PFI vs. PXI

Last updated Jul 14, 2026

PFI (Invesco Dorsey Wright Financial Momentum ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds from Invesco - PFI tracks the Dorsey Wright Financials Technical Leaders Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, PFI returned 8.68%/yr vs 5.98%/yr for PXI. At a 0.50 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

PFI vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) 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, PFI achieves a 7.70% return, which is significantly lower than PXI's 29.02% return. Over the past 10 years, PFI has outperformed PXI with an annualized return of 8.68%, while PXI has yielded a comparatively lower 5.98% annualized return.

PFI

• 1D: -1.34%
• 1M: 2.23%
• 6M: 4.69%
• YTD: 7.70%
• 1Y: 12.93%
• 3Y*: 14.47%
• 5Y*: 6.05%
• 10Y*: 8.68%

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)

PFI vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFI Invesco Dorsey Wright Financial Momentum ETF	7.70%	1.98%	30.58%	12.58%	-24.09%	28.70%	13.85%	36.54%	-17.18%	15.00%
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 PFI and PXI is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.50

Over the past year, the correlation between PFI and PXI has dropped to 0.08 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

PFI vs. PXI - Sectors Allocation Comparison

Sectors	PFI	PXI
Financial Services	81.2%	0.3%
Real Estate	18.8%	-
Basic Materials	-	4.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	95.1%
Healthcare	-	-
Industrials	-	0.9%
Technology	-	-
Utilities	-	-

Return for Risk

PFI vs. PXI — Risk / Return Rank

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

PFI

PFI Risk / Return Rank: 24
PFI Sharpe Ratio Rank: 24
PFI Sortino Ratio Rank: 22
PFI Omega Ratio Rank: 22
PFI Calmar Ratio Rank: 24
PFI Martin Ratio Rank: 26

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.

PFI vs. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) 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.

	PFI	PXI	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.49	-0.80
Sortino ratio: Return per unit of downside risk	1.03	2.01	-0.98
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.94	2.68	-1.75
Martin ratio: Return relative to average drawdown	2.83	7.29	-4.46

PFI vs. PXI - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.69, which is lower than the PXI Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PFI 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

PFI vs. PXI - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for PFI and PXI.

Drawdown Indicators

	PFI	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-59.53%	-85.08%	+25.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-12.40%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.82%	-30.74%	+5.92%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-33.47%	-1.96%
Max Drawdown (10Y) Largest decline over 10 years	-43.09%	-79.55%	+36.46%
Current Drawdown Current decline from peak	-1.40%	-6.01%	+4.61%
Average Drawdown Average peak-to-trough decline	-14.43%	-29.32%	+14.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	4.56%	+0.02%

Volatility

PFI vs. PXI - Volatility Comparison

The current volatility for Invesco Dorsey Wright Financial Momentum ETF (PFI) is 4.86%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.31%. This indicates that PFI 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

	PFI	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	7.31%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	17.49%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.85%	22.36%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	33.25%	-11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.27%	36.99%	-14.72%

PFI vs. PXI - Expense Ratio Comparison

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

Dividends

PFI vs. PXI - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 0.99%, less than PXI's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFI Invesco Dorsey Wright Financial Momentum ETF	0.99%	0.68%	2.77%	1.85%	1.93%	1.28%	1.56%	0.92%	1.98%	0.35%	2.16%	1.44%
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 PFI and PXI in my portfolio?

PFI and PXI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFI or PXI?

PXI has higher volatility (7.31%) compared to PFI (4.86%). In terms of maximum drawdown, PFI dropped -59.53% vs PXI's -85.08%.

Which ETF is better, PFI or PXI?

On 10-year performance, PFI leads with 8.68% vs 5.98% for PXI. Both ETFs have the same 0.60% expense ratio. On volatility, PFI has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFI or PXI?

Over the 10-year period, PFI has performed better with a 8.68% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFI or PXI?

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

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

PXI has the higher dividend yield at 1.27%, compared with 0.99% for PFI.

What is the main difference between PFI and PXI?

PFI tracks Dorsey Wright Financials 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 0.69), 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.