SPXE vs. ^GSPC

Last updated Jun 5, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) is S&P 500 fund tracking the S&P 500 Ex-Energy Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, SPXE returned 15.66%/yr vs 13.65%/yr for ^GSPC. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

SPXE vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXE having a 10.59% return and ^GSPC slightly higher at 10.79%. Over the past 10 years, SPXE has outperformed ^GSPC with an annualized return of 15.66%, while ^GSPC has yielded a comparatively lower 13.65% annualized return.

SPXE

• 1D: 0.27%
• 1M: 4.73%
• YTD: 10.59%
• 6M: 10.76%
• 1Y: 27.73%
• 3Y*: 22.75%
• 5Y*: 13.62%
• 10Y*: 15.66%

^GSPC

• 1D: 0.41%
• 1M: 4.48%
• YTD: 10.79%
• 6M: 10.60%
• 1Y: 27.02%
• 3Y*: 21.07%
• 5Y*: 12.39%
• 10Y*: 13.65%

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

SPXE vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	10.59%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
^GSPC S&P 500 Index	10.79%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between SPXE and ^GSPC is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.88

The correlation between SPXE and ^GSPC shifts across timeframes, from 0.88 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPXE vs. ^GSPC — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 66
SPXE Sharpe Ratio Rank: 70
SPXE Sortino Ratio Rank: 69
SPXE Omega Ratio Rank: 68
SPXE Calmar Ratio Rank: 57
SPXE Martin Ratio Rank: 69

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

SPXE vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and S&P 500 Index (^GSPC). 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.

	SPXE	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.28	-0.04
Sortino ratio: Return per unit of downside risk	3.09	3.12	-0.03
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	2.76	2.98	-0.22
Martin ratio: Return relative to average drawdown	12.52	13.78	-1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. ^GSPC - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 2.24, which is comparable to the ^GSPC Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SPXE and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPXE	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.28	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.74	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.76	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.47	+0.44

Drawdowns

SPXE vs. ^GSPC - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for SPXE and ^GSPC.

Drawdown Indicators

	SPXE	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-56.78%	+24.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-9.10%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-18.90%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-25.43%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-33.92%	+1.65%
Current Drawdown Current decline from peak	-0.45%	-0.33%	-0.12%
Average Drawdown Average peak-to-trough decline	-4.46%	-10.72%	+6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.97%	+0.25%

Volatility

SPXE vs. ^GSPC - Volatility Comparison

ProShares S&P 500 Ex-Energy ETF (SPXE) has a higher volatility of 3.14% compared to S&P 500 Index (^GSPC) at 2.88%. This indicates that SPXE's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.88%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	9.00%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	11.89%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.90%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	18.06%	-0.64%

Frequently Asked Questions

Can I hold both SPXE and ^GSPC in my portfolio?

With a correlation of 0.99, SPXE and ^GSPC 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, SPXE or ^GSPC?

SPXE has higher volatility (3.14%) compared to ^GSPC (2.88%). In terms of maximum drawdown, SPXE dropped -32.27% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.28 vs 2.24), 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.