SPXT vs. ES=F

Last updated Aug 2, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) is S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while ES=F (E-mini S&P 500 Futures) is an asset. Over the past 10 years, SPXT returned 11.57%/yr vs 13.30%/yr for ES=F. Their 0.76 correlation means they have sometimes moved together and sometimes differently.

Performance

SPXT vs. ES=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) and E-mini S&P 500 Futures (ES=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXT achieves a 7.11% return, which is significantly lower than ES=F's 8.86% return. Over the past 10 years, SPXT has underperformed ES=F with an annualized return of 11.57%, while ES=F has yielded a comparatively higher 13.30% annualized return.

SPXT

• 1D: 1.54%
• 1M: 0.49%
• 6M: 4.22%
• YTD: 7.11%
• 1Y: 17.67%
• 3Y*: 15.42%
• 5Y*: 9.62%
• 10Y*: 11.57%
• ALL TIME*: 11.84%

ES=F

• 1D: 0.41%
• 1M: -0.33%
• 6M: 7.72%
• YTD: 8.86%
• 1Y: 19.78%
• 3Y*: 17.71%
• 5Y*: 11.32%
• 10Y*: 13.30%
• ALL TIME*: 6.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ES=F E-mini S&P 500 Futures	$11.43B	$10.70B	$11.35B
SPXT ProShares S&P 500 Ex-Technology ETF	$2.23M	$2.29M	$2.05M

SPXT vs. ES=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	7.11%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
ES=F E-mini S&P 500 Futures	8.86%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%

Correlation

The correlation between SPXT and ES=F is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.76

The correlation between SPXT and ES=F shifts across timeframes, from 0.72 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPXT vs. ES=F — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXT

SPXT Risk / Return Rank: 64
SPXT Sharpe Ratio Rank: 65
SPXT Sortino Ratio Rank: 65
SPXT Omega Ratio Rank: 61
SPXT Calmar Ratio Rank: 59
SPXT Martin Ratio Rank: 72

ES=F

ES=F Risk / Return Rank: 100
ES=F Sharpe Ratio Rank: 100
ES=F Sortino Ratio Rank: 100
ES=F Omega Ratio Rank: 100
ES=F Calmar Ratio Rank: 100
ES=F Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXT vs. ES=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) and E-mini S&P 500 Futures (ES=F). 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.

	SPXT	ES=F	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.39	+0.12
Sortino ratio: Return per unit of downside risk	2.14	1.95	+0.19
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.06	1.99	+0.07
Martin ratio: Return relative to average drawdown	8.80	8.20	+0.60

SPXT vs. ES=F - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.50, which is comparable to the ES=F Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SPXT and ES=F, 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

SPXT vs. ES=F - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum ES=F drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for SPXT and ES=F.

Drawdown Indicators

	SPXT	ES=F	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-57.11%	+22.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-8.95%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-18.54%	+2.96%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-25.02%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-34.45%	+0.07%
Current Drawdown Current decline from peak	-0.40%	-1.58%	+1.18%
Average Drawdown Average peak-to-trough decline	-4.09%	-12.63%	+8.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.17%	-0.33%

Volatility

SPXT vs. ES=F - Volatility Comparison

ProShares S&P 500 Ex-Technology ETF (SPXT) and E-mini S&P 500 Futures (ES=F) have volatilities of 3.59% and 3.50%, 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

	SPXT	ES=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	3.50%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	9.88%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	12.85%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	17.09%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.21%	18.08%	-1.87%

Frequently Asked Questions

Can I hold both SPXT and ES=F in my portfolio?

SPXT and ES=F have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or ES=F?

SPXT has higher volatility (3.59%) compared to ES=F (3.50%). In terms of maximum drawdown, SPXT dropped -34.38% vs ES=F's -57.11%.

Which has better risk-adjusted returns?

SPXT currently has the higher Sharpe Ratio (1.50 vs 1.39), 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.