SPXV vs. SPXN

Last updated Jun 24, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and SPXN (ProShares S&P 500 Ex-Financials ETF) are both S&P 500 funds from ProShares - SPXV tracks the S&P 500 Ex-Health Care Index while SPXN tracks the S&P 500 Ex-Financials and Real Estate Index. Both are passively managed. Over the past 10 years, SPXV returned 16.03%/yr vs 15.85%/yr for SPXN. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

SPXV vs. SPXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Health Care ETF (SPXV) and ProShares S&P 500 Ex-Financials ETF (SPXN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXV having a 9.08% return and SPXN slightly higher at 9.52%. Both investments have delivered pretty close results over the past 10 years, with SPXV having a 16.03% annualized return and SPXN not far behind at 15.85%.

SPXV

• 1D: -1.52%
• 1M: -1.52%
• YTD: 9.08%
• 6M: 8.22%
• 1Y: 24.43%
• 3Y*: 22.59%
• 5Y*: 13.99%
• 10Y*: 16.03%

SPXN

• 1D: -1.56%
• 1M: -1.95%
• YTD: 9.52%
• 6M: 8.67%
• 1Y: 26.79%
• 3Y*: 21.05%
• 5Y*: 13.71%
• 10Y*: 15.85%

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

SPXV vs. SPXN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXV ProShares S&P 500 Ex-Health Care ETF	9.08%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%
SPXN ProShares S&P 500 Ex-Financials ETF	9.52%	18.74%	24.35%	28.57%	-18.87%	27.04%	22.15%	31.50%	-3.85%	20.84%

Correlation

The correlation between SPXV and SPXN is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.89

The correlation between SPXV and SPXN has been stable across timeframes, ranging from 0.89 to 0.99 - a consistent structural relationship.

SPXV vs. SPXN - Sectors Allocation Comparison

Sectors	SPXV	SPXN
Technology	42.6%	44.8%
Financial Services	12.1%	-
Communication Services	11.6%	11.6%
Consumer Cyclical	10.8%	10.9%
Industrials	8.5%	9.1%
Consumer Defensive	4.9%	5.2%
Energy	3.4%	3.5%
Utilities	2.3%	3.0%
Real Estate	2.0%	-
Basic Materials	1.8%	1.9%
Healthcare	-	9.6%

Return for Risk

SPXV vs. SPXN — Risk / Return Rank

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

SPXV

SPXV Risk / Return Rank: 59
SPXV Sharpe Ratio Rank: 59
SPXV Sortino Ratio Rank: 57
SPXV Omega Ratio Rank: 57
SPXV Calmar Ratio Rank: 58
SPXV Martin Ratio Rank: 66

SPXN

SPXN Risk / Return Rank: 65
SPXN Sharpe Ratio Rank: 65
SPXN Sortino Ratio Rank: 61
SPXN Omega Ratio Rank: 63
SPXN Calmar Ratio Rank: 63
SPXN Martin Ratio Rank: 72

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.

SPXV vs. SPXN - 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 ProShares S&P 500 Ex-Financials ETF (SPXN). 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	SPXN	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.00	-0.15
Sortino ratio: Return per unit of downside risk	2.51	2.67	-0.16
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.68	2.91	-0.23
Martin ratio: Return relative to average drawdown	11.27	12.58	-1.31

SPXV vs. SPXN - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 1.84, which is comparable to the SPXN Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SPXV and SPXN, 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

SPXV vs. SPXN - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, which is greater than SPXN's maximum drawdown of -32.10%. Use the drawdown chart below to compare losses from any high point for SPXV and SPXN.

Drawdown Indicators

	SPXV	SPXN	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-32.10%	-2.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-9.26%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-19.56%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.47%	-2.11%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-32.10%	-2.24%
Current Drawdown Current decline from peak	-3.66%	-4.14%	+0.48%
Average Drawdown Average peak-to-trough decline	-4.51%	-3.99%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.14%	+0.03%

Volatility

SPXV vs. SPXN - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 5.00%, while ProShares S&P 500 Ex-Financials ETF (SPXN) has a volatility of 5.38%. This indicates that SPXV experiences smaller price fluctuations and is considered to be less risky than SPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXV	SPXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	5.38%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	10.73%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	13.51%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.30%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	17.72%	+0.36%

SPXV vs. SPXN - Expense Ratio Comparison

Both SPXV and SPXN have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPXV vs. SPXN - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.92%, more than SPXN's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXN ProShares S&P 500 Ex-Financials ETF	0.90%	0.98%	1.12%	1.19%	1.35%	0.94%	1.09%	1.41%	1.76%	1.54%	2.60%	0.52%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.92%	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

Can I hold both SPXV and SPXN in my portfolio?

With a correlation of 0.98, SPXV and SPXN 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.

Which is riskier, SPXV or SPXN?

SPXN has higher volatility (5.38%) compared to SPXV (5.00%). In terms of maximum drawdown, SPXV dropped -34.34% vs SPXN's -32.10%.

Which ETF is better, SPXV or SPXN?

On 10-year performance, SPXV leads with 16.03% vs 15.85% for SPXN. Both ETFs have the same 0.09% expense ratio. On volatility, SPXV has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or SPXN?

Over the 10-year period, SPXV has performed better with a 16.03% return vs 15.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or SPXN?

SPXV and SPXN have the same expense ratio: 0.09% per year.

Which ETF pays a higher dividend yield, SPXV or SPXN?

SPXV has the higher dividend yield at 0.92%, compared with 0.90% for SPXN.

What is the main difference between SPXV and SPXN?

SPXV tracks S&P 500 Ex-Health Care Index, while SPXN tracks S&P 500 Ex-Financials and Real Estate Index.

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (2.00 vs 1.84), 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.