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MTUM vs. PXI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. PXI

Last updated Aug 4, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, MTUM returned 15.78%/yr vs 6.10%/yr for PXI. Their 0.41 correlation means their historical movements had little consistent relationship. MTUM charges 0.15%/yr vs 0.60%/yr for PXI.

Performance

MTUM vs. PXI - Performance Comparison

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

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Returns By Period

In the year-to-date period, MTUM achieves a 20.80% return, which is significantly lower than PXI's 30.24% return. Over the past 10 years, MTUM has outperformed PXI with an annualized return of 15.78%, while PXI has yielded a comparatively lower 6.10% annualized return.

MTUM

1D
0.73%
1M
-4.66%
6M
17.04%
YTD
20.80%
1Y
27.28%
3Y*
28.96%
5Y*
12.59%
10Y*
15.78%
ALL TIME*
15.67%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MTUM

iShares MSCI USA Momentum Factor ETF
$578.91M$630.18M$548.65M

PXI

Invesco DWA Energy Momentum ETF
$1.58M$2.88M$1.34M

MTUM vs. PXI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MTUM
iShares MSCI USA Momentum Factor ETF		20.80%22.15%32.89%9.15%-18.27%13.36%29.86%27.25%-1.67%37.50%
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 MTUM and PXI is 0.12, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.12

Correlation (3Y)
Balances recent behavior with more history.

0.30

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.42

Correlation (10Y)
Provides a long-term view across more market conditions.

0.38

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.41

Over the past year, the correlation between MTUM and PXI has dropped to 0.12 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

MTUM vs. PXI - Sectors Allocation Comparison

Sectors
MTUM
PXI

Technology

48.3%

-

Industrials

12.1%
0.8%

Energy

11.5%
95.0%

Financial Services

5.2%
0.3%

Communication Services

4.4%

-

Healthcare

4.2%

-

Utilities

3.7%

-

Consumer Defensive

3.7%

-

Consumer Cyclical

3.0%

-

Basic Materials

2.2%
3.9%

Real Estate

1.5%

-

Technology

MTUM
48.3%
PXI

-

Industrials

MTUM
12.1%
PXI
0.8%

Energy

MTUM
11.5%
PXI
95.0%

Financial Services

MTUM
5.2%
PXI
0.3%

Communication Services

MTUM
4.4%
PXI

-

Healthcare

MTUM
4.2%
PXI

-

Utilities

MTUM
3.7%
PXI

-

Consumer Defensive

MTUM
3.7%
PXI

-

Consumer Cyclical

MTUM
3.0%
PXI

-

Basic Materials

MTUM
2.2%
PXI
3.9%

Real Estate

MTUM
1.5%
PXI

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Momentum Factor ETF

Invesco DWA Energy Momentum ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with PXI:
PXI vs. SXCPXI vs. SPMOPXI vs. ENFRPXI vs. XOPPXI vs. CLSEPXI vs. FENYPXI vs. XEG.TO

Return for Risk

MTUM vs. PXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MTUM
MTUM Risk / Return Rank: 4444
Overall Rank
MTUM Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4242
Sortino Ratio Rank
MTUM Omega Ratio Rank: 4343
Omega Ratio Rank
MTUM Calmar Ratio Rank: 4343
Calmar Ratio Rank
MTUM Martin Ratio Rank: 5151
Martin Ratio Rank
PXI
PXI Risk / Return Rank: 7474
Overall Rank
PXI Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PXI Sortino Ratio Rank: 7171
Sortino Ratio Rank
PXI Omega Ratio Rank: 6767
Omega Ratio Rank
PXI Calmar Ratio Rank: 8484
Calmar Ratio Rank
PXI Martin Ratio Rank: 7171
Martin Ratio Rank
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.

MTUM vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

MTUMPXIDifference
Sharpe ratioReturn per unit of total volatility
1.07
1.84

-0.77

Sortino ratioReturn per unit of downside risk
1.55
2.42

-0.87

Omega ratioGain probability vs. loss probability

1.21

1.30

-0.09

Calmar ratioReturn relative to maximum drawdown

1.52

3.33

-1.80

Martin ratioReturn relative to average drawdown

6.14

9.15

-3.01

MTUM vs. PXI - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.07, which is lower than the PXI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of MTUM 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.

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Drawdowns

MTUM vs. PXI - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for MTUM and PXI.

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Drawdown Indicators

MTUMPXIDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-85.08%

+51.00%

Max Drawdown (1Y)

Largest decline over 1 year

-17.99%

-12.40%

-5.59%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-30.74%

+9.75%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-33.47%

+1.19%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

-79.55%

+45.47%

Current Drawdown

Current decline from peak

-12.58%

-5.12%

-7.46%

Average Drawdown

Average peak-to-trough decline

-6.22%

-29.25%

+23.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

4.50%

-0.04%

Volatility

MTUM vs. PXI - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.76% compared to Invesco DWA Energy Momentum ETF (PXI) at 7.28%. This indicates that MTUM's price experiences larger fluctuations and is considered to be riskier than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MTUMPXIDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.76%

7.28%

+3.48%

Volatility (6M)

Calculated over the trailing 6-month period

23.24%

17.97%

+5.27%

Volatility (1Y)

Calculated over the trailing 1-year period

25.57%

22.42%

+3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.89%

32.81%

-10.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.73%

36.94%

-15.21%

MTUM vs. PXI - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

MTUM vs. PXI - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
MTUM
iShares MSCI USA Momentum Factor ETF		0.61%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%
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

MTUM and PXI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (10.76%) compared to PXI (7.28%). In terms of maximum drawdown, MTUM dropped -34.08% vs PXI's -85.08%.

On 10-year performance, MTUM leads with 15.78% vs 6.10% for PXI. On fees, MTUM is cheaper at 0.15% per year. On volatility, PXI has been the lower-risk option at 7.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MTUM has performed better with a 15.78% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.60% for PXI.

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

MTUM tracks MSCI USA Momentum SR Variant Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for MTUM and 0.60% for PXI.

PXI currently has the higher Sharpe Ratio (1.84 vs 1.07), 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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