PXE vs. BSMW
PXE (Invesco Dynamic Energy Exploration & Production ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - PXE is a Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, PXE returned 11.92%/yr vs 2.88%/yr for BSMW. At a correlation of -0.13, they often move in opposite directions. PXE charges 0.63%/yr vs 0.18%/yr for BSMW.
Performance
PXE vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, PXE achieves a 22.92% return, which is significantly higher than BSMW's 1.38% return.
PXE
- 1D
- 0.26%
- 1M
- -8.41%
- YTD
- 22.92%
- 6M
- 22.87%
- 1Y
- 20.91%
- 3Y*
- 11.92%
- 5Y*
- 15.82%
- 10Y*
- 8.16%
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
PXE vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PXE Invesco Dynamic Energy Exploration & Production ETF | 22.92% | -2.82% | -1.86% | 12.96% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between PXE and BSMW is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | -0.13 |
Over the past year, the inverse relationship between PXE and BSMW has strengthened: their correlation has moved from -0.13 to -0.34, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
PXE vs. BSMW — Risk / Return Rank
PXE
BSMW
PXE vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.
| PXE | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.47 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 2.13 | -0.87 |
| Martin ratioReturn relative to average drawdown | 3.36 | 6.54 | -3.18 |
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Drawdowns
PXE vs. BSMW - Drawdown Comparison
The maximum PXE drawdown since its inception was -83.99%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for PXE and BSMW.
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Drawdown Indicators
| PXE | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.99% | -7.57% | -76.42% |
Max Drawdown (1Y)Largest decline over 1 year | -16.70% | -2.92% | -13.78% |
Max Drawdown (3Y)Largest decline over 3 years | -37.65% | -7.34% | -30.31% |
Max Drawdown (5Y)Largest decline over 5 years | -37.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -80.17% | — | — |
Current DrawdownCurrent decline from peak | -14.98% | -0.90% | -14.08% |
Average DrawdownAverage peak-to-trough decline | -27.95% | -1.71% | -26.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.24% | 0.95% | +5.29% |
Volatility
PXE vs. BSMW - Volatility Comparison
Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 8.95% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.48%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXE | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 0.48% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 20.98% | 1.95% | +19.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.96% | 2.68% | +25.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.65% | 4.96% | +28.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.00% | 4.96% | +32.04% |
PXE vs. BSMW - Expense Ratio Comparison
PXE has a 0.63% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
PXE vs. BSMW - Dividend Comparison
PXE's dividend yield for the trailing twelve months is around 1.94%, less than BSMW's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.94% | 2.98% | 2.54% | 2.78% | 3.03% | 1.86% | 4.10% | 1.70% | 1.29% | 1.54% | 6.62% | 2.58% |
Frequently Asked Questions
PXE and BSMW have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXE has higher volatility (8.95%) compared to BSMW (0.48%). In terms of maximum drawdown, PXE dropped -83.99% vs BSMW's -7.57%.
On 3-year performance, PXE leads with 11.92% vs 2.88% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PXE has performed better with a 11.92% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 0.63% for PXE.
BSMW has the higher dividend yield at 3.20%, compared with 1.94% for PXE.
PXE is categorized as Energy Equities, while BSMW is Municipal Bonds. PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. Their fees differ too: 0.63% for PXE and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.32 vs 0.76), 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.
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