SPXN vs. COF

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) is S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while COF (Capital One Financial Corporation) is a stock. Over the past 10 years, SPXN returned 16.26%/yr vs 11.46%/yr for COF. At a 0.44 correlation, their price movements are largely independent.

Performance

SPXN vs. COF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) and Capital One Financial Corporation (COF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXN achieves a 13.57% return, which is significantly higher than COF's -26.12% return. Over the past 10 years, SPXN has outperformed COF with an annualized return of 16.26%, while COF has yielded a comparatively lower 11.46% annualized return.

SPXN

• 1D: -0.59%
• 1M: 6.16%
• YTD: 13.57%
• 6M: 13.21%
• 1Y: 32.98%
• 3Y*: 23.31%
• 5Y*: 14.93%
• 10Y*: 16.26%

COF

• 1D: -3.38%
• 1M: -6.07%
• YTD: -26.12%
• 6M: -21.20%
• 1Y: -7.87%
• 3Y*: 19.04%
• 5Y*: 3.21%
• 10Y*: 11.46%

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

SPXN vs. COF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXN ProShares S&P 500 Ex-Financials ETF	13.57%	18.74%	24.35%	28.57%	-18.87%	27.04%	22.15%	31.50%	-3.85%	20.84%
COF Capital One Financial Corporation	-26.12%	37.65%	38.24%	44.32%	-34.59%	49.32%	-2.66%	38.62%	-22.77%	16.30%

Correlation

The correlation between SPXN and COF is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.44

The correlation between SPXN and COF has been stable across timeframes, ranging from 0.44 to 0.54 - a consistent structural relationship.

Return for Risk

SPXN vs. COF — Risk / Return Rank

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

SPXN

SPXN Risk / Return Rank: 78
SPXN Sharpe Ratio Rank: 80
SPXN Sortino Ratio Rank: 77
SPXN Omega Ratio Rank: 78
SPXN Calmar Ratio Rank: 71
SPXN Martin Ratio Rank: 82

COF

COF Risk / Return Rank: 29
COF Sharpe Ratio Rank: 29
COF Sortino Ratio Rank: 27
COF Omega Ratio Rank: 26
COF Calmar Ratio Rank: 32
COF Martin Ratio Rank: 31

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.

SPXN vs. COF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and Capital One Financial Corporation (COF). 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.

	SPXN	COF	Difference
Sharpe ratio: Return per unit of total volatility	2.61	-0.26	+2.87
Sortino ratio: Return per unit of downside risk	3.49	-0.14	+3.63
Omega ratio: Gain probability vs. loss probability	1.47	0.98	+0.49
Calmar ratio: Return relative to maximum drawdown	3.58	-0.25	+3.83
Martin ratio: Return relative to average drawdown	16.43	-0.52	+16.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXN vs. COF - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is higher than the COF Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of SPXN and COF, 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

	SPXN	COF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	-0.26	+2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.09	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.31	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.29	+0.64

Drawdowns

SPXN vs. COF - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum COF drawdown of -90.17%. Use the drawdown chart below to compare losses from any high point for SPXN and COF.

Drawdown Indicators

	SPXN	COF	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-90.17%	+58.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-31.47%	+22.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-31.47%	+11.91%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-50.38%	+25.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-60.25%	+28.15%
Current Drawdown Current decline from peak	-0.59%	-30.58%	+29.99%
Average Drawdown Average peak-to-trough decline	-4.00%	-21.49%	+17.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	15.25%	-13.24%

Volatility

SPXN vs. COF - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.16%, while Capital One Financial Corporation (COF) has a volatility of 7.49%. This indicates that SPXN experiences smaller price fluctuations and is considered to be less risky than COF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXN	COF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	7.49%	-4.33%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	24.55%	-14.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	30.83%	-18.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	35.32%	-18.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	37.25%	-19.61%

Dividends

SPXN vs. COF - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, less than COF's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COF Capital One Financial Corporation	1.69%	1.07%	1.35%	1.83%	2.58%	1.79%	1.01%	1.55%	2.12%	1.61%	1.83%	2.08%
SPXN ProShares S&P 500 Ex-Financials ETF	0.87%	0.98%	1.12%	1.19%	1.35%	0.94%	1.09%	1.41%	1.76%	1.54%	2.60%	0.52%

Frequently Asked Questions

Can I hold both SPXN and COF in my portfolio?

SPXN and COF have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXN or COF?

COF has higher volatility (7.49%) compared to SPXN (3.16%). In terms of maximum drawdown, SPXN dropped -32.10% vs COF's -90.17%.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.61 vs -0.26), 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.