PBW vs. XOP

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco WilderHill Clean Energy ETF (PBW) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

PBW and XOP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBW is a passively managed fund by Invesco that tracks the performance of the The WilderHill Clean Energy Index (AMEX). It was launched on Mar 3, 2005. XOP is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry. It was launched on Jun 19, 2006. Both PBW and XOP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

PBW vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBW Invesco WilderHill Clean Energy ETF	3.51%	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	44.59%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Returns By Period

In the year-to-date period, PBW achieves a 3.51% return, which is significantly lower than XOP's 44.59% return. Both investments have delivered pretty close results over the past 10 years, with PBW having a 6.57% annualized return and XOP not far behind at 6.29%.

PBW

• 1D: 4.99%
• 1M: -2.46%
• YTD: 3.51%
• 6M: 9.88%
• 1Y: 102.59%
• 3Y*: -6.15%
• 5Y*: -18.62%
• 10Y*: 6.57%

XOP

• 1D: -1.97%
• 1M: 18.76%
• YTD: 44.59%
• 6M: 39.10%
• 1Y: 41.36%
• 3Y*: 15.28%
• 5Y*: 19.07%
• 10Y*: 6.29%

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

PBW vs. XOP - Expense Ratio Comparison

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

PBW

Invesco WilderHill Clean Energy ETF

XOP

SPDR S&P Oil & Gas Exploration & Production ETF

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: 93
PBW Sharpe Ratio Rank: 95
PBW Sortino Ratio Rank: 94
PBW Omega Ratio Rank: 88
PBW Calmar Ratio Rank: 97
PBW Martin Ratio Rank: 93

XOP

XOP Risk / Return Rank: 69
XOP Sharpe Ratio Rank: 73
XOP Sortino Ratio Rank: 69
XOP Omega Ratio Rank: 69
XOP Calmar Ratio Rank: 72
XOP Martin Ratio Rank: 63

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.

	PBW	XOP	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.24	+1.17
Sortino ratio Return per unit of downside risk	2.91	1.68	+1.23
Omega ratio Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio Return relative to maximum drawdown	4.66	1.78	+2.88
Martin ratio Return relative to average drawdown	12.87	5.81	+7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBW vs. XOP - Sharpe Ratio Comparison

The current PBW Sharpe Ratio is 2.41, which is higher than the XOP Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PBW and XOP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBW	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.24	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	0.56	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.16	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.07	-0.15

Correlation

The correlation between PBW and XOP is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PBW vs. XOP - Dividend Comparison

PBW's dividend yield for the trailing twelve months is around 0.86%, less than XOP's 1.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBW Invesco WilderHill Clean Energy ETF	0.86%	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	1.79%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

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%	-23.81%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	-84.98%	-34.98%	-50.00%
Max Drawdown (10Y) Largest decline over 10 years	-89.02%	-82.61%	-6.41%
Current Drawdown Current decline from peak	-73.91%	-32.42%	-41.49%
Average Drawdown Average peak-to-trough decline	-62.86%	-42.64%	-20.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.70%	7.32%	+0.38%

Volatility

PBW vs. XOP - Volatility Comparison

Invesco WilderHill Clean Energy ETF (PBW) has a higher volatility of 12.60% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 7.05%. 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	12.60%	7.05%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	31.89%	19.16%	+12.73%
Volatility (1Y) Calculated over the trailing 1-year period	42.85%	33.50%	+9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.94%	34.15%	+8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.49%	40.28%	-1.79%