JMOM vs. PXI

Last updated Jul 17, 2026

JMOM (JPMorgan U.S. Momentum Factor ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - JMOM tracks the JP Morgan US Momentum Factor Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 5 years, JMOM returned 14.79%/yr vs 20.30%/yr for PXI. At a 0.40 correlation, their price movements are largely independent. JMOM charges 0.12%/yr vs 0.60%/yr for PXI.

Performance

JMOM vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Momentum Factor ETF (JMOM) 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, JMOM achieves a 20.27% return, which is significantly lower than PXI's 29.33% return.

JMOM

• 1D: -1.36%
• 1M: -1.77%
• 6M: 16.31%
• YTD: 20.27%
• 1Y: 28.65%
• 3Y*: 24.75%
• 5Y*: 14.79%
• 10Y*: —

PXI

• 1D: 0.36%
• 1M: 4.93%
• 6M: 21.82%
• YTD: 29.33%
• 1Y: 36.87%
• 3Y*: 14.84%
• 5Y*: 20.30%
• 10Y*: 5.99%

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

JMOM vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMOM JPMorgan U.S. Momentum Factor ETF	20.27%	18.02%	28.47%	22.89%	-20.83%	25.03%	29.25%	28.24%	-5.25%	3.36%
PXI Invesco DWA Energy Momentum ETF	29.33%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	5.41%

Correlation

The correlation between JMOM and PXI is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017	0.40

Over the past year, the correlation between JMOM and PXI has dropped to 0.11 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

JMOM vs. PXI - Sectors Allocation Comparison

Sectors	JMOM	PXI
Technology	43.1%	-
Industrials	12.0%	0.9%
Financial Services	9.0%	0.3%
Healthcare	8.1%	-
Communication Services	7.7%	-
Consumer Cyclical	6.3%	-
Consumer Defensive	5.0%	-
Energy	3.3%	95.1%
Real Estate	2.2%	-
Utilities	2.0%	-
Basic Materials	1.3%	4.9%

Return for Risk

JMOM vs. PXI — Risk / Return Rank

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

JMOM

JMOM Risk / Return Rank: 75
JMOM Sharpe Ratio Rank: 70
JMOM Sortino Ratio Rank: 67
JMOM Omega Ratio Rank: 66
JMOM Calmar Ratio Rank: 84
JMOM Martin Ratio Rank: 89

PXI

PXI Risk / Return Rank: 61
PXI Sharpe Ratio Rank: 63
PXI Sortino Ratio Rank: 57
PXI Omega Ratio Rank: 54
PXI Calmar Ratio Rank: 74
PXI Martin Ratio Rank: 59

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.

JMOM vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Momentum Factor ETF (JMOM) 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.

	JMOM	PXI	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.66	+0.13
Sortino ratio: Return per unit of downside risk	2.47	2.20	+0.27
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.66	2.99	+0.67
Martin ratio: Return relative to average drawdown	15.59	8.17	+7.42

JMOM vs. PXI - Sharpe Ratio Comparison

The current JMOM Sharpe Ratio is 1.79, which is comparable to the PXI Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of JMOM 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

JMOM vs. PXI - Drawdown Comparison

The maximum JMOM drawdown since its inception was -34.31%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for JMOM and PXI.

Drawdown Indicators

	JMOM	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-34.31%	-85.08%	+50.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.87%	-12.40%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.51%	-30.74%	+11.23%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	-33.47%	+5.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-79.55%	—
Current Drawdown Current decline from peak	-4.43%	-5.78%	+1.35%
Average Drawdown Average peak-to-trough decline	-6.26%	-29.31%	+23.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	4.52%	-2.68%

Volatility

JMOM vs. PXI - Volatility Comparison

The current volatility for JPMorgan U.S. Momentum Factor ETF (JMOM) is 5.75%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 6.64%. This indicates that JMOM 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

	JMOM	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	6.64%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	17.57%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	22.32%	-6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	33.07%	-14.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	36.97%	-16.79%

JMOM vs. PXI - Expense Ratio Comparison

JMOM has a 0.12% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

JMOM vs. PXI - Dividend Comparison

JMOM's dividend yield for the trailing twelve months is around 0.75%, less than PXI's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMOM JPMorgan U.S. Momentum Factor ETF	0.75%	0.86%	0.75%	1.21%	1.39%	0.64%	0.85%	1.11%	1.38%	0.29%	0.00%	0.00%
PXI Invesco DWA Energy Momentum ETF	1.27%	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 JMOM and PXI in my portfolio?

JMOM and PXI have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMOM or PXI?

PXI has higher volatility (6.64%) compared to JMOM (5.75%). In terms of maximum drawdown, JMOM dropped -34.31% vs PXI's -85.08%.

Which ETF is better, JMOM or PXI?

On 5-year performance, PXI leads with 20.30% vs 14.79% for JMOM. On fees, JMOM is cheaper at 0.12% per year. On volatility, JMOM has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMOM or PXI?

Over the 5-year period, PXI has performed better with a 20.30% return vs 14.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMOM or PXI?

JMOM is cheaper with a 0.12% expense ratio, compared with 0.60% for PXI.

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

PXI has the higher dividend yield at 1.27%, compared with 0.75% for JMOM.

What is the main difference between JMOM and PXI?

JMOM tracks JP Morgan US Momentum Factor Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.12% for JMOM and 0.60% for PXI.

Which has better risk-adjusted returns?

JMOM currently has the higher Sharpe Ratio (1.79 vs 1.66), 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.