FDMO vs. PXI

Last updated Aug 4, 2026

FDMO (Fidelity Momentum Factor ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - FDMO tracks the Fidelity U.S. Momentum Factor Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 5 years, FDMO returned 14.22%/yr vs 21.98%/yr for PXI. Their 0.40 correlation means their historical movements had little consistent relationship. FDMO charges 0.29%/yr vs 0.60%/yr for PXI.

Performance

FDMO vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and Invesco DWA Energy Momentum ETF (PXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDMO achieves a 11.50% return, which is significantly lower than PXI's 30.24% return.

FDMO

• 1D: 1.29%
• 1M: -1.50%
• 6M: 8.79%
• YTD: 11.50%
• 1Y: 22.87%
• 3Y*: 25.49%
• 5Y*: 14.22%
• 10Y*: —
• ALL TIME*: 15.38%

PXI

• 1D: -1.58%
• 1M: 8.31%
• 6M: 18.66%
• YTD: 30.24%
• 1Y: 41.05%
• 3Y*: 11.63%
• 5Y*: 21.98%
• 10Y*: 6.10%
• ALL TIME*: 5.64%

*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)
FDMO Fidelity Momentum Factor ETF	$8.23M	$8.36M	$6.07M
PXI Invesco DWA Energy Momentum ETF	$1.58M	$2.88M	$1.34M

FDMO vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDMO Fidelity Momentum Factor ETF	11.50%	21.43%	32.78%	24.79%	-19.32%	22.23%	21.71%	25.29%	-4.13%	23.93%
PXI Invesco DWA Energy Momentum ETF	30.24%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between FDMO and PXI is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.40

Over the past year, the correlation between FDMO and PXI has dropped to 0.09 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

FDMO vs. PXI - Sectors Allocation Comparison

Sectors	FDMO	PXI
Technology	39.9%	-
Financial Services	11.6%	0.3%
Healthcare	9.3%	-
Industrials	9.3%	0.8%
Consumer Cyclical	8.9%	-
Communication Services	8.4%	-
Consumer Defensive	3.8%	-
Energy	2.9%	95.0%
Utilities	2.1%	-
Real Estate	2.0%	-
Basic Materials	1.9%	3.9%

Return for Risk

FDMO vs. PXI — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 49
FDMO Sharpe Ratio Rank: 47
FDMO Sortino Ratio Rank: 46
FDMO Omega Ratio Rank: 45
FDMO Calmar Ratio Rank: 52
FDMO Martin Ratio Rank: 55

PXI

PXI Risk / Return Rank: 74
PXI Sharpe Ratio Rank: 77
PXI Sortino Ratio Rank: 71
PXI Omega Ratio Rank: 67
PXI Calmar Ratio Rank: 84
PXI Martin Ratio Rank: 71

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.

FDMO vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.

	FDMO	PXI	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.84	-0.64
Sortino ratio: Return per unit of downside risk	1.72	2.42	-0.70
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.88	3.33	-1.45
Martin ratio: Return relative to average drawdown	6.60	9.15	-2.56

FDMO vs. PXI - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.20, which is lower than the PXI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FDMO and PXI, 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

FDMO vs. PXI - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for FDMO and PXI.

Drawdown Indicators

	FDMO	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-85.08%	+51.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-12.40%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-30.74%	+8.86%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-33.47%	+8.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-79.55%	—
Current Drawdown Current decline from peak	-5.32%	-5.12%	-0.20%
Average Drawdown Average peak-to-trough decline	-5.38%	-29.25%	+23.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	4.50%	-1.02%

Volatility

FDMO vs. PXI - Volatility Comparison

The current volatility for Fidelity Momentum Factor ETF (FDMO) is 6.48%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.28%. This indicates that FDMO 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.

Volatility by Period

	FDMO	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	7.28%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	17.97%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	22.42%	-3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	32.81%	-13.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.63%	36.94%	-17.31%

FDMO vs. PXI - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

FDMO vs. PXI - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.61%, less than PXI's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDMO Fidelity Momentum Factor ETF	0.61%	0.61%	0.90%	0.87%	1.19%	0.60%	0.77%	1.23%	1.22%	1.09%	0.45%	0.00%
PXI Invesco DWA Energy Momentum ETF	1.26%	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

Can I hold both FDMO and PXI in my portfolio?

FDMO and PXI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDMO or PXI?

PXI has higher volatility (7.28%) compared to FDMO (6.48%). In terms of maximum drawdown, FDMO dropped -33.94% vs PXI's -85.08%.

Which ETF is better, FDMO or PXI?

On 5-year performance, PXI leads with 21.98% vs 14.22% for FDMO. On fees, FDMO is cheaper at 0.29% per year. On volatility, FDMO has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDMO or PXI?

Over the 5-year period, PXI has performed better with a 21.98% return vs 14.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDMO or PXI?

FDMO is cheaper with a 0.29% expense ratio, compared with 0.60% for PXI.

Which ETF pays a higher dividend yield, FDMO or PXI?

PXI has the higher dividend yield at 1.26%, compared with 0.61% for FDMO.

What is the main difference between FDMO and PXI?

FDMO tracks Fidelity U.S. Momentum Factor Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.29% for FDMO and 0.60% for PXI.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (1.84 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.