SPXE vs. SPYM

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares S&P 500 Ex-Energy ETF (SPXE) and State Street SPDR Portfolio S&P 500 ETF (SPYM).

SPXE and SPYM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. SPYM is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Nov 8, 2005. Both SPXE and SPYM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPXE vs. SPYM - Performance Comparison

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

SPXE vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	-5.69%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
SPYM State Street SPDR Portfolio S&P 500 ETF	-4.35%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Returns By Period

In the year-to-date period, SPXE achieves a -5.69% return, which is significantly lower than SPYM's -4.35% return. Both investments have delivered pretty close results over the past 10 years, with SPXE having a 14.08% annualized return and SPYM not far ahead at 14.13%.

SPXE

• 1D: 2.99%
• 1M: -5.47%
• YTD: -5.69%
• 6M: -3.18%
• 1Y: 16.84%
• 3Y*: 18.22%
• 5Y*: 11.21%
• 10Y*: 14.08%

SPYM

• 1D: 2.90%
• 1M: -4.99%
• YTD: -4.35%
• 6M: -1.77%
• 1Y: 17.73%
• 3Y*: 18.27%
• 5Y*: 11.77%
• 10Y*: 14.13%

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

SPXE vs. SPYM - Expense Ratio Comparison

SPXE has a 0.27% expense ratio, which is higher than SPYM's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

SPXE

ProShares S&P 500 Ex-Energy ETF

SPYM

State Street SPDR Portfolio S&P 500 ETF

Return for Risk

SPXE vs. SPYM — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 58
SPXE Sharpe Ratio Rank: 51
SPXE Sortino Ratio Rank: 55
SPXE Omega Ratio Rank: 58
SPXE Calmar Ratio Rank: 58
SPXE Martin Ratio Rank: 66

SPYM

SPYM Risk / Return Rank: 65
SPYM Sharpe Ratio Rank: 59
SPYM Sortino Ratio Rank: 62
SPYM Omega Ratio Rank: 66
SPYM Calmar Ratio Rank: 65
SPYM 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.

SPXE vs. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.98	-0.06
Sortino ratio Return per unit of downside risk	1.42	1.49	-0.07
Omega ratio Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio Return relative to maximum drawdown	1.46	1.53	-0.07
Martin ratio Return relative to average drawdown	6.51	7.31	-0.80
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. SPYM - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 0.92, which is comparable to the SPYM Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of SPXE and SPYM, 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	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.98	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.70	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.79	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.58	+0.24

Correlation

The correlation between SPXE and SPYM 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.

Dividends

SPXE vs. SPYM - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 1.07%, less than SPYM's 1.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXE ProShares S&P 500 Ex-Energy ETF	1.07%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.16%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Drawdowns

SPXE vs. SPYM - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPXE and SPYM.

Drawdown Indicators

	SPXE	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-54.46%	+22.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-12.02%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-24.48%	-2.02%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-33.87%	+1.60%
Current Drawdown Current decline from peak	-7.41%	-6.26%	-1.15%
Average Drawdown Average peak-to-trough decline	-4.52%	-7.21%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.52%	+0.17%

Volatility

SPXE vs. SPYM - Volatility Comparison

ProShares S&P 500 Ex-Energy ETF (SPXE) has a higher volatility of 5.55% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 5.28%. This indicates that SPXE's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	5.28%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	9.46%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	18.24%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	16.81%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	17.99%	-0.61%