NRGD vs. PSCE

Last updated Jun 24, 2026

NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) and PSCE (Invesco S&P SmallCap Energy ETF) are both exchange-traded funds - NRGD is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%), while PSCE is a Energy Equities fund tracking the S&P SmallCap 600 Energy Index. Both are passively managed. Over the past year, NRGD returned -72.26% vs 45.44% for PSCE. At a correlation of -0.81, they often move in opposite directions. NRGD charges 0.95%/yr vs 0.29%/yr for PSCE.

Performance

NRGD vs. PSCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and Invesco S&P SmallCap Energy ETF (PSCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGD achieves a -63.27% return, which is significantly lower than PSCE's 32.36% return.

NRGD

• 1D: -2.47%
• 1M: 16.95%
• YTD: -63.27%
• 6M: -63.90%
• 1Y: -72.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSCE

• 1D: -0.07%
• 1M: -9.83%
• YTD: 32.36%
• 6M: 31.96%
• 1Y: 45.44%
• 3Y*: 10.31%
• 5Y*: 8.34%
• 10Y*: -2.41%

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

NRGD vs. PSCE - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-63.27%	-35.40%
PSCE Invesco S&P SmallCap Energy ETF	32.36%	-6.03%

Correlation

The correlation between NRGD and PSCE is -0.80, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.80
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.81

The correlation between NRGD and PSCE has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.

NRGD vs. PSCE - Sectors Allocation Comparison

Sectors	NRGD	PSCE
Energy	100.0%	98.5%
Basic Materials	-	1.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGD vs. PSCE — Risk / Return Rank

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

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 1
NRGD Omega Ratio Rank: 1
NRGD Calmar Ratio Rank: 1
NRGD Martin Ratio Rank: 1

PSCE

PSCE Risk / Return Rank: 57
PSCE Sharpe Ratio Rank: 52
PSCE Sortino Ratio Rank: 47
PSCE Omega Ratio Rank: 45
PSCE Calmar Ratio Rank: 74
PSCE Martin Ratio Rank: 65

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.

NRGD vs. PSCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and Invesco S&P SmallCap Energy ETF (PSCE). 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.

	NRGD	PSCE	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.67	-2.64
Sortino ratio: Return per unit of downside risk	-1.82	2.23	-4.05
Omega ratio: Gain probability vs. loss probability	0.81	1.27	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.90	3.59	-4.50
Martin ratio: Return relative to average drawdown	-1.45	11.00	-12.45

NRGD vs. PSCE - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.97, which is lower than the PSCE Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of NRGD and PSCE, 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

NRGD vs. PSCE - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.64%, smaller than the maximum PSCE drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for NRGD and PSCE.

Drawdown Indicators

	NRGD	PSCE	Difference
Max Drawdown Largest peak-to-trough decline	-89.64%	-96.21%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-80.03%	-12.70%	-67.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-44.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.70%	—
Current Drawdown Current decline from peak	-86.51%	-76.48%	-10.03%
Average Drawdown Average peak-to-trough decline	-59.82%	-58.87%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.93%	4.15%	+45.78%

Volatility

NRGD vs. PSCE - Volatility Comparison

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a higher volatility of 24.74% compared to Invesco S&P SmallCap Energy ETF (PSCE) at 8.83%. This indicates that NRGD's price experiences larger fluctuations and is considered to be riskier than PSCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGD	PSCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.74%	8.83%	+15.91%
Volatility (6M) Calculated over the trailing 6-month period	59.20%	18.94%	+40.26%
Volatility (1Y) Calculated over the trailing 1-year period	75.34%	27.51%	+47.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.73%	37.39%	+51.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.73%	43.20%	+45.53%

NRGD vs. PSCE - Expense Ratio Comparison

NRGD has a 0.95% expense ratio, which is higher than PSCE's 0.29% expense ratio.

Dividends

NRGD vs. PSCE - Dividend Comparison

NRGD has not paid dividends to shareholders, while PSCE's dividend yield for the trailing twelve months is around 2.28%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSCE Invesco S&P SmallCap Energy ETF	2.28%	2.39%	1.70%	2.57%	1.70%	0.46%	0.87%	0.14%	0.22%	0.04%	0.22%	0.82%

Frequently Asked Questions

Can I hold both NRGD and PSCE in my portfolio?

NRGD and PSCE have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGD or PSCE?

NRGD has higher volatility (24.74%) compared to PSCE (8.83%). In terms of maximum drawdown, NRGD dropped -89.64% vs PSCE's -96.21%.

Which ETF is better, NRGD or PSCE?

On 1-year performance, PSCE leads with 45.44% vs -72.26% for NRGD. On fees, PSCE is cheaper at 0.29% per year. On volatility, PSCE has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGD or PSCE?

Over the 1-year period, PSCE has performed better with a 45.44% return vs -72.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGD or PSCE?

PSCE is cheaper with a 0.29% expense ratio, compared with 0.95% for NRGD.

Which ETF pays a higher dividend yield, NRGD or PSCE?

PSCE has the higher dividend yield at 2.28%, compared with 0.00% for NRGD.

What is the main difference between NRGD and PSCE?

NRGD is categorized as Leveraged Equities, while PSCE is Energy Equities. NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while PSCE tracks S&P SmallCap 600 Energy Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.95% for NRGD and 0.29% for PSCE.

Which has better risk-adjusted returns?

PSCE currently has the higher Sharpe Ratio (1.67 vs -0.97), 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.