SPXT vs. SPY

Last updated Jun 23, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - SPXT tracks the S&P 500 Ex-Information Technology Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXT returned 11.61%/yr vs 15.70%/yr for SPY. A 0.78 correlation means they provide meaningful diversification when combined. SPXT charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

SPXT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXT achieves a 3.53% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, SPXT has underperformed SPY with an annualized return of 11.61%, while SPY has yielded a comparatively higher 15.70% annualized return.

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%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SPXT vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPXT and SPY is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.78

The correlation between SPXT and SPY shifts across timeframes, from 0.78 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

SPXT vs. SPY - Sectors Allocation Comparison

Sectors	SPXT	SPY
Financial Services	18.7%	11.1%
Communication Services	16.4%	10.6%
Consumer Cyclical	15.3%	9.9%
Healthcare	13.5%	8.3%
Industrials	12.8%	7.8%
Consumer Defensive	7.4%	4.5%
Energy	4.9%	3.1%
Utilities	4.2%	2.1%
Real Estate	2.9%	1.8%
Basic Materials	2.8%	1.7%
Technology	0.9%	39.0%

Return for Risk

SPXT vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.16	-0.58
Sortino ratio: Return per unit of downside risk	2.25	2.91	-0.66
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.11	3.01	-0.91
Martin ratio: Return relative to average drawdown	9.07	13.54	-4.47

SPXT vs. SPY - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.58, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPXT and SPY, 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. SPY - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPXT and SPY.

Drawdown Indicators

	SPXT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-55.19%	+20.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-8.88%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-18.76%	+3.18%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-24.50%	+3.03%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-33.72%	-0.66%
Current Drawdown Current decline from peak	-1.96%	-1.75%	-0.21%
Average Drawdown Average peak-to-trough decline	-4.13%	-9.04%	+4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.97%	-0.14%

Volatility

SPXT vs. SPY - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 3.49%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that SPXT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	4.64%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	9.75%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	12.43%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	17.14%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	17.99%	-1.74%

SPXT vs. SPY - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than SPY's 0.09% 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

SPXT vs. SPY - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.38%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXT ProShares S&P 500 Ex-Technology ETF	1.38%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPXT and SPY in my portfolio?

SPXT and SPY have a correlation of 0.79, 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 SPY?

SPY has higher volatility (4.64%) compared to SPXT (3.49%). In terms of maximum drawdown, SPXT dropped -34.38% vs SPY's -55.19%.

Which ETF is better, SPXT or SPY?

On 10-year performance, SPY leads with 15.70% vs 11.61% for SPXT. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 11.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or SPY?

SPXT is cheaper with a 0.09% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, SPXT or SPY?

SPXT has the higher dividend yield at 1.38%, compared with 1.01% for SPY.

What is the main difference between SPXT and SPY?

SPXT tracks S&P 500 Ex-Information Technology Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.09% for SPXT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.58), 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.