SPXN vs. XRMI

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and XRMI (Global X S&P 500 Risk Managed Income 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 XRMI is a Derivative Income fund tracking the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past 3 years, SPXN returned 23.31%/yr vs 6.71%/yr for XRMI. A 0.75 correlation means they provide meaningful diversification when combined. SPXN charges 0.09%/yr vs 0.60%/yr for XRMI.

Performance

SPXN vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) and Global X S&P 500 Risk Managed Income ETF (XRMI). 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 XRMI's 1.75% 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%

XRMI

• 1D: -0.20%
• 1M: 1.38%
• YTD: 1.75%
• 6M: 2.96%
• 1Y: 9.48%
• 3Y*: 6.71%
• 5Y*: —
• 10Y*: —

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

SPXN vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPXN ProShares S&P 500 Ex-Financials ETF	13.57%	18.74%	24.35%	28.57%	-18.87%	7.56%
XRMI Global X S&P 500 Risk Managed Income ETF	1.75%	4.60%	15.18%	4.22%	-14.06%	2.68%

Correlation

The correlation between SPXN and XRMI is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.75

The correlation between SPXN and XRMI has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

SPXN vs. XRMI - Sectors Allocation Comparison

Sectors	SPXN	XRMI
Technology	41.1%	35.6%
Communication Services	13.1%	11.2%
Consumer Cyclical	11.8%	10.2%
Healthcare	9.9%	8.5%
Industrials	9.6%	8.3%
Consumer Defensive	5.7%	4.9%
Energy	4.1%	3.5%
Utilities	2.7%	2.4%
Basic Materials	2.1%	1.8%
Financial Services	-	11.8%
Real Estate	-	1.9%

Return for Risk

SPXN vs. XRMI — 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

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 55
XRMI Calmar Ratio Rank: 39
XRMI Martin Ratio Rank: 46

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. XRMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and Global X S&P 500 Risk Managed Income ETF (XRMI). 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	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.78	+0.84
Sortino ratio: Return per unit of downside risk	3.49	2.48	+1.01
Omega ratio: Gain probability vs. loss probability	1.47	1.35	+0.12
Calmar ratio: Return relative to maximum drawdown	3.58	1.90	+1.68
Martin ratio: Return relative to average drawdown	16.43	7.70	+8.73
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. XRMI - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is higher than the XRMI Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SPXN and XRMI, 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	XRMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.78	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.37	+0.55

Drawdowns

SPXN vs. XRMI - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SPXN and XRMI.

Drawdown Indicators

	SPXN	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-15.31%	-16.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-5.02%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-8.34%	-11.22%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	—	—
Current Drawdown Current decline from peak	-0.59%	-0.20%	-0.39%
Average Drawdown Average peak-to-trough decline	-4.00%	-5.94%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.23%	+0.78%

Volatility

SPXN vs. XRMI - Volatility Comparison

ProShares S&P 500 Ex-Financials ETF (SPXN) has a higher volatility of 3.16% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 0.89%. This indicates that SPXN's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXN	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	0.89%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	4.21%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	5.39%	+7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	6.91%	+10.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	6.91%	+10.73%

SPXN vs. XRMI - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is lower than XRMI's 0.60% expense ratio.

Dividends

SPXN vs. XRMI - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, less than XRMI's 12.62% 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%
XRMI Global X S&P 500 Risk Managed Income ETF	12.62%	12.35%	11.86%	12.62%	12.84%	2.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXN and XRMI in my portfolio?

SPXN and XRMI have a correlation of 0.69, 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 XRMI?

SPXN has higher volatility (3.16%) compared to XRMI (0.89%). In terms of maximum drawdown, SPXN dropped -32.10% vs XRMI's -15.31%.

Which ETF is better, SPXN or XRMI?

On 3-year performance, SPXN leads with 23.31% vs 6.71% for XRMI. On fees, SPXN is cheaper at 0.09% per year. On volatility, XRMI has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or XRMI?

Over the 3-year period, SPXN has performed better with a 23.31% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or XRMI?

SPXN is cheaper with a 0.09% expense ratio, compared with 0.60% for XRMI.

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

XRMI has the higher dividend yield at 12.62%, compared with 0.87% for SPXN.

What is the main difference between SPXN and XRMI?

SPXN is categorized as S&P 500, while XRMI is Derivative Income. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while XRMI tracks Cboe S&P 500 Risk Managed Income Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.09% for SPXN and 0.60% for XRMI.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.61 vs 1.78), 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.