SPXE vs. RPG

Last updated Jun 24, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and RPG (Invesco S&P 500 Pure Growth ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while RPG is a Large Cap Growth Equities fund tracking the S&P 500/Citigroup Pure Growth Index. Both are passively managed. Over the past 10 years, SPXE returned 15.77%/yr vs 15.14%/yr for RPG. A 0.78 correlation means they provide meaningful diversification when combined. SPXE charges 0.09%/yr vs 0.35%/yr for RPG.

Performance

SPXE vs. RPG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPXE achieves a 7.86% return, which is significantly lower than RPG's 30.31% return. Both investments have delivered pretty close results over the past 10 years, with SPXE having a 15.77% annualized return and RPG not far behind at 15.14%.

SPXE

• 1D: -1.35%
• 1M: -0.99%
• YTD: 7.86%
• 6M: 6.98%
• 1Y: 23.59%
• 3Y*: 20.92%
• 5Y*: 12.85%
• 10Y*: 15.77%

RPG

• 1D: -4.60%
• 1M: 5.48%
• YTD: 30.31%
• 6M: 27.62%
• 1Y: 38.51%
• 3Y*: 27.72%
• 5Y*: 11.59%
• 10Y*: 15.14%

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

SPXE vs. RPG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	7.86%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
RPG Invesco S&P 500 Pure Growth ETF	30.31%	13.41%	28.23%	8.04%	-27.55%	29.40%	29.34%	28.34%	-4.53%	26.20%

Correlation

The correlation between SPXE and RPG is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.78

The correlation between SPXE and RPG has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

SPXE vs. RPG - Sectors Allocation Comparison

Sectors	SPXE	RPG
Technology	39.1%	46.9%
Financial Services	12.1%	5.3%
Communication Services	10.4%	5.4%
Consumer Cyclical	9.8%	14.7%
Healthcare	9.0%	6.4%
Industrials	8.1%	14.0%
Consumer Defensive	4.9%	1.1%
Utilities	2.6%	2.4%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	1.2%
Energy	0.0%	1.6%

Return for Risk

SPXE vs. RPG — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 57
SPXE Sharpe Ratio Rank: 58
SPXE Sortino Ratio Rank: 57
SPXE Omega Ratio Rank: 57
SPXE Calmar Ratio Rank: 51
SPXE Martin Ratio Rank: 61

RPG

RPG Risk / Return Rank: 61
RPG Sharpe Ratio Rank: 55
RPG Sortino Ratio Rank: 52
RPG Omega Ratio Rank: 53
RPG Calmar Ratio Rank: 72
RPG Martin Ratio Rank: 73

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. RPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and Invesco S&P 500 Pure Growth ETF (RPG). 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.

	SPXE	RPG	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.75	+0.07
Sortino ratio: Return per unit of downside risk	2.53	2.37	+0.16
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.35	3.49	-1.15
Martin ratio: Return relative to average drawdown	10.35	13.16	-2.81

SPXE vs. RPG - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 1.83, which is comparable to the RPG Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of SPXE and RPG, 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

SPXE vs. RPG - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum RPG drawdown of -53.27%. Use the drawdown chart below to compare losses from any high point for SPXE and RPG.

Drawdown Indicators

	SPXE	RPG	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-53.27%	+21.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-11.08%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-24.75%	+5.85%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-35.59%	+9.09%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-36.58%	+4.31%
Current Drawdown Current decline from peak	-2.91%	-4.60%	+1.69%
Average Drawdown Average peak-to-trough decline	-4.45%	-8.83%	+4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.93%	-0.65%

Volatility

SPXE vs. RPG - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 4.74%, while Invesco S&P 500 Pure Growth ETF (RPG) has a volatility of 11.10%. This indicates that SPXE experiences smaller price fluctuations and is considered to be less risky than RPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	RPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	11.10%	-6.36%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	19.02%	-8.66%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	22.09%	-9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	23.86%	-6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	22.90%	-5.47%

SPXE vs. RPG - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than RPG's 0.35% expense ratio.

Dividends

SPXE vs. RPG - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 0.94%, more than RPG's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPG Invesco S&P 500 Pure Growth ETF	0.15%	0.24%	0.25%	1.44%	0.74%	0.00%	0.46%	0.83%	0.47%	0.56%	0.43%	0.73%
SPXE ProShares S&P 500 Ex-Energy ETF	0.94%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%

Frequently Asked Questions

Can I hold both SPXE and RPG in my portfolio?

SPXE and RPG have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXE or RPG?

RPG has higher volatility (11.10%) compared to SPXE (4.74%). In terms of maximum drawdown, SPXE dropped -32.27% vs RPG's -53.27%.

Which ETF is better, SPXE or RPG?

On 10-year performance, SPXE leads with 15.77% vs 15.14% for RPG. On fees, SPXE is cheaper at 0.09% per year. On volatility, SPXE has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or RPG?

Over the 10-year period, SPXE has performed better with a 15.77% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or RPG?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.35% for RPG.

Which ETF pays a higher dividend yield, SPXE or RPG?

SPXE has the higher dividend yield at 0.94%, compared with 0.15% for RPG.

What is the main difference between SPXE and RPG?

SPXE is categorized as S&P 500, while RPG is Large Cap Growth Equities. SPXE tracks S&P 500 Ex-Energy Index, while RPG tracks S&P 500/Citigroup Pure Growth Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.09% for SPXE and 0.35% for RPG.

Which has better risk-adjusted returns?

SPXE currently has the higher Sharpe Ratio (1.83 vs 1.75), 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.