SPXV vs. SPYM

Last updated Jun 4, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both S&P 500 funds - SPXV tracks the S&P 500 Ex-Health Care Index while SPYM tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXV returned 16.38%/yr vs 15.62%/yr for SPYM. Their correlation of 0.82 suggests significant overlap in exposure. SPXV charges 0.09%/yr vs 0.02%/yr for SPYM.

Performance

SPXV vs. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXV achieves a 12.35% return, which is significantly higher than SPYM's 10.98% return. Both investments have delivered pretty close results over the past 10 years, with SPXV having a 16.38% annualized return and SPYM not far behind at 15.62%.

SPXV

• 1D: -0.77%
• 1M: 5.44%
• YTD: 12.35%
• 6M: 12.52%
• 1Y: 29.54%
• 3Y*: 24.48%
• 5Y*: 14.80%
• 10Y*: 16.38%

SPYM

• 1D: -0.66%
• 1M: 5.06%
• YTD: 10.98%
• 6M: 10.98%
• 1Y: 28.09%
• 3Y*: 22.46%
• 5Y*: 13.91%
• 10Y*: 15.62%

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

SPXV vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXV ProShares S&P 500 Ex-Health Care ETF	12.35%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%
SPYM State Street SPDR Portfolio S&P 500 ETF	10.98%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SPXV and SPYM 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	0.85
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.82

The correlation between SPXV and SPYM shifts across timeframes, from 0.82 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

SPXV vs. SPYM - Sectors Allocation Comparison

Sectors	SPXV	SPYM
Technology	38.9%	38.5%
Financial Services	12.9%	11.1%
Communication Services	12.3%	10.6%
Consumer Cyclical	11.1%	9.9%
Industrials	9.1%	7.6%
Consumer Defensive	5.4%	4.6%
Energy	3.8%	3.2%
Utilities	2.6%	2.5%
Real Estate	2.1%	1.8%
Basic Materials	1.9%	1.7%
Healthcare	-	8.4%

Return for Risk

SPXV vs. SPYM — Risk / Return Rank

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

SPXV

SPXV Risk / Return Rank: 70
SPXV Sharpe Ratio Rank: 71
SPXV Sortino Ratio Rank: 69
SPXV Omega Ratio Rank: 69
SPXV Calmar Ratio Rank: 66
SPXV Martin Ratio Rank: 75

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 70
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 76

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. SPYM - 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 State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.

	SPXV	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.39	-0.05
Sortino ratio: Return per unit of downside risk	3.18	3.27	-0.09
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	3.24	3.17	+0.07
Martin ratio: Return relative to average drawdown	14.32	14.76	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXV vs. SPYM - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 2.34, which is comparable to the SPYM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPXV and SPYM, 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

	SPXV	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.39	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.83	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.87	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.62	+0.29

Drawdowns

SPXV vs. SPYM - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPXV and SPYM.

Drawdown Indicators

	SPXV	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-54.46%	+20.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-8.90%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-18.72%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.48%	-2.10%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-33.87%	-0.47%
Current Drawdown Current decline from peak	-0.77%	-0.66%	-0.11%
Average Drawdown Average peak-to-trough decline	-4.52%	-7.15%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.91%	+0.16%

Volatility

SPXV vs. SPYM - Volatility Comparison

ProShares S&P 500 Ex-Health Care ETF (SPXV) has a higher volatility of 3.16% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 2.83%. This indicates that SPXV's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXV	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.83%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	8.90%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	11.80%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	16.80%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	18.00%	+0.01%

SPXV vs. SPYM - Expense Ratio Comparison

SPXV has a 0.09% expense ratio, which is higher than SPYM's 0.02% expense ratio. However, 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. SPYM - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.89%, less than SPYM's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.00%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPXV and SPYM in my portfolio?

With a correlation of 0.98, SPXV and SPYM 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 SPYM?

SPXV has higher volatility (3.16%) compared to SPYM (2.83%). In terms of maximum drawdown, SPXV dropped -34.34% vs SPYM's -54.46%.

Which ETF is better, SPXV or SPYM?

On 10-year performance, SPXV leads with 16.38% vs 15.62% for SPYM. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or SPYM?

Over the 10-year period, SPXV has performed better with a 16.38% return vs 15.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.09% for SPXV.

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

SPYM has the higher dividend yield at 1.00%, compared with 0.89% for SPXV.

What is the main difference between SPXV and SPYM?

SPXV tracks S&P 500 Ex-Health Care Index, while SPYM tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.09% for SPXV and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.39 vs 2.34), 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.