DVLU vs. PXI
DVLU (First Trust Dorsey Wright Momentum & Value ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - DVLU tracks the Dorsey Wright Momentum Plus Value Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 5 years, DVLU returned 12.44%/yr vs 14.47%/yr for PXI. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.
Performance
DVLU vs. PXI - Performance Comparison
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Returns By Period
In the year-to-date period, DVLU achieves a 10.45% return, which is significantly lower than PXI's 22.95% return.
DVLU
- 1D
- 1.15%
- 1M
- 3.83%
- YTD
- 10.45%
- 6M
- 8.12%
- 1Y
- 37.54%
- 3Y*
- 21.33%
- 5Y*
- 12.44%
- 10Y*
- —
PXI
- 1D
- 1.37%
- 1M
- -7.84%
- YTD
- 22.95%
- 6M
- 23.28%
- 1Y
- 26.37%
- 3Y*
- 15.94%
- 5Y*
- 14.47%
- 10Y*
- 5.74%
DVLU vs. PXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DVLU First Trust Dorsey Wright Momentum & Value ETF | 10.45% | 23.67% | 13.36% | 18.84% | -9.73% | 41.67% | -6.68% | 33.59% | -24.03% |
PXI Invesco DWA Energy Momentum ETF | 22.95% | 3.86% | 0.76% | 5.48% | 45.85% | 75.05% | -35.91% | 1.67% | -31.41% |
Correlation
The correlation between DVLU and PXI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | 0.59 |
Over the past year, the correlation between DVLU and PXI has dropped to 0.19 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
DVLU vs. PXI — Risk / Return Rank
DVLU
PXI
DVLU vs. PXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Value ETF (DVLU) and Invesco DWA Energy Momentum ETF (PXI). 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.
| DVLU | PXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.20 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.28 | +0.81 |
| Martin ratioReturn relative to average drawdown | 11.11 | 6.80 | +4.31 |
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Drawdowns
DVLU vs. PXI - Drawdown Comparison
The maximum DVLU drawdown since its inception was -53.26%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for DVLU and PXI.
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Drawdown Indicators
| DVLU | PXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.26% | -85.08% | +31.82% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -11.64% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -30.74% | +5.88% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -33.47% | +8.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -79.55% | — |
Current DrawdownCurrent decline from peak | -0.95% | -10.43% | +9.48% |
Average DrawdownAverage peak-to-trough decline | -8.73% | -29.38% | +20.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 3.96% | -0.57% |
Volatility
DVLU vs. PXI - Volatility Comparison
The current volatility for First Trust Dorsey Wright Momentum & Value ETF (DVLU) is 3.70%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.91%. This indicates that DVLU experiences smaller price fluctuations and is considered to be less risky than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DVLU | PXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 7.91% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.34% | 17.04% | -4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 22.14% | -5.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.39% | 33.41% | -12.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.74% | 37.16% | -11.42% |
DVLU vs. PXI - Expense Ratio Comparison
Both DVLU and PXI have an expense ratio of 0.60%.
Dividends
DVLU vs. PXI - Dividend Comparison
DVLU's dividend yield for the trailing twelve months is around 0.62%, less than PXI's 1.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVLU First Trust Dorsey Wright Momentum & Value ETF | 0.62% | 0.73% | 1.06% | 1.34% | 2.18% | 1.33% | 1.34% | 1.71% | 0.58% | 0.00% | 0.00% | 0.00% |
PXI Invesco DWA Energy Momentum ETF | 1.71% | 1.81% | 1.52% | 1.82% | 3.14% | 0.57% | 1.72% | 2.80% | 0.93% | 0.80% | 0.73% | 2.07% |
Frequently Asked Questions
DVLU and PXI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXI has higher volatility (7.91%) compared to DVLU (3.70%). In terms of maximum drawdown, DVLU dropped -53.26% vs PXI's -85.08%.
On 5-year performance, PXI leads with 14.47% vs 12.44% for DVLU. Both ETFs have the same 0.60% expense ratio. On volatility, DVLU has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PXI has performed better with a 14.47% return vs 12.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVLU and PXI have the same expense ratio: 0.60% per year.
PXI has the higher dividend yield at 1.71%, compared with 0.62% for DVLU.
DVLU tracks Dorsey Wright Momentum Plus Value Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: First Trust and Invesco.
DVLU currently has the higher Sharpe Ratio (2.30 vs 1.20), 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.
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