FXN vs. PXJ

Last updated Jun 5, 2026

FXN (First Trust Energy AlphaDEX Fund) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - FXN tracks the StrataQuant Energy Index while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past 10 years, FXN returned 6.10%/yr vs -1.42%/yr for PXJ. Their correlation of 0.89 suggests significant overlap in exposure. FXN charges 0.64%/yr vs 0.63%/yr for PXJ.

Performance

FXN vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) 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, FXN achieves a 36.33% return, which is significantly lower than PXJ's 48.10% return. Over the past 10 years, FXN has outperformed PXJ with an annualized return of 6.10%, while PXJ has yielded a comparatively lower -1.42% annualized return.

FXN

• 1D: 0.22%
• 1M: -1.41%
• YTD: 36.33%
• 6M: 30.66%
• 1Y: 55.14%
• 3Y*: 17.11%
• 5Y*: 17.36%
• 10Y*: 6.10%

PXJ

• 1D: 1.31%
• 1M: -5.09%
• YTD: 48.10%
• 6M: 40.31%
• 1Y: 87.20%
• 3Y*: 26.31%
• 5Y*: 17.57%
• 10Y*: -1.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXN vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXN First Trust Energy AlphaDEX Fund	36.33%	3.39%	0.27%	0.97%	46.92%	51.79%	-19.91%	-6.76%	-24.79%	-5.02%
PXJ Invesco Dynamic Oil & Gas Services ETF	48.10%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Correlation

The correlation between FXN and PXJ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.89

The correlation between FXN and PXJ shifts across timeframes, from 0.73 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

FXN vs. PXJ - Sectors Allocation Comparison

Sectors	FXN	PXJ
Energy	95.4%	92.6%
Technology	4.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	5.2%
Real Estate	-	-
Utilities	-	2.1%

Return for Risk

FXN vs. PXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXN

FXN Risk / Return Rank: 72
FXN Sharpe Ratio Rank: 74
FXN Sortino Ratio Rank: 66
FXN Omega Ratio Rank: 62
FXN Calmar Ratio Rank: 86
FXN Martin Ratio Rank: 72

PXJ

PXJ Risk / Return Rank: 91
PXJ Sharpe Ratio Rank: 92
PXJ Sortino Ratio Rank: 89
PXJ Omega Ratio Rank: 85
PXJ Calmar Ratio Rank: 96
PXJ Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXN vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) 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.

	FXN	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	3.34	-0.97
Sortino ratio: Return per unit of downside risk	2.98	4.08	-1.09
Omega ratio: Gain probability vs. loss probability	1.37	1.51	-0.14
Calmar ratio: Return relative to maximum drawdown	4.69	8.68	-4.00
Martin ratio: Return relative to average drawdown	13.26	25.04	-11.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXN vs. PXJ - Sharpe Ratio Comparison

The current FXN Sharpe Ratio is 2.37, which is comparable to the PXJ Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of FXN 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.

Sharpe Ratios by Period

	FXN	PXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	3.34	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.51	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	-0.04	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.04	+0.11

Drawdowns

FXN vs. PXJ - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, smaller than the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for FXN and PXJ.

Drawdown Indicators

	FXN	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-94.82%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-10.10%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	-40.03%	+8.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-40.03%	+8.34%
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	-87.72%	+7.09%
Current Drawdown Current decline from peak	-3.49%	-66.16%	+62.67%
Average Drawdown Average peak-to-trough decline	-37.98%	-55.67%	+17.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.49%	+0.68%

Volatility

FXN vs. PXJ - Volatility Comparison

First Trust Energy AlphaDEX Fund (FXN) and Invesco Dynamic Oil & Gas Services ETF (PXJ) have volatilities of 7.52% and 7.91%, 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.

Volatility by Period

	FXN	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	7.91%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	18.32%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	26.29%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.92%	34.57%	-5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.99%	39.47%	-4.48%

FXN vs. PXJ - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is higher than PXJ's 0.63% expense ratio.

Dividends

FXN vs. PXJ - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.76%, less than PXJ's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXN First Trust Energy AlphaDEX Fund	1.76%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.18%	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 FXN and PXJ in my portfolio?

FXN and PXJ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXN or PXJ?

PXJ has higher volatility (7.91%) compared to FXN (7.52%). In terms of maximum drawdown, FXN dropped -87.39% vs PXJ's -94.82%.

Which ETF is better, FXN or PXJ?

On 10-year performance, FXN leads with 6.10% vs -1.42% for PXJ. On fees, PXJ is cheaper at 0.63% per year. On volatility, FXN has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXN or PXJ?

Over the 10-year period, FXN has performed better with a 6.10% return vs -1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXN or PXJ?

PXJ is cheaper with a 0.63% expense ratio, compared with 0.64% for FXN.

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

PXJ has the higher dividend yield at 2.18%, compared with 1.76% for FXN.

What is the main difference between FXN and PXJ?

FXN tracks StrataQuant Energy Index, while PXJ tracks Dynamic Oil & Gas Services Intellidex Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.64% for FXN and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.34 vs 2.37), 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.