PXE vs. CL=F

Last updated Jun 5, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) is Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index, while CL=F (Crude Oil WTI) is an asset. Over the past 10 years, PXE returned 8.45%/yr vs 6.46%/yr for CL=F. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

PXE vs. CL=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and Crude Oil WTI (CL=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXE achieves a 33.42% return, which is significantly lower than CL=F's 61.81% return. Over the past 10 years, PXE has outperformed CL=F with an annualized return of 8.45%, while CL=F has yielded a comparatively lower 6.46% annualized return.

PXE

• 1D: -0.16%
• 1M: -4.54%
• YTD: 33.42%
• 6M: 22.41%
• 1Y: 40.52%
• 3Y*: 16.07%
• 5Y*: 18.51%
• 10Y*: 8.45%

CL=F

• 1D: -3.24%
• 1M: -9.15%
• YTD: 61.81%
• 6M: 55.71%
• 1Y: 47.83%
• 3Y*: 8.74%
• 5Y*: 6.01%
• 10Y*: 6.46%

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

PXE vs. CL=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXE Invesco Dynamic Energy Exploration & Production ETF	33.42%	-2.82%	-1.86%	7.69%	58.32%	94.04%	-36.76%	-1.69%	-23.35%	1.02%
CL=F Crude Oil WTI	61.81%	-19.41%	-0.82%	-10.70%	7.44%	53.98%	-19.98%	32.92%	-24.35%	12.51%

Correlation

The correlation between PXE and CL=F is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.54

The correlation between PXE and CL=F has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

Return for Risk

PXE vs. CL=F — Risk / Return Rank

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

PXE

PXE Risk / Return Rank: 45
PXE Sharpe Ratio Rank: 43
PXE Sortino Ratio Rank: 39
PXE Omega Ratio Rank: 38
PXE Calmar Ratio Rank: 60
PXE Martin Ratio Rank: 44

CL=F

CL=F Risk / Return Rank: 24
CL=F Sharpe Ratio Rank: 21
CL=F Sortino Ratio Rank: 29
CL=F Omega Ratio Rank: 21
CL=F Calmar Ratio Rank: 27
CL=F Martin Ratio Rank: 20

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.

PXE vs. CL=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Crude Oil WTI (CL=F). 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.

	PXE	CL=F	Difference
Sharpe ratio: Return per unit of total volatility	1.49	0.86	+0.63
Sortino ratio: Return per unit of downside risk	1.98	1.35	+0.63
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	2.93	1.57	+1.36
Martin ratio: Return relative to average drawdown	7.07	2.56	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXE vs. CL=F - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 1.49, which is higher than the CL=F Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of PXE and CL=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PXE	CL=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	0.86	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.15	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.12	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.06	+0.11

Drawdowns

PXE vs. CL=F - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, smaller than the maximum CL=F drawdown of -92.04%. Use the drawdown chart below to compare losses from any high point for PXE and CL=F.

Drawdown Indicators

	PXE	CL=F	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-92.04%	+8.05%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-27.07%	+13.18%
Max Drawdown (3Y) Largest decline over 3 years	-37.65%	-39.46%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-53.86%	+16.21%
Max Drawdown (10Y) Largest decline over 10 years	-80.17%	-84.82%	+4.65%
Current Drawdown Current decline from peak	-7.71%	-36.05%	+28.34%
Average Drawdown Average peak-to-trough decline	-27.99%	-40.80%	+12.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	12.32%	-6.58%

Volatility

PXE vs. CL=F - Volatility Comparison

The current volatility for Invesco Dynamic Energy Exploration & Production ETF (PXE) is 9.57%, while Crude Oil WTI (CL=F) has a volatility of 15.67%. This indicates that PXE experiences smaller price fluctuations and is considered to be less risky than CL=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	CL=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	15.67%	-6.10%
Volatility (6M) Calculated over the trailing 6-month period	20.70%	46.59%	-25.89%
Volatility (1Y) Calculated over the trailing 1-year period	27.44%	49.35%	-21.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.66%	38.92%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.98%	49.55%	-12.57%

Frequently Asked Questions

Can I hold both PXE and CL=F in my portfolio?

PXE and CL=F have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXE or CL=F?

CL=F has higher volatility (15.67%) compared to PXE (9.57%). In terms of maximum drawdown, PXE dropped -83.99% vs CL=F's -92.04%.

Which has better risk-adjusted returns?

PXE currently has the higher Sharpe Ratio (1.49 vs 0.86), 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.