SPXN vs. OEF
SPXN (ProShares S&P 500 Ex-Financials ETF) and OEF (iShares S&P 100 ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while OEF is a Large Cap Blend Equities fund tracking the S&P 100 Index. Both are passively managed. Over the past 10 years, SPXN returned 16.16%/yr vs 16.78%/yr for OEF. Their correlation of 0.83 suggests significant overlap in exposure. SPXN charges 0.09%/yr vs 0.20%/yr for OEF.
Performance
SPXN vs. OEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPXN achieves a 12.64% return, which is significantly higher than OEF's 8.71% return. Both investments have delivered pretty close results over the past 10 years, with SPXN having a 16.16% annualized return and OEF not far ahead at 16.78%.
SPXN
- 1D
- 1.86%
- 1M
- 1.64%
- YTD
- 12.64%
- 6M
- 13.30%
- 1Y
- 31.35%
- 3Y*
- 21.71%
- 5Y*
- 14.66%
- 10Y*
- 16.16%
OEF
- 1D
- 2.03%
- 1M
- 0.66%
- YTD
- 8.71%
- 6M
- 9.60%
- 1Y
- 28.24%
- 3Y*
- 23.02%
- 5Y*
- 15.42%
- 10Y*
- 16.78%
SPXN vs. OEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 12.64% | 18.74% | 24.35% | 28.57% | -18.87% | 27.04% | 22.15% | 31.50% | -3.85% | 20.84% |
OEF iShares S&P 100 ETF | 8.71% | 19.80% | 30.74% | 32.71% | -21.03% | 29.18% | 21.21% | 31.87% | -4.16% | 21.82% |
Correlation
The correlation between SPXN and OEF is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.83 |
The correlation between SPXN and OEF shifts across timeframes, from 0.83 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPXN vs. OEF — Risk / Return Rank
SPXN
OEF
SPXN vs. OEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and iShares S&P 100 ETF (OEF). 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.
| SPXN | OEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.39 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 2.57 | +0.84 |
| Martin ratioReturn relative to average drawdown | 14.99 | 10.52 | +4.47 |
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Drawdowns
SPXN vs. OEF - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum OEF drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for SPXN and OEF.
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Drawdown Indicators
| SPXN | OEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -54.11% | +22.01% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -11.06% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -19.80% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -26.47% | +2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | -31.44% | -0.66% |
Current DrawdownCurrent decline from peak | -1.41% | -1.67% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -4.00% | -11.74% | +7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.69% | -0.59% |
Volatility
SPXN vs. OEF - Volatility Comparison
ProShares S&P 500 Ex-Financials ETF (SPXN) and iShares S&P 100 ETF (OEF) have volatilities of 5.00% and 4.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXN | OEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 4.96% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 10.42% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.30% | 13.29% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.26% | 17.79% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.70% | 18.49% | -0.79% |
SPXN vs. OEF - Expense Ratio Comparison
SPXN has a 0.09% expense ratio, which is lower than OEF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPXN vs. OEF - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 0.88%, less than OEF's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OEF iShares S&P 100 ETF | 1.04% | 0.81% | 1.03% | 1.19% | 1.55% | 1.06% | 1.43% | 1.87% | 2.09% | 1.81% | 2.07% | 2.11% |
SPXN ProShares S&P 500 Ex-Financials ETF | 0.88% | 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
With a correlation of 0.97, SPXN and OEF 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.
SPXN has higher volatility (5.00%) compared to OEF (4.96%). In terms of maximum drawdown, SPXN dropped -32.10% vs OEF's -54.11%.
On 10-year performance, OEF leads with 16.78% vs 16.16% for SPXN. On fees, SPXN is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OEF has performed better with a 16.78% return vs 16.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXN is cheaper with a 0.09% expense ratio, compared with 0.20% for OEF.
OEF has the higher dividend yield at 1.04%, compared with 0.88% for SPXN.
SPXN is categorized as S&P 500, while OEF is Large Cap Blend Equities. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while OEF tracks S&P 100 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.09% for SPXN and 0.20% for OEF.
SPXN currently has the higher Sharpe Ratio (2.37 vs 2.14), 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.
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