SPXT vs. ES=F

Last updated Apr 4, 2026

Compare and contrast key facts about ProShares S&P 500 Ex-Technology ETF (SPXT) and S&P 500 E-Mini Futures (ES=F).

SPXT is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Information Technology & Telecommunication Services Index. It was launched on Sep 22, 2015.

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 S&P 500 E-Mini Futures (ES=F). The values are adjusted to include any dividend payments, if applicable.

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	-1.68%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
ES=F S&P 500 E-Mini Futures	-4.19%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%

Returns By Period

In the year-to-date period, SPXT achieves a -1.68% return, which is significantly higher than ES=F's -4.19% return. Over the past 10 years, SPXT has underperformed ES=F with an annualized return of 11.20%, while ES=F has yielded a comparatively higher 12.47% annualized return.

SPXT

• 1D: -0.23%
• 1M: -4.57%
• YTD: -1.68%
• 6M: 1.56%
• 1Y: 17.03%
• 3Y*: 15.23%
• 5Y*: 9.52%
• 10Y*: 11.20%

ES=F

• 1D: -0.28%
• 1M: -3.96%
• YTD: -4.19%
• 6M: -2.37%
• 1Y: 21.55%
• 3Y*: 16.95%
• 5Y*: 10.18%
• 10Y*: 12.47%

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

Return for Risk

SPXT vs. ES=F — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 39
SPXT Sharpe Ratio Rank: 39
SPXT Sortino Ratio Rank: 39
SPXT Omega Ratio Rank: 41
SPXT Calmar Ratio Rank: 34
SPXT Martin Ratio Rank: 44

ES=F

ES=F Risk / Return Rank: 47
ES=F Sharpe Ratio Rank: 52
ES=F Sortino Ratio Rank: 56
ES=F Omega Ratio Rank: 57
ES=F Calmar Ratio Rank: 23
ES=F 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.

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 S&P 500 E-Mini 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.

	SPXT	ES=F	Difference
Sharpe ratio Return per unit of total volatility	0.79	1.16	-0.38
Sortino ratio Return per unit of downside risk	1.21	1.80	-0.58
Omega ratio Gain probability vs. loss probability	1.18	1.27	-0.09
Calmar ratio Return relative to maximum drawdown	1.19	1.31	-0.13
Martin ratio Return relative to average drawdown	5.40	5.76	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. ES=F - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 0.79, which is lower than the ES=F Sharpe Ratio of 1.16. 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.

Sharpe Ratios by Period

	SPXT	ES=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.16	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.59	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.68	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.36	+0.35

Correlation

The correlation between SPXT and ES=F is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 (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	-5.36%	-5.88%	+0.52%
Average Drawdown Average peak-to-trough decline	-4.19%	-12.56%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.04%	+0.42%

Volatility

SPXT vs. ES=F - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 4.27%, while S&P 500 E-Mini Futures (ES=F) has a volatility of 4.98%. This indicates that SPXT experiences smaller price fluctuations and is considered to be less risky than ES=F based on this measure. 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	4.27%	4.98%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	8.75%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	17.08%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	16.47%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.21%	17.61%	-1.40%