SPXE vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares S&P 500 Ex-Energy ETF (SPXE) and S&P 500 Index (^GSPC).

SPXE is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Energy Index. It was launched on Sep 22, 2015.

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.

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	-4.77%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, SPXE achieves a -4.77% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, SPXE has outperformed ^GSPC with an annualized return of 14.20%, while ^GSPC has yielded a comparatively lower 12.24% annualized return.

SPXE

• 1D: 0.98%
• 1M: -4.65%
• YTD: -4.77%
• 6M: -2.60%
• 1Y: 17.68%
• 3Y*: 18.61%
• 5Y*: 11.43%
• 10Y*: 14.20%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

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: 56
SPXE Sharpe Ratio Rank: 51
SPXE Sortino Ratio Rank: 54
SPXE Omega Ratio Rank: 57
SPXE Calmar Ratio Rank: 55
SPXE Martin Ratio Rank: 62

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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	0.96	0.92	+0.04
Sortino ratio Return per unit of downside risk	1.48	1.41	+0.07
Omega ratio Gain probability vs. loss probability	1.22	1.21	0.00
Calmar ratio Return relative to maximum drawdown	1.50	1.41	+0.09
Martin ratio Return relative to average drawdown	6.61	6.61	-0.01
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 0.96, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of SPXE and ^GSPC, 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

	SPXE	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.92	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.61	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.68	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.46	+0.37

Correlation

The correlation between SPXE and ^GSPC is 0.87, 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.

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	-11.98%	-12.14%	+0.16%
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	-6.50%	-5.78%	-0.72%
Average Drawdown Average peak-to-trough decline	-4.52%	-10.75%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.60%	+0.12%

Volatility

SPXE vs. ^GSPC - Volatility Comparison

ProShares S&P 500 Ex-Energy ETF (SPXE) has a higher volatility of 5.64% compared to S&P 500 Index (^GSPC) at 5.37%. 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	5.64%	5.37%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	9.55%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	18.33%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	16.90%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	18.05%	-0.67%