NRP vs. PXI

Last updated Jun 4, 2026

NRP (Natural Resource Partners L.P.) is a stock, while PXI (Invesco DWA Energy Momentum ETF) is Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index. Over the past 10 years, NRP returned 34.01%/yr vs 6.25%/yr for PXI. At a 0.40 correlation, their price movements are largely independent.

Performance

NRP vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natural Resource Partners L.P. (NRP) 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, NRP achieves a 2.96% return, which is significantly lower than PXI's 31.40% return. Over the past 10 years, NRP has outperformed PXI with an annualized return of 34.01%, while PXI has yielded a comparatively lower 6.25% annualized return.

NRP

• 1D: -2.93%
• 1M: -9.98%
• YTD: 2.96%
• 6M: 1.44%
• 1Y: 13.67%
• 3Y*: 38.12%
• 5Y*: 48.62%
• 10Y*: 34.01%

PXI

• 1D: 0.46%
• 1M: -4.09%
• YTD: 31.40%
• 6M: 24.82%
• 1Y: 43.58%
• 3Y*: 18.11%
• 5Y*: 16.42%
• 10Y*: 6.25%

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

NRP vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRP Natural Resource Partners L.P.	2.96%	-1.93%	27.43%	87.03%	72.85%	164.73%	-25.28%	-43.26%	55.86%	-14.50%
PXI Invesco DWA Energy Momentum ETF	31.40%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between NRP and PXI is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 13, 2006	0.40

The correlation between NRP and PXI shifts across timeframes, from 0.26 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NRP vs. PXI — Risk / Return Rank

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

NRP

NRP Risk / Return Rank: 59
NRP Sharpe Ratio Rank: 63
NRP Sortino Ratio Rank: 57
NRP Omega Ratio Rank: 54
NRP Calmar Ratio Rank: 57
NRP Martin Ratio Rank: 64

PXI

PXI Risk / Return Rank: 63
PXI Sharpe Ratio Rank: 61
PXI Sortino Ratio Rank: 54
PXI Omega Ratio Rank: 54
PXI Calmar Ratio Rank: 79
PXI Martin Ratio Rank: 67

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.

NRP vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natural Resource Partners L.P. (NRP) 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.

	NRP	PXI	Difference
Sharpe ratio Return per unit of total volatility	0.68	2.05	-1.37
Sortino ratio Return per unit of downside risk	1.18	2.63	-1.44
Omega ratio Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio Return relative to maximum drawdown	0.75	4.04	-3.29
Martin ratio Return relative to average drawdown	2.60	12.41	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRP vs. PXI - Sharpe Ratio Comparison

The current NRP Sharpe Ratio is 0.68, which is lower than the PXI Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of NRP 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.

Sharpe Ratios by Period

	NRP	PXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	2.05	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	0.49	+0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.17	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.16	+0.02

Drawdowns

NRP vs. PXI - Drawdown Comparison

The maximum NRP drawdown since its inception was -97.11%, which is greater than PXI's maximum drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for NRP and PXI.

Drawdown Indicators

	NRP	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-97.11%	-85.08%	-12.03%
Max Drawdown (1Y) Largest decline over 1 year	-18.22%	-10.83%	-7.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-30.74%	+12.00%
Max Drawdown (5Y) Largest decline over 5 years	-25.24%	-33.47%	+8.23%
Max Drawdown (10Y) Largest decline over 10 years	-78.75%	-79.55%	+0.80%
Current Drawdown Current decline from peak	-14.88%	-4.27%	-10.61%
Average Drawdown Average peak-to-trough decline	-43.53%	-29.44%	-14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	3.52%	+1.75%

Volatility

NRP vs. PXI - Volatility Comparison

Natural Resource Partners L.P. (NRP) and Invesco DWA Energy Momentum ETF (PXI) have volatilities of 7.48% and 7.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRP	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	7.76%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	16.34%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.10%	21.43%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.78%	33.47%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.24%	37.19%	+6.05%

Dividends

NRP vs. PXI - Dividend Comparison

NRP's dividend yield for the trailing twelve months is around 2.94%, more than PXI's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NRP Natural Resource Partners L.P.	2.94%	4.03%	4.90%	5.87%	4.97%	5.39%	9.82%	13.18%	4.71%	6.92%	5.57%	45.28%
PXI Invesco DWA Energy Momentum ETF	1.29%	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 NRP and PXI in my portfolio?

NRP and PXI have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRP or PXI?

PXI has higher volatility (7.76%) compared to NRP (7.48%). In terms of maximum drawdown, NRP dropped -97.11% vs PXI's -85.08%.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (2.05 vs 0.68), 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.