OIH vs. PXJ

Last updated Jun 4, 2026

OIH (VanEck Vectors Oil Services ETF) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - OIH tracks the MVIS US Listed Oil Services 25 Index while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past 10 years, OIH returned -0.90%/yr vs -0.74%/yr for PXJ. With a 0.96 correlation, they move nearly in lockstep. OIH charges 0.35%/yr vs 0.63%/yr for PXJ.

Performance

OIH vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Oil Services ETF (OIH) and Invesco Dynamic Oil & Gas Services ETF (PXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OIH achieves a 51.43% return, which is significantly higher than PXJ's 47.03% return. Over the past 10 years, OIH has underperformed PXJ with an annualized return of -0.90%, while PXJ has yielded a comparatively higher -0.74% annualized return.

OIH

• 1D: 0.18%
• 1M: -2.77%
• YTD: 51.43%
• 6M: 43.87%
• 1Y: 92.96%
• 3Y*: 18.56%
• 5Y*: 13.62%
• 10Y*: -0.90%

PXJ

• 1D: 1.35%
• 1M: -5.54%
• YTD: 47.03%
• 6M: 44.84%
• 1Y: 89.31%
• 3Y*: 25.03%
• 5Y*: 17.57%
• 10Y*: -0.74%

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

OIH vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIH VanEck Vectors Oil Services ETF	51.43%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%
PXJ Invesco Dynamic Oil & Gas Services ETF	47.03%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Correlation

The correlation between OIH and PXJ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.96

The correlation between OIH and PXJ has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

OIH vs. PXJ - Sectors Allocation Comparison

Sectors	OIH	PXJ
Energy	98.0%	92.6%
Utilities	1.8%	2.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	5.2%
Real Estate	-	-
Technology	-	-

Return for Risk

OIH vs. PXJ — Risk / Return Rank

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

OIH

OIH Risk / Return Rank: 89
OIH Sharpe Ratio Rank: 90
OIH Sortino Ratio Rank: 85
OIH Omega Ratio Rank: 79
OIH Calmar Ratio Rank: 96
OIH Martin Ratio Rank: 93

PXJ

PXJ Risk / Return Rank: 91
PXJ Sharpe Ratio Rank: 92
PXJ Sortino Ratio Rank: 89
PXJ Omega Ratio Rank: 84
PXJ Calmar Ratio Rank: 96
PXJ Martin Ratio Rank: 94

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.

OIH vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Oil Services ETF (OIH) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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.

	OIH	PXJ	Difference
Sharpe ratio Return per unit of total volatility	3.19	3.40	-0.22
Sortino ratio Return per unit of downside risk	3.87	4.14	-0.27
Omega ratio Gain probability vs. loss probability	1.48	1.51	-0.03
Calmar ratio Return relative to maximum drawdown	9.80	9.00	+0.80
Martin ratio Return relative to average drawdown	24.42	26.58	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OIH vs. PXJ - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 3.19, which is comparable to the PXJ Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of OIH and PXJ, 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

	OIH	PXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	3.40	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.51	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	-0.02	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.04	+0.05

Drawdowns

OIH vs. PXJ - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, roughly equal to the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for OIH and PXJ.

Drawdown Indicators

	OIH	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-94.82%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-10.10%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	-40.03%	-3.77%
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	-40.03%	-3.77%
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	-87.72%	-1.90%
Current Drawdown Current decline from peak	-61.60%	-66.40%	+4.80%
Average Drawdown Average peak-to-trough decline	-48.84%	-55.67%	+6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.42%	+0.40%

Volatility

OIH vs. PXJ - Volatility Comparison

VanEck Vectors Oil Services ETF (OIH) and Invesco Dynamic Oil & Gas Services ETF (PXJ) have volatilities of 7.95% 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

	OIH	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	7.76%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	20.36%	18.28%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	29.49%	26.40%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	34.57%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.41%	39.48%	+2.93%

OIH vs. PXJ - Expense Ratio Comparison

OIH has a 0.35% expense ratio, which is lower than PXJ's 0.63% expense ratio.

Dividends

OIH vs. PXJ - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.13%, less than PXJ's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIH VanEck Vectors Oil Services ETF	1.13%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.19%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Frequently Asked Questions

Can I hold both OIH and PXJ in my portfolio?

With a correlation of 0.93, OIH and PXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OIH or PXJ?

OIH has higher volatility (7.95%) compared to PXJ (7.76%). In terms of maximum drawdown, OIH dropped -94.45% vs PXJ's -94.82%.

Which ETF is better, OIH or PXJ?

On 10-year performance, PXJ leads with -0.74% vs -0.90% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, PXJ has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or PXJ?

Over the 10-year period, PXJ has performed better with a -0.74% return vs -0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or PXJ?

OIH is cheaper with a 0.35% expense ratio, compared with 0.63% for PXJ.

Which ETF pays a higher dividend yield, OIH or PXJ?

PXJ has the higher dividend yield at 2.19%, compared with 1.13% for OIH.

What is the main difference between OIH and PXJ?

OIH tracks MVIS US Listed Oil Services 25 Index, while PXJ tracks Dynamic Oil & Gas Services Intellidex Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for OIH and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.40 vs 3.19), 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.