SPXN vs. XLG

Last updated Jun 16, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and XLG (Invesco S&P 500 Top 50 ETF) are both S&P 500 funds - SPXN tracks the S&P 500 Ex-Financials and Real Estate Index while XLG tracks the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, SPXN returned 16.16%/yr vs 17.23%/yr for XLG. Their correlation of 0.82 suggests significant overlap in exposure. SPXN charges 0.09%/yr vs 0.20%/yr for XLG.

Performance

SPXN vs. XLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) and Invesco S&P 500 Top 50 ETF (XLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXN achieves a 12.64% return, which is significantly higher than XLG's 5.56% return. Over the past 10 years, SPXN has underperformed XLG with an annualized return of 16.16%, while XLG has yielded a comparatively higher 17.23% annualized return.

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%

XLG

• 1D: 1.88%
• 1M: -1.70%
• YTD: 5.56%
• 6M: 6.64%
• 1Y: 25.51%
• 3Y*: 22.53%
• 5Y*: 15.57%
• 10Y*: 17.23%

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

SPXN vs. XLG - 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%
XLG Invesco S&P 500 Top 50 ETF	5.56%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%

Correlation

The correlation between SPXN and XLG is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
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 24, 2015	0.82

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

SPXN vs. XLG - Sectors Allocation Comparison

Sectors	SPXN	XLG
Technology	43.7%	45.9%
Communication Services	11.7%	15.9%
Consumer Cyclical	11.0%	10.6%
Healthcare	10.1%	7.4%
Industrials	9.1%	2.0%
Consumer Defensive	5.5%	5.5%
Energy	3.8%	2.6%
Utilities	3.0%	-
Basic Materials	2.0%	0.6%
Financial Services	-	9.5%
Real Estate	-	-

Return for Risk

SPXN vs. XLG — 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: 81
SPXN Sortino Ratio Rank: 77
SPXN Omega Ratio Rank: 79
SPXN Calmar Ratio Rank: 72
SPXN Martin Ratio Rank: 82

XLG

XLG Risk / Return Rank: 56
XLG Sharpe Ratio Rank: 62
XLG Sortino Ratio Rank: 60
XLG Omega Ratio Rank: 61
XLG Calmar Ratio Rank: 46
XLG Martin Ratio Rank: 49

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. XLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and Invesco S&P 500 Top 50 ETF (XLG). 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	XLG	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.86	+0.51
Sortino ratio: Return per unit of downside risk	3.14	2.52	+0.61
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.40	2.06	+1.34
Martin ratio: Return relative to average drawdown	14.99	7.55	+7.44

SPXN vs. XLG - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.37, which is comparable to the XLG Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SPXN and XLG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXN vs. XLG - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum XLG drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for SPXN and XLG.

Drawdown Indicators

	SPXN	XLG	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-52.39%	+20.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-12.41%	+3.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-20.70%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-28.02%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-30.46%	-1.64%
Current Drawdown Current decline from peak	-1.41%	-3.28%	+1.87%
Average Drawdown Average peak-to-trough decline	-4.00%	-7.64%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.39%	-1.29%

Volatility

SPXN vs. XLG - Volatility Comparison

ProShares S&P 500 Ex-Financials ETF (SPXN) has a higher volatility of 5.00% compared to Invesco S&P 500 Top 50 ETF (XLG) at 4.58%. This indicates that SPXN's price experiences larger fluctuations and is considered to be riskier than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXN	XLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	4.58%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	10.57%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	13.78%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.26%	18.76%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	18.88%	-1.18%

SPXN vs. XLG - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is lower than XLG'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. XLG - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.88%, more than XLG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLG Invesco S&P 500 Top 50 ETF	0.61%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both SPXN and XLG in my portfolio?

With a correlation of 0.94, SPXN and XLG 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 XLG?

SPXN has higher volatility (5.00%) compared to XLG (4.58%). In terms of maximum drawdown, SPXN dropped -32.10% vs XLG's -52.39%.

Which ETF is better, SPXN or XLG?

On 10-year performance, XLG leads with 17.23% vs 16.16% for SPXN. On fees, SPXN is cheaper at 0.09% per year. On volatility, XLG has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or XLG?

Over the 10-year period, XLG has performed better with a 17.23% return vs 16.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or XLG?

SPXN is cheaper with a 0.09% expense ratio, compared with 0.20% for XLG.

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

SPXN has the higher dividend yield at 0.88%, compared with 0.61% for XLG.

What is the main difference between SPXN and XLG?

SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while XLG tracks S&P 500 Top 50 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.09% for SPXN and 0.20% for XLG.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.37 vs 1.86), 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.