SPXE vs. SPXV

Last updated Jun 24, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and SPXV (ProShares S&P 500 Ex-Health Care ETF) are both S&P 500 funds from ProShares - SPXE tracks the S&P 500 Ex-Energy Index while SPXV tracks the S&P 500 Ex-Health Care Index. Both are passively managed. Over the past 10 years, SPXE returned 15.77%/yr vs 16.03%/yr for SPXV. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

SPXE vs. SPXV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and ProShares S&P 500 Ex-Health Care ETF (SPXV). 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 SPXV's 9.08% return. Both investments have delivered pretty close results over the past 10 years, with SPXE having a 15.77% annualized return and SPXV not far ahead at 16.03%.

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%

SPXV

• 1D: -1.52%
• 1M: -1.52%
• YTD: 9.08%
• 6M: 8.22%
• 1Y: 24.43%
• 3Y*: 22.59%
• 5Y*: 13.99%
• 10Y*: 16.03%

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

SPXE vs. SPXV - 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%
SPXV ProShares S&P 500 Ex-Health Care ETF	9.08%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%

Correlation

The correlation between SPXE and SPXV 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	0.88
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.85

The correlation between SPXE and SPXV shifts across timeframes, from 0.85 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

SPXE vs. SPXV - Sectors Allocation Comparison

Sectors	SPXE	SPXV
Technology	39.1%	42.6%
Financial Services	12.1%	12.1%
Communication Services	10.4%	11.6%
Consumer Cyclical	9.8%	10.8%
Healthcare	9.0%	-
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	4.9%
Utilities	2.6%	2.3%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.8%
Energy	0.0%	3.4%

Return for Risk

SPXE vs. SPXV — 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

SPXV

SPXV Risk / Return Rank: 59
SPXV Sharpe Ratio Rank: 59
SPXV Sortino Ratio Rank: 57
SPXV Omega Ratio Rank: 57
SPXV Calmar Ratio Rank: 58
SPXV Martin Ratio Rank: 66

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. SPXV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and ProShares S&P 500 Ex-Health Care ETF (SPXV). 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	SPXV	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.84	-0.02
Sortino ratio: Return per unit of downside risk	2.53	2.51	+0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.35	2.68	-0.33
Martin ratio: Return relative to average drawdown	10.35	11.27	-0.92

SPXE vs. SPXV - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 1.83, which is comparable to the SPXV Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SPXE and SPXV, 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. SPXV - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum SPXV drawdown of -34.34%. Use the drawdown chart below to compare losses from any high point for SPXE and SPXV.

Drawdown Indicators

	SPXE	SPXV	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-34.34%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-9.15%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-19.89%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-26.58%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-34.34%	+2.07%
Current Drawdown Current decline from peak	-2.91%	-3.66%	+0.75%
Average Drawdown Average peak-to-trough decline	-4.45%	-4.51%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.17%	+0.11%

Volatility

SPXE vs. SPXV - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 4.74%, while ProShares S&P 500 Ex-Health Care ETF (SPXV) has a volatility of 5.00%. This indicates that SPXE experiences smaller price fluctuations and is considered to be less risky than SPXV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	SPXV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	5.00%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	10.54%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	13.34%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	17.88%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	18.08%	-0.65%

SPXE vs. SPXV - Expense Ratio Comparison

Both SPXE and SPXV have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPXE vs. SPXV - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 0.94%, more than SPXV's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.92%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%

Frequently Asked Questions

Can I hold both SPXE and SPXV in my portfolio?

With a correlation of 0.99, SPXE and SPXV 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 SPXV?

SPXV has higher volatility (5.00%) compared to SPXE (4.74%). In terms of maximum drawdown, SPXE dropped -32.27% vs SPXV's -34.34%.

Which ETF is better, SPXE or SPXV?

On 10-year performance, SPXV leads with 16.03% vs 15.77% for SPXE. Both ETFs have the same 0.09% expense ratio. 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 SPXV?

Over the 10-year period, SPXV has performed better with a 16.03% return vs 15.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or SPXV?

SPXE and SPXV have the same expense ratio: 0.09% per year.

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

SPXE has the higher dividend yield at 0.94%, compared with 0.92% for SPXV.

What is the main difference between SPXE and SPXV?

SPXE tracks S&P 500 Ex-Energy Index, while SPXV tracks S&P 500 Ex-Health Care Index.

Which has better risk-adjusted returns?

SPXV currently has the higher Sharpe Ratio (1.84 vs 1.83), 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.