SPXN vs. SPYG

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both S&P 500 funds - SPXN tracks the S&P 500 Ex-Financials and Real Estate Index while SPYG tracks the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, SPXN returned 16.26%/yr vs 18.20%/yr for SPYG. Their correlation of 0.82 suggests significant overlap in exposure. SPXN charges 0.09%/yr vs 0.04%/yr for SPYG.

Performance

SPXN vs. SPYG - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SPXN having a 13.57% return and SPYG slightly higher at 13.75%. Over the past 10 years, SPXN has underperformed SPYG with an annualized return of 16.26%, while SPYG has yielded a comparatively higher 18.20% 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%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

SPXN vs. SPYG - 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between SPXN and SPYG is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.82

The correlation between SPXN and SPYG shifts across timeframes, from 0.82 (all time) to 0.97 (5 years), reflecting how their relationship changes across market environments.

SPXN vs. SPYG - Sectors Allocation Comparison

Sectors	SPXN	SPYG
Technology	41.1%	51.9%
Communication Services	13.1%	16.8%
Consumer Cyclical	11.8%	8.9%
Healthcare	9.9%	5.8%
Industrials	9.6%	5.0%
Consumer Defensive	5.7%	1.0%
Energy	4.1%	0.1%
Utilities	2.7%	1.2%
Basic Materials	2.1%	0.3%
Financial Services	-	8.5%
Real Estate	-	0.6%

Return for Risk

SPXN vs. SPYG — 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

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.12	+0.49
Sortino ratio: Return per unit of downside risk	3.49	2.90	+0.59
Omega ratio: Gain probability vs. loss probability	1.47	1.37	+0.10
Calmar ratio: Return relative to maximum drawdown	3.58	2.48	+1.10
Martin ratio: Return relative to average drawdown	16.43	10.25	+6.18
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. SPYG - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is comparable to the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SPXN and SPYG, 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	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.12	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.76	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.88	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.35	+0.57

Drawdowns

SPXN vs. SPYG - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for SPXN and SPYG.

Drawdown Indicators

	SPXN	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-67.63%	+35.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-13.76%	+4.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-22.14%	+2.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-32.67%	+8.20%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-32.67%	+0.57%
Current Drawdown Current decline from peak	-0.59%	-1.13%	+0.54%
Average Drawdown Average peak-to-trough decline	-4.00%	-24.33%	+20.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.32%	-1.31%

Volatility

SPXN vs. SPYG - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.16%, while State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a volatility of 4.35%. This indicates that SPXN experiences smaller price fluctuations and is considered to be less risky than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXN	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	4.35%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	12.46%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	16.06%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	21.17%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	20.64%	-3.00%

SPXN vs. SPYG - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is higher than SPYG's 0.04% 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%.

Dividends

SPXN vs. SPYG - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, more than SPYG's 0.47% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPXN and SPYG in my portfolio?

With a correlation of 0.95, SPXN and SPYG 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 SPYG?

SPYG has higher volatility (4.35%) compared to SPXN (3.16%). In terms of maximum drawdown, SPXN dropped -32.10% vs SPYG's -67.63%.

Which ETF is better, SPXN or SPYG?

On 10-year performance, SPYG leads with 18.20% vs 16.26% for SPXN. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPXN has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or SPYG?

Over the 10-year period, SPYG has performed better with a 18.20% return vs 16.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.09% for SPXN.

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

SPXN has the higher dividend yield at 0.87%, compared with 0.47% for SPYG.

What is the main difference between SPXN and SPYG?

SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.09% for SPXN and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.61 vs 2.12), 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.