SPXV vs. XXXX

Last updated Aug 6, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and XXXX (MAX S&P 500 4X Leveraged ETN) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index, while XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%). Both are passively managed. Over the past year, SPXV returned 23.90% vs 62.47% for XXXX. Their 0.98 correlation means they have historically moved very closely together. SPXV charges 0.09%/yr vs 2.95%/yr for XXXX.

Performance

SPXV vs. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXV achieves a 14.16% return, which is significantly lower than XXXX's 32.17% return.

SPXV

• 1D: -0.19%
• 1M: 2.78%
• 6M: 13.92%
• YTD: 14.16%
• 1Y: 23.90%
• 3Y*: 23.06%
• 5Y*: 14.19%
• 10Y*: 16.05%
• ALL TIME*: 16.15%

XXXX

• 1D: -0.58%
• 1M: 6.78%
• 6M: 33.16%
• YTD: 32.17%
• 1Y: 62.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 49.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPXV ProShares S&P 500 Ex-Health Care ETF	$38.96K	$54.32K	$76.31K
XXXX MAX S&P 500 4X Leveraged ETN	$23.99M	$24.46M	$27.16M

SPXV vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPXV ProShares S&P 500 Ex-Health Care ETF	14.16%	18.40%	28.02%	4.55%
XXXX MAX S&P 500 4X Leveraged ETN	32.17%	17.36%	61.36%	16.77%

Correlation

The correlation between SPXV and XXXX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 5, 2023	0.98

The correlation between SPXV and XXXX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

SPXV vs. XXXX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXV

SPXV Risk / Return Rank: 66
SPXV Sharpe Ratio Rank: 65
SPXV Sortino Ratio Rank: 63
SPXV Omega Ratio Rank: 62
SPXV Calmar Ratio Rank: 67
SPXV Martin Ratio Rank: 72

XXXX

XXXX Risk / Return Rank: 43
XXXX Sharpe Ratio Rank: 43
XXXX Sortino Ratio Rank: 41
XXXX Omega Ratio Rank: 42
XXXX Calmar Ratio Rank: 42
XXXX Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXV vs. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.24	+0.50
Sortino ratio: Return per unit of downside risk	2.41	1.75	+0.66
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	2.62	1.69	+0.94
Martin ratio: Return relative to average drawdown	10.07	5.87	+4.20

SPXV vs. XXXX - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 1.74, which is higher than the XXXX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SPXV and XXXX, 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. XXXX - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum XXXX drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for SPXV and XXXX.

Drawdown Indicators

	SPXV	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-62.27%	+27.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-37.25%	+28.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.74%	+0.55%
Average Drawdown Average peak-to-trough decline	-4.49%	-11.50%	+7.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	10.68%	-8.30%

Volatility

SPXV vs. XXXX - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 4.60%, while MAX S&P 500 4X Leveraged ETN (XXXX) has a volatility of 16.28%. This indicates that SPXV experiences smaller price fluctuations and is considered to be less risky than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXV	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	16.28%	-11.68%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	40.94%	-29.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	50.87%	-37.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	60.79%	-42.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	60.79%	-42.70%

SPXV vs. XXXX - Expense Ratio Comparison

SPXV has a 0.09% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

SPXV vs. XXXX - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.90%, while XXXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXV ProShares S&P 500 Ex-Health Care ETF	0.90%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXV and XXXX in my portfolio?

With a correlation of 0.98, SPXV and XXXX 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 XXXX?

XXXX has higher volatility (16.28%) compared to SPXV (4.60%). In terms of maximum drawdown, SPXV dropped -34.34% vs XXXX's -62.27%.

Which ETF is better, SPXV or XXXX?

On 1-year performance, XXXX leads with 62.47% vs 23.90% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or XXXX?

Over the 1-year period, XXXX has performed better with a 62.47% return vs 23.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or XXXX?

SPXV is cheaper with a 0.09% expense ratio, compared with 2.95% for XXXX.

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

SPXV has the higher dividend yield at 0.90%, compared with 0.00% for XXXX.

What is the main difference between SPXV and XXXX?

SPXV is categorized as S&P 500, while XXXX is Leveraged Equities. SPXV tracks S&P 500 Ex-Health Care Index, while XXXX tracks S&P 500 Index (400%). They also come from different issuers: ProShares and Max. Their fees differ too: 0.09% for SPXV and 2.95% for XXXX.

Which has better risk-adjusted returns?

SPXV currently has the higher Sharpe Ratio (1.74 vs 1.24), 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.