PEZ vs. PXI

Last updated Jul 14, 2026

PEZ (Invesco DWA Consumer Cyclicals Momentum ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds from Invesco - PEZ tracks the DWA Consumer Cyclicals Technical Leaders Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, PEZ returned 9.31%/yr vs 5.98%/yr for PXI. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

PEZ vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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, PEZ achieves a -3.63% return, which is significantly lower than PXI's 29.02% return. Over the past 10 years, PEZ has outperformed PXI with an annualized return of 9.31%, while PXI has yielded a comparatively lower 5.98% annualized return.

PEZ

• 1D: -0.94%
• 1M: -3.38%
• 6M: -8.42%
• YTD: -3.63%
• 1Y: 1.41%
• 3Y*: 11.72%
• 5Y*: 2.90%
• 10Y*: 9.31%

PXI

• 1D: 2.30%
• 1M: 0.07%
• 6M: 24.43%
• YTD: 29.02%
• 1Y: 33.12%
• 3Y*: 14.90%
• 5Y*: 18.42%
• 10Y*: 5.98%

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

PEZ vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	-3.63%	5.40%	20.06%	29.55%	-29.59%	20.35%	38.97%	18.05%	-6.85%	19.87%
PXI Invesco DWA Energy Momentum ETF	29.02%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between PEZ and PXI is 0.01, 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	0.01
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	0.40
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.46

Over the past year, the correlation between PEZ and PXI has dropped to 0.01 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

PEZ vs. PXI - Sectors Allocation Comparison

Sectors	PEZ	PXI
Consumer Cyclical	70.2%	-
Communication Services	11.9%	-
Healthcare	6.7%	-
Consumer Defensive	5.5%	-
Technology	3.9%	-
Industrials	3.8%	0.9%
Real Estate	1.9%	-
Financial Services	0.6%	0.3%
Basic Materials	-	4.9%
Energy	-	95.1%
Utilities	-	-

Return for Risk

PEZ vs. PXI — Risk / Return Rank

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

PEZ

PEZ Risk / Return Rank: 10
PEZ Sharpe Ratio Rank: 10
PEZ Sortino Ratio Rank: 10
PEZ Omega Ratio Rank: 10
PEZ Calmar Ratio Rank: 10
PEZ Martin Ratio Rank: 10

PXI

PXI Risk / Return Rank: 55
PXI Sharpe Ratio Rank: 55
PXI Sortino Ratio Rank: 51
PXI Omega Ratio Rank: 49
PXI Calmar Ratio Rank: 68
PXI Martin Ratio Rank: 54

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.

PEZ vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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.

	PEZ	PXI	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.49	-1.42
Sortino ratio: Return per unit of downside risk	0.25	2.01	-1.76
Omega ratio: Gain probability vs. loss probability	1.03	1.25	-0.22
Calmar ratio: Return relative to maximum drawdown	0.09	2.68	-2.59
Martin ratio: Return relative to average drawdown	0.22	7.29	-7.06

PEZ vs. PXI - Sharpe Ratio Comparison

The current PEZ Sharpe Ratio is 0.07, which is lower than the PXI Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PEZ 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

PEZ vs. PXI - Drawdown Comparison

The maximum PEZ drawdown since its inception was -58.39%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for PEZ and PXI.

Drawdown Indicators

	PEZ	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-85.08%	+26.69%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-12.40%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-30.74%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-41.72%	-33.47%	-8.25%
Max Drawdown (10Y) Largest decline over 10 years	-52.05%	-79.55%	+27.50%
Current Drawdown Current decline from peak	-10.69%	-6.01%	-4.68%
Average Drawdown Average peak-to-trough decline	-13.83%	-29.32%	+15.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	4.56%	+1.82%

Volatility

PEZ vs. PXI - Volatility Comparison

The current volatility for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) is 4.40%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.31%. This indicates that PEZ 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

	PEZ	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	7.31%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	17.49%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	22.36%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	33.25%	-8.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	36.99%	-11.94%

PEZ vs. PXI - Expense Ratio Comparison

Both PEZ and PXI have an expense ratio of 0.60%.

Dividends

PEZ vs. PXI - Dividend Comparison

PEZ's dividend yield for the trailing twelve months is around 0.25%, less than PXI's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	0.25%	0.11%	0.12%	0.60%	0.43%	0.23%	0.39%	0.01%	0.40%	0.42%	0.83%	0.64%
PXI Invesco DWA Energy Momentum ETF	1.27%	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 PEZ and PXI in my portfolio?

PEZ and PXI have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEZ or PXI?

PXI has higher volatility (7.31%) compared to PEZ (4.40%). In terms of maximum drawdown, PEZ dropped -58.39% vs PXI's -85.08%.

Which ETF is better, PEZ or PXI?

On 10-year performance, PEZ leads with 9.31% vs 5.98% for PXI. Both ETFs have the same 0.60% expense ratio. On volatility, PEZ has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEZ or PXI?

Over the 10-year period, PEZ has performed better with a 9.31% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEZ or PXI?

PEZ and PXI have the same expense ratio: 0.60% per year.

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

PXI has the higher dividend yield at 1.27%, compared with 0.25% for PEZ.

What is the main difference between PEZ and PXI?

PEZ tracks DWA Consumer Cyclicals Technical Leaders Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (1.49 vs 0.07), 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.