SPXN vs. SPXV

Last updated Jun 3, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and SPXV (ProShares S&P 500 Ex-Health Care ETF) are both S&P 500 funds from ProShares - SPXN tracks the S&P 500 Ex-Financials and Real Estate Index while SPXV tracks the S&P 500 Ex-Health Care Index. Both are passively managed. Over the past 10 years, SPXN returned 16.32%/yr vs 16.47%/yr for SPXV. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

SPXN vs. SPXV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) 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, SPXN achieves a 14.25% return, which is significantly higher than SPXV's 13.22% return. Both investments have delivered pretty close results over the past 10 years, with SPXN having a 16.32% annualized return and SPXV not far ahead at 16.47%.

SPXN

• 1D: 0.17%
• 1M: 6.33%
• YTD: 14.25%
• 6M: 14.07%
• 1Y: 34.82%
• 3Y*: 23.56%
• 5Y*: 15.29%
• 10Y*: 16.32%

SPXV

• 1D: 0.25%
• 1M: 5.74%
• YTD: 13.22%
• 6M: 13.73%
• 1Y: 31.52%
• 3Y*: 24.80%
• 5Y*: 15.20%
• 10Y*: 16.47%

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

SPXN vs. SPXV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXN ProShares S&P 500 Ex-Financials ETF	14.25%	18.74%	24.35%	28.57%	-18.87%	27.04%	22.15%	31.50%	-3.85%	20.84%
SPXV ProShares S&P 500 Ex-Health Care ETF	13.22%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%

Correlation

The correlation between SPXN and SPXV is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.89

The correlation between SPXN and SPXV has been stable across timeframes, ranging from 0.89 to 0.99 - a consistent structural relationship.

SPXN vs. SPXV - Sectors Allocation Comparison

Sectors	SPXN	SPXV
Technology	41.1%	38.9%
Communication Services	13.1%	12.3%
Consumer Cyclical	11.8%	11.1%
Healthcare	9.9%	-
Industrials	9.6%	9.1%
Consumer Defensive	5.7%	5.4%
Energy	4.1%	3.8%
Utilities	2.7%	2.6%
Basic Materials	2.1%	1.9%
Financial Services	-	12.9%
Real Estate	-	2.1%

Return for Risk

SPXN vs. SPXV — Risk / Return Rank

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

SPXN

SPXN Risk / Return Rank: 81
SPXN Sharpe Ratio Rank: 83
SPXN Sortino Ratio Rank: 80
SPXN Omega Ratio Rank: 81
SPXN Calmar Ratio Rank: 74
SPXN Martin Ratio Rank: 84

SPXV

SPXV Risk / Return Rank: 74
SPXV Sharpe Ratio Rank: 76
SPXV Sortino Ratio Rank: 73
SPXV Omega Ratio Rank: 74
SPXV Calmar Ratio Rank: 69
SPXV Martin Ratio Rank: 78

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. SPXV - Risk-Adjusted Trends Comparison

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

	SPXN	SPXV	Difference
Sharpe ratio Return per unit of total volatility	2.76	2.50	+0.26
Sortino ratio Return per unit of downside risk	3.66	3.37	+0.29
Omega ratio Gain probability vs. loss probability	1.50	1.45	+0.05
Calmar ratio Return relative to maximum drawdown	3.78	3.46	+0.32
Martin ratio Return relative to average drawdown	17.35	15.29	+2.06
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. SPXV - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.76, which is comparable to the SPXV Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of SPXN 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.

Sharpe Ratios by Period

	SPXN	SPXV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	2.50	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.86	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.92	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.92	+0.01

Drawdowns

SPXN vs. SPXV - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum SPXV drawdown of -34.34%. Use the drawdown chart below to compare losses from any high point for SPXN and SPXV.

Drawdown Indicators

	SPXN	SPXV	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-34.34%	+2.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-9.15%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-19.89%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-26.58%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-34.34%	+2.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.00%	-4.52%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.07%	-0.06%

Volatility

SPXN vs. SPXV - Volatility Comparison

ProShares S&P 500 Ex-Financials ETF (SPXN) and ProShares S&P 500 Ex-Health Care ETF (SPXV) have volatilities of 3.12% and 3.08%, 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.

Volatility by Period

	SPXN	SPXV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	3.08%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	9.62%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	12.66%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	17.78%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	18.01%	-0.37%

SPXN vs. SPXV - Expense Ratio Comparison

Both SPXN 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

SPXN vs. SPXV - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, less than SPXV's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.88%	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 SPXN and SPXV in my portfolio?

With a correlation of 0.98, SPXN 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, SPXN or SPXV?

SPXN has higher volatility (3.12%) compared to SPXV (3.08%). In terms of maximum drawdown, SPXN dropped -32.10% vs SPXV's -34.34%.

Which ETF is better, SPXN or SPXV?

On 10-year performance, SPXV leads with 16.47% vs 16.32% for SPXN. Both ETFs have the same 0.09% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or SPXV?

Over the 10-year period, SPXV has performed better with a 16.47% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or SPXV?

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

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

SPXV has the higher dividend yield at 0.88%, compared with 0.87% for SPXN.

What is the main difference between SPXN and SPXV?

SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while SPXV tracks S&P 500 Ex-Health Care Index.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.76 vs 2.50), 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.