USPY.DE vs. PEX

Last updated Jun 13, 2026

USPY.DE (L&G Cyber Security UCITS ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - USPY.DE is a Technology Equities fund tracking the ISE Cyber Security UCITS, while PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 10 years, USPY.DE returned 16.17%/yr vs 4.22%/yr for PEX. At a 0.42 correlation, their price movements are largely independent. USPY.DE charges 0.69%/yr vs 3.13%/yr for PEX.

Performance

USPY.DE vs. PEX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Cyber Security UCITS ETF (USPY.DE) and ProShares Global Listed Private Equity ETF (PEX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USPY.DE is traded in EUR, while PEX is traded in USD. To make them comparable, the PEX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, USPY.DE achieves a 31.89% return, which is significantly higher than PEX's -9.29% return. Over the past 10 years, USPY.DE has outperformed PEX with an annualized return of 16.17%, while PEX has yielded a comparatively lower 4.22% annualized return.

USPY.DE

• 1D: 1.42%
• 1M: 11.41%
• YTD: 31.89%
• 6M: 28.78%
• 1Y: 28.68%
• 3Y*: 22.29%
• 5Y*: 10.64%
• 10Y*: 16.17%

PEX

• 1D: 0.76%
• 1M: 2.04%
• YTD: -9.29%
• 6M: -8.85%
• 1Y: -11.81%
• 3Y*: 1.13%
• 5Y*: 0.10%
• 10Y*: 4.22%

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

USPY.DE vs. PEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPY.DE L&G Cyber Security UCITS ETF	31.89%	-3.39%	24.34%	37.45%	-28.70%	17.00%	28.61%	34.41%	12.65%	8.93%
PEX ProShares Global Listed Private Equity ETF	-9.29%	-11.68%	20.52%	19.42%	-21.39%	37.94%	-9.29%	28.37%	-9.24%	0.28%

Correlation

The correlation between USPY.DE and PEX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015	0.42

Over the past year, the correlation between USPY.DE and PEX has dropped to 0.17 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

USPY.DE vs. PEX — Risk / Return Rank

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

USPY.DE

USPY.DE Risk / Return Rank: 32
USPY.DE Sharpe Ratio Rank: 32
USPY.DE Sortino Ratio Rank: 30
USPY.DE Omega Ratio Rank: 34
USPY.DE Calmar Ratio Rank: 32
USPY.DE Martin Ratio Rank: 30

PEX

PEX Risk / Return Rank: 4
PEX Sharpe Ratio Rank: 3
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 5
PEX Martin Ratio Rank: 5

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.

USPY.DE vs. PEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (USPY.DE) and ProShares Global Listed Private Equity ETF (PEX). 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.

	USPY.DE	PEX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	-0.84	+1.85
Sortino ratio: Return per unit of downside risk	1.48	-1.08	+2.56
Omega ratio: Gain probability vs. loss probability	1.20	0.87	+0.33
Calmar ratio: Return relative to maximum drawdown	1.40	-0.55	+1.95
Martin ratio: Return relative to average drawdown	3.76	-1.05	+4.81

USPY.DE vs. PEX - Sharpe Ratio Comparison

The current USPY.DE Sharpe Ratio is 1.01, which is higher than the PEX Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of USPY.DE and PEX, 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

USPY.DE vs. PEX - Drawdown Comparison

The maximum USPY.DE drawdown since its inception was -36.25%, smaller than the maximum PEX drawdown of -48.83%. Use the drawdown chart below to compare losses from any high point for USPY.DE and PEX.

Drawdown Indicators

	USPY.DE	PEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.25%	-48.83%	+12.58%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-23.13%	+3.52%
Max Drawdown (3Y) Largest decline over 3 years	-30.52%	-28.84%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-33.89%	-28.84%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	-48.83%	+14.94%
Current Drawdown Current decline from peak	-7.76%	-24.07%	+16.31%
Average Drawdown Average peak-to-trough decline	-10.93%	-8.09%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.32%	12.13%	-4.81%

Volatility

USPY.DE vs. PEX - Volatility Comparison

L&G Cyber Security UCITS ETF (USPY.DE) has a higher volatility of 11.60% compared to ProShares Global Listed Private Equity ETF (PEX) at 4.53%. This indicates that USPY.DE's price experiences larger fluctuations and is considered to be riskier than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPY.DE	PEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.60%	4.53%	+7.07%
Volatility (6M) Calculated over the trailing 6-month period	23.85%	12.79%	+11.06%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	15.33%	+11.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.76%	16.65%	+8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.61%	18.77%	+4.84%

USPY.DE vs. PEX - Expense Ratio Comparison

USPY.DE has a 0.69% expense ratio, which is lower than PEX's 3.13% expense ratio.

Dividends

USPY.DE vs. PEX - Dividend Comparison

USPY.DE has not paid dividends to shareholders, while PEX's dividend yield for the trailing twelve months is around 12.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEX ProShares Global Listed Private Equity ETF	12.55%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%
USPY.DE L&G Cyber Security UCITS ETF	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 USPY.DE and PEX in my portfolio?

USPY.DE and PEX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USPY.DE or PEX?

On fees, USPY.DE is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USPY.DE or PEX?

USPY.DE is cheaper with a 0.69% expense ratio, compared with 3.13% for PEX.

What is the main difference between USPY.DE and PEX?

USPY.DE is categorized as Technology Equities, while PEX is Financials Equities. USPY.DE tracks ISE Cyber Security UCITS, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: Legal & General and ProShares. Their fees differ too: 0.69% for USPY.DE and 3.13% for PEX.