FCG vs. PXE
FCG (First Trust Natural Gas ETF) and PXE (Invesco Dynamic Energy Exploration & Production ETF) are both Energy Equities funds - FCG tracks the ISE-Revere Natural Gas Index while PXE tracks the Dynamic Energy Exploration & Production Intellidex Index. Both are passively managed. Over the past 10 years, FCG returned 3.88%/yr vs 8.13%/yr for PXE. Their correlation of 0.93 suggests significant overlap in exposure. FCG charges 0.60%/yr vs 0.63%/yr for PXE.
Performance
FCG vs. PXE - Performance Comparison
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Returns By Period
In the year-to-date period, FCG achieves a 17.24% return, which is significantly lower than PXE's 22.60% return. Over the past 10 years, FCG has underperformed PXE with an annualized return of 3.88%, while PXE has yielded a comparatively higher 8.13% annualized return.
FCG
- 1D
- 1.64%
- 1M
- -9.95%
- YTD
- 17.24%
- 6M
- 18.20%
- 1Y
- 12.39%
- 3Y*
- 10.11%
- 5Y*
- 14.16%
- 10Y*
- 3.88%
PXE
- 1D
- 1.80%
- 1M
- -8.65%
- YTD
- 22.60%
- 6M
- 23.04%
- 1Y
- 16.08%
- 3Y*
- 11.82%
- 5Y*
- 16.10%
- 10Y*
- 8.13%
FCG vs. PXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 17.24% | -2.28% | 4.16% | 2.55% | 47.24% | 98.49% | -23.20% | -15.76% | -34.81% | -11.38% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 22.60% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
Correlation
The correlation between FCG and PXE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.93 |
The correlation between FCG and PXE has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
FCG vs. PXE — Risk / Return Rank
FCG
PXE
FCG vs. PXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Natural Gas ETF (FCG) and Invesco Dynamic Energy Exploration & Production ETF (PXE). 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.
| FCG | PXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.11 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 0.97 | -0.27 |
| Martin ratioReturn relative to average drawdown | 2.05 | 2.61 | -0.57 |
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Drawdowns
FCG vs. PXE - Drawdown Comparison
The maximum FCG drawdown since its inception was -97.20%, which is greater than PXE's maximum drawdown of -83.99%. Use the drawdown chart below to compare losses from any high point for FCG and PXE.
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Drawdown Indicators
| FCG | PXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.20% | -83.99% | -13.21% |
Max Drawdown (1Y)Largest decline over 1 year | -17.90% | -16.70% | -1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -29.44% | -37.65% | +8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -33.33% | -37.65% | +4.32% |
Max Drawdown (10Y)Largest decline over 10 years | -85.04% | -80.17% | -4.87% |
Current DrawdownCurrent decline from peak | -76.36% | -15.20% | -61.16% |
Average DrawdownAverage peak-to-trough decline | -65.39% | -27.95% | -37.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 6.32% | +0.36% |
Volatility
FCG vs. PXE - Volatility Comparison
First Trust Natural Gas ETF (FCG) and Invesco Dynamic Energy Exploration & Production ETF (PXE) have volatilities of 9.37% and 9.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCG | PXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 9.10% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 21.20% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 28.02% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.43% | 33.66% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.32% | 37.02% | +1.30% |
FCG vs. PXE - Expense Ratio Comparison
FCG has a 0.60% expense ratio, which is lower than PXE's 0.63% expense ratio.
Dividends
FCG vs. PXE - Dividend Comparison
FCG's dividend yield for the trailing twelve months is around 2.34%, less than PXE's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCG First Trust Natural Gas ETF | 2.34% | 2.86% | 2.76% | 3.25% | 3.04% | 1.73% | 3.82% | 2.87% | 1.46% | 1.56% | 1.70% | 4.79% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.95% | 2.98% | 2.54% | 2.78% | 3.03% | 1.86% | 4.10% | 1.70% | 1.29% | 1.54% | 6.62% | 2.58% |
Frequently Asked Questions
With a correlation of 0.97, FCG and PXE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FCG has higher volatility (9.37%) compared to PXE (9.10%). In terms of maximum drawdown, FCG dropped -97.20% vs PXE's -83.99%.
On 10-year performance, PXE leads with 8.13% vs 3.88% for FCG. On fees, FCG is cheaper at 0.60% per year. On volatility, PXE has been the lower-risk option at 9.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PXE has performed better with a 8.13% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCG is cheaper with a 0.60% expense ratio, compared with 0.63% for PXE.
PXE has the higher dividend yield at 2.68%, compared with 2.34% for FCG.
FCG tracks ISE-Revere Natural Gas Index, while PXE tracks Dynamic Energy Exploration & Production Intellidex Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FCG and 0.63% for PXE.
PXE currently has the higher Sharpe Ratio (0.58 vs 0.46), 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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