SPXT vs. ES=F

Last updated Jun 23, 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. A 0.59 correlation means they provide meaningful diversification when combined.

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

SPXT

• 1D: -0.56%
• 1M: -1.26%
• YTD: 3.53%
• 6M: 2.99%
• 1Y: 16.56%
• 3Y*: 16.02%
• 5Y*: 9.46%
• 10Y*: 11.61%

ES=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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	3.53%	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	0.00%	0.00%	0.00%	7.45%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%

Correlation

The correlation between SPXT and ES=F is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.59

The correlation between SPXT and ES=F has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

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: 47
SPXT Sharpe Ratio Rank: 47
SPXT Sortino Ratio Rank: 46
SPXT Omega Ratio Rank: 43
SPXT Calmar Ratio Rank: 44
SPXT Martin Ratio Rank: 54

ES=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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 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	1.58	—	—
Sortino ratio: Return per unit of downside risk	2.25	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.11	—	—
Martin ratio: Return relative to average drawdown	9.07	—	—

Drawdowns

Drawdown Indicators

	SPXT	ES=F	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	—	—
Current Drawdown Current decline from peak	-1.96%	—	—
Average Drawdown Average peak-to-trough decline	-4.13%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	—	—

Volatility

Volatility by Period

	SPXT	ES=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	—	—

Frequently Asked Questions

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

SPXT and ES=F have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.