MMTM vs. PXI

Last updated Jul 17, 2026

MMTM (SPDR S&P 1500 Momentum Tilt ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - MMTM tracks the S&P 1500 Positive Momentum Tilt Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, MMTM returned 14.13%/yr vs 5.99%/yr for PXI. At a 0.36 correlation, their price movements are largely independent. MMTM charges 0.12%/yr vs 0.60%/yr for PXI.

Performance

MMTM vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 1500 Momentum Tilt ETF (MMTM) 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, MMTM achieves a 4.87% return, which is significantly lower than PXI's 29.33% return. Over the past 10 years, MMTM has outperformed PXI with an annualized return of 14.13%, while PXI has yielded a comparatively lower 5.99% annualized return.

MMTM

• 1D: -1.55%
• 1M: -4.07%
• 6M: 3.09%
• YTD: 4.87%
• 1Y: 14.75%
• 3Y*: 18.46%
• 5Y*: 12.36%
• 10Y*: 14.13%

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)

MMTM vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMTM SPDR S&P 1500 Momentum Tilt ETF	4.87%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%
PXI Invesco DWA Energy Momentum ETF	29.33%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between MMTM and PXI is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.36

Over the past year, the correlation between MMTM and PXI has dropped to 0.05 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

MMTM vs. PXI - Sectors Allocation Comparison

Sectors	MMTM	PXI
Technology	32.3%	-
Financial Services	15.1%	0.3%
Consumer Cyclical	12.1%	-
Healthcare	10.7%	-
Communication Services	7.4%	-
Industrials	7.3%	0.9%
Consumer Defensive	6.2%	-
Real Estate	3.0%	-
Utilities	2.4%	-
Basic Materials	1.9%	4.9%
Energy	1.6%	95.1%

Return for Risk

MMTM vs. PXI — Risk / Return Rank

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

MMTM

MMTM Risk / Return Rank: 35
MMTM Sharpe Ratio Rank: 33
MMTM Sortino Ratio Rank: 31
MMTM Omega Ratio Rank: 31
MMTM Calmar Ratio Rank: 35
MMTM Martin Ratio Rank: 45

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.

MMTM vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 1500 Momentum Tilt ETF (MMTM) 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.

	MMTM	PXI	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.66	-0.68
Sortino ratio: Return per unit of downside risk	1.43	2.20	-0.78
Omega ratio: Gain probability vs. loss probability	1.18	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.50	2.99	-1.49
Martin ratio: Return relative to average drawdown	5.84	8.17	-2.33

MMTM vs. PXI - Sharpe Ratio Comparison

The current MMTM Sharpe Ratio is 0.99, which is lower than the PXI Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of MMTM 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

MMTM vs. PXI - Drawdown Comparison

The maximum MMTM drawdown since its inception was -33.85%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for MMTM and PXI.

Drawdown Indicators

	MMTM	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-33.85%	-85.08%	+51.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-12.40%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-30.74%	+8.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-33.47%	+9.75%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-79.55%	+45.70%
Current Drawdown Current decline from peak	-5.35%	-5.78%	+0.43%
Average Drawdown Average peak-to-trough decline	-4.19%	-29.31%	+25.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	4.52%	-1.99%

Volatility

MMTM vs. PXI - Volatility Comparison

The current volatility for SPDR S&P 1500 Momentum Tilt ETF (MMTM) is 5.47%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 6.64%. This indicates that MMTM 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

	MMTM	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	6.64%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	17.57%	-5.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	22.32%	-7.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	33.07%	-14.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	36.97%	-18.30%

MMTM vs. PXI - Expense Ratio Comparison

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

Dividends

MMTM vs. PXI - Dividend Comparison

MMTM's dividend yield for the trailing twelve months is around 0.89%, less than PXI's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.89%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
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 MMTM and PXI in my portfolio?

MMTM and PXI have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMTM or PXI?

PXI has higher volatility (6.64%) compared to MMTM (5.47%). In terms of maximum drawdown, MMTM dropped -33.85% vs PXI's -85.08%.

Which ETF is better, MMTM or PXI?

On 10-year performance, MMTM leads with 14.13% vs 5.99% for PXI. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMTM or PXI?

Over the 10-year period, MMTM has performed better with a 14.13% return vs 5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMTM or PXI?

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

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

PXI has the higher dividend yield at 1.27%, compared with 0.89% for MMTM.

What is the main difference between MMTM and PXI?

MMTM tracks S&P 1500 Positive Momentum Tilt Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for MMTM and 0.60% for PXI.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (1.66 vs 0.99), 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.