PEX vs SPY
ProShares Global Listed Private Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PEX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.95% | 0.09% | |
| AUM | $11M | $789.1B | |
| Dividend Yield | 8.93% | 1.01% | |
| Holdings | 31 | 505 | |
| YTD Return | -2.56% | +13.79% | |
| 1Y Return | -10.11% | +23.66% | |
| 3Y Return (annualized) | +4.62% | +21.40% | |
| 5Y Return (annualized) | -0.42% | +13.37% | |
| Volatility (annualized) | 115.1% | 15.3% | |
| Max Drawdown | -77.9% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 26, 2013 | Jan 22, 1993 |
PEX vs SPY Performance
ProShares Global Listed Private Equity ETF (PEX) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PEX returned -10.11% while SPY returned +23.66%. Year to date, PEX is down 2.56% versus a gain of 13.79% for SPY.
Over three years, PEX compounded at +4.62% per year against +21.40% for SPY; over five years the annualized figures are -0.42% and +13.37% respectively. Across the full 13-year window we track, SPY has the edge at +8.85% annualized vs +5.34%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PEX has been the more volatile fund, with annualized monthly volatility of 115.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -77.9% for PEX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.05. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PEX charges 2.95% per year while SPY charges 0.09%. On a $10,000 position that is $295 vs $9 annually, a gap of $286 per year that compounds over a long holding period. On income, PEX currently yields 8.93% against 1.01% for SPY.
Holdings Overlap
PEX and SPY share 0 holdings out of 533 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PEX or SPY?
PEX has an expense ratio of 2.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $286 per year of difference.
Which performed better, PEX or SPY?
Over the past year PEX returned -10.11% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), PEX annualized +5.34% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PEX or SPY?
PEX has been the more volatile fund at 115.1% annualized versus 15.3% for SPY. Worst drawdown: PEX -77.9% vs SPY -56.5%.
Should I hold both PEX and SPY?
PEX and SPY have a monthly-return correlation of 0.05, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PEX and SPY?
PEX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 533 unique securities.
Which pays a higher dividend, PEX or SPY?
PEX yields 8.93% while SPY yields 1.01%, so PEX currently pays the higher dividend yield.
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