PBW vs. XOP

Last updated Jun 23, 2026

PBW (Invesco WilderHill Clean Energy ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - PBW is a Small Cap Growth Equities fund tracking the The WilderHill Clean Energy Index (AMEX), while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, PBW returned 10.55%/yr vs 3.08%/yr for XOP. A 0.52 correlation means they provide meaningful diversification when combined. PBW charges 0.61%/yr vs 0.35%/yr for XOP.

Performance

PBW vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco WilderHill Clean Energy ETF (PBW) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBW achieves a 35.89% return, which is significantly higher than XOP's 23.78% return. Over the past 10 years, PBW has outperformed XOP with an annualized return of 10.55%, while XOP has yielded a comparatively lower 3.08% annualized return.

PBW

• 1D: -0.19%
• 1M: -3.61%
• YTD: 35.89%
• 6M: 27.66%
• 1Y: 118.27%
• 3Y*: 5.84%
• 5Y*: -12.35%
• 10Y*: 10.55%

XOP

• 1D: 1.50%
• 1M: -9.47%
• YTD: 23.78%
• 6M: 24.78%
• 1Y: 18.46%
• 3Y*: 10.97%
• 5Y*: 12.47%
• 10Y*: 3.08%

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

PBW vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBW Invesco WilderHill Clean Energy ETF	35.89%	53.96%	-30.77%	-20.03%	-44.55%	-29.86%	204.82%	62.58%	-14.11%	39.92%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.78%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between PBW and XOP is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.52

Over the past year, the correlation between PBW and XOP has dropped to 0.06 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

PBW vs. XOP - Sectors Allocation Comparison

Sectors	PBW	XOP
Industrials	34.2%	-
Basic Materials	16.2%	3.2%
Consumer Cyclical	14.9%	-
Technology	14.4%	-
Energy	11.2%	96.8%
Utilities	6.5%	-
Financial Services	1.5%	-
Consumer Defensive	1.1%	-
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PBW vs. XOP — Risk / Return Rank

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

PBW

PBW Risk / Return Rank: 80
PBW Sharpe Ratio Rank: 89
PBW Sortino Ratio Rank: 72
PBW Omega Ratio Rank: 68
PBW Calmar Ratio Rank: 91
PBW Martin Ratio Rank: 78

XOP

XOP Risk / Return Rank: 20
XOP Sharpe Ratio Rank: 19
XOP Sortino Ratio Rank: 19
XOP Omega Ratio Rank: 18
XOP Calmar Ratio Rank: 22
XOP Martin Ratio Rank: 23

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.

PBW vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco WilderHill Clean Energy ETF (PBW) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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.

	PBW	XOP	Difference
Sharpe ratio: Return per unit of total volatility	2.83	0.66	+2.17
Sortino ratio: Return per unit of downside risk	3.12	1.03	+2.09
Omega ratio: Gain probability vs. loss probability	1.39	1.12	+0.27
Calmar ratio: Return relative to maximum drawdown	5.60	1.00	+4.60
Martin ratio: Return relative to average drawdown	14.48	2.84	+11.64

PBW vs. XOP - Sharpe Ratio Comparison

The current PBW Sharpe Ratio is 2.83, which is higher than the XOP Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of PBW and XOP, 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

PBW vs. XOP - Drawdown Comparison

The maximum PBW drawdown since its inception was -89.02%, roughly equal to the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for PBW and XOP.

Drawdown Indicators

	PBW	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-89.02%	-90.27%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-21.24%	-18.50%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-68.04%	-34.98%	-33.06%
Max Drawdown (5Y) Largest decline over 5 years	-84.50%	-34.98%	-49.52%
Max Drawdown (10Y) Largest decline over 10 years	-89.02%	-82.61%	-6.41%
Current Drawdown Current decline from peak	-65.75%	-42.15%	-23.60%
Average Drawdown Average peak-to-trough decline	-62.90%	-42.58%	-20.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	6.62%	+1.58%

Volatility

PBW vs. XOP - Volatility Comparison

Invesco WilderHill Clean Energy ETF (PBW) has a higher volatility of 17.70% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 9.19%. This indicates that PBW's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBW	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.70%	9.19%	+8.51%
Volatility (6M) Calculated over the trailing 6-month period	30.93%	22.09%	+8.84%
Volatility (1Y) Calculated over the trailing 1-year period	42.17%	28.36%	+13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.34%	33.88%	+9.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.00%	40.29%	-1.29%

PBW vs. XOP - Expense Ratio Comparison

PBW has a 0.61% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

PBW vs. XOP - Dividend Comparison

PBW's dividend yield for the trailing twelve months is around 1.24%, less than XOP's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBW Invesco WilderHill Clean Energy ETF	1.24%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.58%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both PBW and XOP in my portfolio?

PBW and XOP have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBW or XOP?

PBW has higher volatility (17.70%) compared to XOP (9.19%). In terms of maximum drawdown, PBW dropped -89.02% vs XOP's -90.27%.

Which ETF is better, PBW or XOP?

On 10-year performance, PBW leads with 10.55% vs 3.08% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBW or XOP?

Over the 10-year period, PBW has performed better with a 10.55% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBW or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, PBW or XOP?

XOP has the higher dividend yield at 2.58%, compared with 1.24% for PBW.

What is the main difference between PBW and XOP?

PBW is categorized as Small Cap Growth Equities, while XOP is Energy Equities. PBW tracks The WilderHill Clean Energy Index (AMEX), while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.61% for PBW and 0.35% for XOP.

Which has better risk-adjusted returns?

PBW currently has the higher Sharpe Ratio (2.83 vs 0.66), 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.