ONEO vs. PXI

Last updated Jun 25, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds - ONEO tracks the Russell 1000 Momentum Focused Factor Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, ONEO returned 12.20%/yr vs 5.57%/yr for PXI. A 0.54 correlation means they provide meaningful diversification when combined. ONEO charges 0.20%/yr vs 0.60%/yr for PXI.

Performance

ONEO vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) 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, ONEO achieves a 17.68% return, which is significantly lower than PXI's 20.99% return. Over the past 10 years, ONEO has outperformed PXI with an annualized return of 12.20%, while PXI has yielded a comparatively lower 5.57% annualized return.

ONEO

• 1D: 0.28%
• 1M: 3.11%
• YTD: 17.68%
• 6M: 15.75%
• 1Y: 25.56%
• 3Y*: 18.68%
• 5Y*: 10.49%
• 10Y*: 12.20%

PXI

• 1D: -1.63%
• 1M: -9.31%
• YTD: 20.99%
• 6M: 20.69%
• 1Y: 27.45%
• 3Y*: 15.32%
• 5Y*: 13.58%
• 10Y*: 5.57%

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

ONEO vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEO SPDR Russell 1000 Momentum Focus ETF	17.68%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%
PXI Invesco DWA Energy Momentum ETF	20.99%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between ONEO and PXI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.54

Over the past year, the correlation between ONEO and PXI has dropped to 0.19 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

ONEO vs. PXI - Sectors Allocation Comparison

Sectors	ONEO	PXI
Technology	25.6%	-
Industrials	17.1%	0.9%
Consumer Cyclical	11.3%	-
Healthcare	9.4%	-
Financial Services	8.8%	0.3%
Energy	6.5%	98.7%
Utilities	5.4%	-
Consumer Defensive	5.0%	-
Basic Materials	4.7%	1.1%
Communication Services	3.5%	-
Real Estate	2.8%	-

Return for Risk

ONEO vs. PXI — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 71
ONEO Sharpe Ratio Rank: 67
ONEO Sortino Ratio Rank: 68
ONEO Omega Ratio Rank: 63
ONEO Calmar Ratio Rank: 76
ONEO Martin Ratio Rank: 79

PXI

PXI Risk / Return Rank: 42
PXI Sharpe Ratio Rank: 39
PXI Sortino Ratio Rank: 36
PXI Omega Ratio Rank: 34
PXI Calmar Ratio Rank: 53
PXI Martin Ratio Rank: 46

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.

ONEO vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.

	ONEO	PXI	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.26	+0.67
Sortino ratio: Return per unit of downside risk	2.75	1.73	+1.02
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	3.48	2.33	+1.16
Martin ratio: Return relative to average drawdown	13.64	6.86	+6.78

ONEO vs. PXI - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 1.92, which is higher than the PXI Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of ONEO 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

ONEO vs. PXI - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for ONEO and PXI.

Drawdown Indicators

	ONEO	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-85.08%	+44.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-11.86%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-30.74%	+11.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-33.47%	+11.08%
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	-79.55%	+38.69%
Current Drawdown Current decline from peak	-1.12%	-11.86%	+10.74%
Average Drawdown Average peak-to-trough decline	-4.97%	-29.37%	+24.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	4.01%	-2.13%

Volatility

ONEO vs. PXI - Volatility Comparison

The current volatility for SPDR Russell 1000 Momentum Focus ETF (ONEO) is 4.87%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.78%. This indicates that ONEO 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

	ONEO	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	7.78%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	17.06%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	21.97%	-8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	33.40%	-16.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	37.11%	-18.42%

ONEO vs. PXI - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

ONEO vs. PXI - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.19%, less than PXI's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEO SPDR Russell 1000 Momentum Focus ETF	1.19%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%
PXI Invesco DWA Energy Momentum ETF	1.36%	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 ONEO and PXI in my portfolio?

ONEO and PXI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEO or PXI?

PXI has higher volatility (7.78%) compared to ONEO (4.87%). In terms of maximum drawdown, ONEO dropped -40.86% vs PXI's -85.08%.

Which ETF is better, ONEO or PXI?

On 10-year performance, ONEO leads with 12.20% vs 5.57% for PXI. On fees, ONEO is cheaper at 0.20% per year. On volatility, ONEO has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or PXI?

Over the 10-year period, ONEO has performed better with a 12.20% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or PXI?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.60% for PXI.

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

PXI has the higher dividend yield at 1.36%, compared with 1.19% for ONEO.

What is the main difference between ONEO and PXI?

ONEO tracks Russell 1000 Momentum Focused Factor Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ONEO and 0.60% for PXI.

Which has better risk-adjusted returns?

ONEO currently has the higher Sharpe Ratio (1.92 vs 1.26), 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.