PEX vs SPY
ProShares Global Listed Private Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PEX or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 64.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PEX | SPY |
|---|---|---|
| Expense Ratio | 2.95% | 0.09%Best |
| AUM | $12M | $804.7B |
| Dividend Yield | 8.54% | 0.98% |
| Holdings | 31 | 505 |
| YTD Return | -5.57% | +12.09%Best |
| 1Y Return | -12.76% | +16.29%Best |
| 3Y Return (annualized) | +4.02% | +21.20%Best |
| 5Y Return (annualized) | -0.63% | +13.37%Best |
| Volatility (annualized) | 114.8% | 14.3%Best |
| Max Drawdown | -77.9% | -34.1%Best |
| $10,000 over 5 years | $9,689 | $18,728Best |
| Top 10 Weight | 64.3% | 37.8%Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Feb 26, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 28, 2013 to Sep 18, 2026 (13.6 years).
PEX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 13.6 years both funds cover.
PEX vs SPY Performance
ProShares Global Listed Private Equity ETF (PEX) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PEX returned -12.76% while SPY returned +16.29%. Year to date, PEX is down 5.57% versus a gain of 12.09% for SPY.
Over three years, PEX compounded at +4.02% per year against +21.20% for SPY; over five years the annualized figures are -0.63% and +13.37% respectively. Across the full 14-year window we track, SPY has the edge at +13.27% annualized vs +5.05%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PEX has been the more volatile fund, with annualized monthly volatility of 114.8% compared with 14.3% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.05. They move largely independently of each other.
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 8.54% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 30 holdings in PEX and 504 in SPY, totalling 99.4% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 30 positions we hold weights for in PEX and 504 in SPY, against full books of 31 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for PEX (99.3% of the fund), and 15 for PEX that do not appear in SPY (47.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of PEX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $286 a year on a $10,000 investment.
Which performed better, PEX or SPY?
Over the past year PEX returned -12.76% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), PEX annualized +5.05% vs +13.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PEX or SPY?
PEX has been the more volatile fund at 114.8% annualized versus 14.3% for SPY. Worst drawdown: PEX -77.9% vs SPY -34.1%.
Should I hold both PEX and SPY?
PEX and SPY have a monthly-return correlation of 0.05, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PEX or SPY?
PEX yields 8.54% while SPY yields 0.98%, so PEX currently pays the higher dividend yield.
Is SPY better than PEX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 64.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.