SPXV vs. OEF
SPXV (ProShares S&P 500 Ex-Health Care ETF) and OEF (iShares S&P 100 ETF) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index, while OEF is a Large Cap Blend Equities fund tracking the S&P 100 Index. Both are passively managed. Over the past 10 years, SPXV returned 16.32%/yr vs 16.78%/yr for OEF. Their correlation of 0.82 suggests significant overlap in exposure. SPXV charges 0.09%/yr vs 0.20%/yr for OEF.
Performance
SPXV vs. OEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPXV achieves a 11.85% return, which is significantly higher than OEF's 8.71% return. Both investments have delivered pretty close results over the past 10 years, with SPXV having a 16.32% annualized return and OEF not far ahead at 16.78%.
SPXV
- 1D
- 1.83%
- 1M
- 1.69%
- YTD
- 11.85%
- 6M
- 12.62%
- 1Y
- 29.25%
- 3Y*
- 22.92%
- 5Y*
- 14.78%
- 10Y*
- 16.32%
OEF
- 1D
- 2.03%
- 1M
- 0.66%
- YTD
- 8.71%
- 6M
- 9.60%
- 1Y
- 28.24%
- 3Y*
- 23.02%
- 5Y*
- 15.42%
- 10Y*
- 16.78%
SPXV vs. OEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 11.85% | 18.40% | 28.02% | 30.71% | -20.47% | 28.37% | 18.99% | 33.58% | -3.81% | 17.01% |
OEF iShares S&P 100 ETF | 8.71% | 19.80% | 30.74% | 32.71% | -21.03% | 29.18% | 21.21% | 31.87% | -4.16% | 21.82% |
Correlation
The correlation between SPXV and OEF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.82 |
The correlation between SPXV and OEF shifts across timeframes, from 0.82 (all time) to 0.97 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPXV vs. OEF — Risk / Return Rank
SPXV
OEF
SPXV vs. OEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) and iShares S&P 100 ETF (OEF). 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.
| SPXV | OEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 2.57 | +0.65 |
| Martin ratioReturn relative to average drawdown | 13.67 | 10.52 | +3.15 |
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Drawdowns
SPXV vs. OEF - Drawdown Comparison
The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum OEF drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for SPXV and OEF.
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Drawdown Indicators
| SPXV | OEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -54.11% | +19.77% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -11.06% | +1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -19.80% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -26.47% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -34.34% | -31.44% | -2.90% |
Current DrawdownCurrent decline from peak | -1.21% | -1.67% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -11.74% | +7.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.69% | -0.54% |
Volatility
SPXV vs. OEF - Volatility Comparison
ProShares S&P 500 Ex-Health Care ETF (SPXV) and iShares S&P 100 ETF (OEF) have volatilities of 4.73% and 4.96%, 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.
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Volatility by Period
| SPXV | OEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 4.96% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.43% | 10.42% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.18% | 13.29% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.87% | 17.79% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 18.49% | -0.43% |
SPXV vs. OEF - Expense Ratio Comparison
SPXV has a 0.09% expense ratio, which is lower than OEF's 0.20% 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
SPXV vs. OEF - Dividend Comparison
SPXV's dividend yield for the trailing twelve months is around 0.89%, less than OEF's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OEF iShares S&P 100 ETF | 1.04% | 0.81% | 1.03% | 1.19% | 1.55% | 1.06% | 1.43% | 1.87% | 2.09% | 1.81% | 2.07% | 2.11% |
SPXV ProShares S&P 500 Ex-Health Care ETF | 0.89% | 0.97% | 1.12% | 1.27% | 1.67% | 1.11% | 1.45% | 1.58% | 1.89% | 1.57% | 2.66% | 0.56% |
Frequently Asked Questions
With a correlation of 0.96, SPXV and OEF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OEF has higher volatility (4.96%) compared to SPXV (4.73%). In terms of maximum drawdown, SPXV dropped -34.34% vs OEF's -54.11%.
On 10-year performance, OEF leads with 16.78% vs 16.32% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OEF has performed better with a 16.78% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXV is cheaper with a 0.09% expense ratio, compared with 0.20% for OEF.
OEF has the higher dividend yield at 1.04%, compared with 0.89% for SPXV.
SPXV is categorized as S&P 500, while OEF is Large Cap Blend Equities. SPXV tracks S&P 500 Ex-Health Care Index, while OEF tracks S&P 100 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.09% for SPXV and 0.20% for OEF.
SPXV currently has the higher Sharpe Ratio (2.23 vs 2.14), 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.
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