DVXE vs. PXJ

Last updated Aug 1, 2026

DVXE (WEBs Energy XLE Defined Volatility ETF) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - DVXE tracks the Syntax Defined Volatility XLE Index while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past year, DVXE returned 61.29% vs 78.26% for PXJ. Their 0.67 correlation means they have sometimes moved together and sometimes differently. DVXE charges 0.89%/yr vs 0.63%/yr for PXJ.

Performance

DVXE vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Energy XLE Defined Volatility ETF (DVXE) and Invesco Dynamic Oil & Gas Services ETF (PXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVXE achieves a 50.61% return, which is significantly higher than PXJ's 46.85% return.

DVXE

• 1D: 1.38%
• 1M: 15.67%
• 6M: 26.93%
• YTD: 50.61%
• 1Y: 61.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 55.89%

PXJ

• 1D: 2.51%
• 1M: 10.36%
• 6M: 21.41%
• YTD: 46.85%
• 1Y: 78.26%
• 3Y*: 16.40%
• 5Y*: 23.04%
• 10Y*: 0.28%
• ALL TIME*: -1.70%

*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)
DVXE WEBs Energy XLE Defined Volatility ETF	$14.59K	$12.40K	$16.43K
PXJ Invesco Dynamic Oil & Gas Services ETF	$722.42K	$1.28M	$1.87M

DVXE vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025
DVXE WEBs Energy XLE Defined Volatility ETF	50.61%	4.49%
PXJ Invesco Dynamic Oil & Gas Services ETF	46.85%	20.97%

Correlation

The correlation between DVXE and PXJ is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.67

The correlation between DVXE and PXJ has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

DVXE vs. PXJ — Risk / Return Rank

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

DVXE

DVXE Risk / Return Rank: 68
DVXE Sharpe Ratio Rank: 79
DVXE Sortino Ratio Rank: 70
DVXE Omega Ratio Rank: 68
DVXE Calmar Ratio Rank: 73
DVXE Martin Ratio Rank: 51

PXJ

PXJ Risk / Return Rank: 92
PXJ Sharpe Ratio Rank: 95
PXJ Sortino Ratio Rank: 93
PXJ Omega Ratio Rank: 91
PXJ Calmar Ratio Rank: 91
PXJ Martin Ratio Rank: 88

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.

DVXE vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Energy XLE Defined Volatility ETF (DVXE) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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.

	DVXE	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.81	-0.97
Sortino ratio: Return per unit of downside risk	2.31	3.52	-1.21
Omega ratio: Gain probability vs. loss probability	1.29	1.44	-0.15
Calmar ratio: Return relative to maximum drawdown	2.59	3.99	-1.40
Martin ratio: Return relative to average drawdown	6.05	13.19	-7.13

DVXE vs. PXJ - Sharpe Ratio Comparison

The current DVXE Sharpe Ratio is 1.83, which is lower than the PXJ Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of DVXE and PXJ, 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

DVXE vs. PXJ - Drawdown Comparison

The maximum DVXE drawdown since its inception was -21.83%, smaller than the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for DVXE and PXJ.

Drawdown Indicators

	DVXE	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-21.83%	-94.82%	+72.99%
Max Drawdown (1Y) Largest decline over 1 year	-21.83%	-18.39%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-40.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-87.72%	—
Current Drawdown Current decline from peak	-8.57%	-66.44%	+57.87%
Average Drawdown Average peak-to-trough decline	-7.25%	-55.75%	+48.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	5.56%	+3.81%

Volatility

DVXE vs. PXJ - Volatility Comparison

WEBs Energy XLE Defined Volatility ETF (DVXE) has a higher volatility of 8.29% compared to Invesco Dynamic Oil & Gas Services ETF (PXJ) at 7.30%. This indicates that DVXE's price experiences larger fluctuations and is considered to be riskier than PXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVXE	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	7.30%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	22.36%	19.19%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	30.92%	26.25%	+4.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.78%	34.14%	-3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.78%	39.16%	-8.38%

DVXE vs. PXJ - Expense Ratio Comparison

DVXE has a 0.89% expense ratio, which is higher than PXJ's 0.63% expense ratio.

Dividends

DVXE vs. PXJ - Dividend Comparison

DVXE has not paid dividends to shareholders, while PXJ's dividend yield for the trailing twelve months is around 2.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVXE WEBs Energy XLE Defined Volatility 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%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.38%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Frequently Asked Questions

Can I hold both DVXE and PXJ in my portfolio?

DVXE and PXJ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVXE or PXJ?

DVXE has higher volatility (8.29%) compared to PXJ (7.30%). In terms of maximum drawdown, DVXE dropped -21.83% vs PXJ's -94.82%.

Which ETF is better, DVXE or PXJ?

On 1-year performance, PXJ leads with 78.26% vs 61.29% for DVXE. On fees, PXJ is cheaper at 0.63% per year. On volatility, PXJ has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVXE or PXJ?

Over the 1-year period, PXJ has performed better with a 78.26% return vs 61.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVXE or PXJ?

PXJ is cheaper with a 0.63% expense ratio, compared with 0.89% for DVXE.

Which ETF pays a higher dividend yield, DVXE or PXJ?

PXJ has the higher dividend yield at 2.38%, compared with 0.00% for DVXE.

What is the main difference between DVXE and PXJ?

DVXE tracks Syntax Defined Volatility XLE Index, while PXJ tracks Dynamic Oil & Gas Services Intellidex Index. They also come from different issuers: WEBs and Invesco. Their fees differ too: 0.89% for DVXE and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.81 vs 1.83), 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.