1.18	1.22	-0.05
Calmar ratio Return relative to maximum drawdown	1.02	1.53	-0.50
Martin ratio Return relative to average drawdown	4.63	7.30	-2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXWIX vs. SPY - Sharpe Ratio Comparison

The current PXWIX Sharpe Ratio is 0.82, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of PXWIX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PXWIX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	0.93	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.69	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.78	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.56	-0.25

Correlation

The correlation between PXWIX and SPY is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PXWIX vs. SPY - Dividend Comparison

PXWIX's dividend yield for the trailing twelve months is around 10.72%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	10.72%	9.98%	9.64%	1.69%	3.24%	1.44%	1.25%	3.24%	5.15%	2.71%	2.04%	2.68%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

PXWIX vs. SPY - Drawdown Comparison

The maximum PXWIX drawdown since its inception was -53.56%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PXWIX and SPY.

Drawdown Indicators

	PXWIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-53.56%	-55.19%	+1.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-12.05%	+0.84%
Max Drawdown (5Y) Largest decline over 5 years	-29.52%	-24.50%	-5.02%
Max Drawdown (10Y) Largest decline over 10 years	-34.47%	-33.72%	-0.75%
Current Drawdown Current decline from peak	-9.44%	-6.24%	-3.20%
Average Drawdown Average peak-to-trough decline	-9.89%	-9.09%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.52%	-0.05%

Volatility

PXWIX vs. SPY - Volatility Comparison

The current volatility for Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) is 4.55%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that PXWIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXWIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	5.31%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	9.47%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	19.05%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	17.06%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	17.92%	-1.00%