IGE vs. PXE
IGE (iShares North American Natural Resources ETF) and PXE (Invesco Dynamic Energy Exploration & Production ETF) are both Energy Equities funds - IGE tracks the S&P North American Natural Resources Sector Index while PXE tracks the Dynamic Energy Exploration & Production Intellidex Index. Both are passively managed. Over the past 10 years, IGE returned 8.70%/yr vs 8.80%/yr for PXE. Their correlation of 0.91 suggests significant overlap in exposure. IGE charges 0.39%/yr vs 0.63%/yr for PXE.
Performance
IGE vs. PXE - Performance Comparison
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Returns By Period
In the year-to-date period, IGE achieves a 16.70% return, which is significantly lower than PXE's 30.03% return. Both investments have delivered pretty close results over the past 10 years, with IGE having a 8.70% annualized return and PXE not far ahead at 8.80%.
IGE
- 1D
- 1.26%
- 1M
- -2.71%
- 6M
- 10.35%
- YTD
- 16.70%
- 1Y
- 29.29%
- 3Y*
- 16.76%
- 5Y*
- 17.83%
- 10Y*
- 8.70%
PXE
- 1D
- 3.68%
- 1M
- 0.48%
- 6M
- 30.21%
- YTD
- 30.03%
- 1Y
- 24.15%
- 3Y*
- 11.92%
- 5Y*
- 19.54%
- 10Y*
- 8.80%
IGE vs. PXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGE iShares North American Natural Resources ETF | 16.70% | 20.41% | 7.55% | 3.12% | 33.24% | 39.42% | -19.58% | 17.16% | -21.59% | 0.82% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 30.03% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
Correlation
The correlation between IGE and PXE is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005 | 0.91 |
Over the past year, the correlation between IGE and PXE has dropped to 0.68 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.
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Return for Risk
IGE vs. PXE — Risk / Return Rank
IGE
PXE
IGE vs. PXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) 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.
| IGE | PXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.16 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 1.45 | +1.10 |
| Martin ratioReturn relative to average drawdown | 8.44 | 3.47 | +4.97 |
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Drawdowns
IGE vs. PXE - Drawdown Comparison
The maximum IGE drawdown since its inception was -67.55%, smaller than the maximum PXE drawdown of -83.99%. Use the drawdown chart below to compare losses from any high point for IGE and PXE.
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Drawdown Indicators
| IGE | PXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.55% | -83.99% | +16.44% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -16.70% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -19.49% | -37.65% | +18.16% |
Max Drawdown (5Y)Largest decline over 5 years | -25.72% | -37.65% | +11.93% |
Max Drawdown (10Y)Largest decline over 10 years | -60.57% | -80.17% | +19.60% |
Current DrawdownCurrent decline from peak | -7.81% | -10.06% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -18.85% | -27.91% | +9.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 7.03% | -3.54% |
Volatility
IGE vs. PXE - Volatility Comparison
The current volatility for iShares North American Natural Resources ETF (IGE) is 4.50%, while Invesco Dynamic Energy Exploration & Production ETF (PXE) has a volatility of 8.35%. This indicates that IGE experiences smaller price fluctuations and is considered to be less risky than PXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGE | PXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 8.35% | -3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 21.27% | -8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.53% | 27.80% | -11.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 33.54% | -11.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.88% | 36.95% | -12.07% |
IGE vs. PXE - Expense Ratio Comparison
IGE has a 0.39% expense ratio, which is lower than PXE's 0.63% expense ratio.
Dividends
IGE vs. PXE - Dividend Comparison
IGE's dividend yield for the trailing twelve months is around 2.05%, more than PXE's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGE iShares North American Natural Resources ETF | 2.05% | 2.32% | 2.54% | 2.85% | 2.96% | 2.92% | 3.34% | 5.55% | 2.68% | 2.11% | 1.66% | 3.08% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.84% | 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
IGE and PXE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXE has higher volatility (8.35%) compared to IGE (4.50%). In terms of maximum drawdown, IGE dropped -67.55% vs PXE's -83.99%.
On 10-year performance, PXE leads with 8.80% vs 8.70% for IGE. On fees, IGE is cheaper at 0.39% per year. On volatility, IGE has been the lower-risk option at 4.50%. 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 8.80% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGE is cheaper with a 0.39% expense ratio, compared with 0.63% for PXE.
IGE has the higher dividend yield at 2.05%, compared with 1.84% for PXE.
IGE tracks S&P North American Natural Resources Sector Index, while PXE tracks Dynamic Energy Exploration & Production Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for IGE and 0.63% for PXE.
IGE currently has the higher Sharpe Ratio (1.78 vs 0.87), 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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