PXE vs. FENY
PXE (Invesco Dynamic Energy Exploration & Production ETF) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds - PXE tracks the Dynamic Energy Exploration & Production Intellidex Index while FENY tracks the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, PXE returned 8.82%/yr vs 8.82%/yr for FENY. Their correlation of 0.92 suggests significant overlap in exposure. PXE charges 0.63%/yr vs 0.08%/yr for FENY.
Performance
PXE vs. FENY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PXE having a 30.28% return and FENY slightly lower at 29.40%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PXE at 8.82% and FENY at 8.82%.
PXE
- 1D
- 0.19%
- 1M
- 0.68%
- 6M
- 28.67%
- YTD
- 30.28%
- 1Y
- 25.96%
- 3Y*
- 11.99%
- 5Y*
- 20.19%
- 10Y*
- 8.82%
FENY
- 1D
- 0.44%
- 1M
- -0.19%
- 6M
- 23.09%
- YTD
- 29.40%
- 1Y
- 33.74%
- 3Y*
- 15.88%
- 5Y*
- 22.24%
- 10Y*
- 8.82%
PXE vs. FENY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXE Invesco Dynamic Energy Exploration & Production ETF | 30.28% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
FENY Fidelity MSCI Energy Index ETF | 29.40% | 7.27% | 6.62% | -0.04% | 62.94% | 55.62% | -33.15% | 9.11% | -19.99% | -2.30% |
Correlation
The correlation between PXE and FENY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.92 |
The correlation between PXE and FENY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
PXE vs. FENY — Risk / Return Rank
PXE
FENY
PXE vs. FENY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Fidelity MSCI Energy Index ETF (FENY). 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 | FENY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.27 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.27 | -0.70 |
| Martin ratioReturn relative to average drawdown | 3.73 | 6.22 | -2.49 |
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Drawdowns
PXE vs. FENY - Drawdown Comparison
The maximum PXE drawdown since its inception was -83.99%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for PXE and FENY.
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Drawdown Indicators
| PXE | FENY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.99% | -74.35% | -9.64% |
Max Drawdown (1Y)Largest decline over 1 year | -16.70% | -14.96% | -1.74% |
Max Drawdown (3Y)Largest decline over 3 years | -37.65% | -21.47% | -16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -37.65% | -26.64% | -11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -80.17% | -69.07% | -11.10% |
Current DrawdownCurrent decline from peak | -9.89% | -8.39% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -27.91% | -23.02% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.99% | 5.45% | +1.54% |
Volatility
PXE vs. FENY - Volatility Comparison
Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 7.80% compared to Fidelity MSCI Energy Index ETF (FENY) at 6.99%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXE | FENY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.80% | 6.99% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 21.21% | 16.56% | +4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 20.89% | +6.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.47% | 26.35% | +7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.95% | 29.79% | +7.16% |
PXE vs. FENY - Expense Ratio Comparison
PXE has a 0.63% expense ratio, which is higher than FENY's 0.08% expense ratio.
Dividends
PXE vs. FENY - Dividend Comparison
PXE's dividend yield for the trailing twelve months is around 1.83%, less than FENY's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 2.45% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.83% | 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
With a correlation of 0.91, PXE and FENY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PXE has higher volatility (7.80%) compared to FENY (6.99%). In terms of maximum drawdown, PXE dropped -83.99% vs FENY's -74.35%.
On 10-year performance, FENY leads with 8.82% vs 8.82% for PXE. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 6.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FENY has performed better with a 8.82% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FENY is cheaper with a 0.08% expense ratio, compared with 0.63% for PXE.
FENY has the higher dividend yield at 2.45%, compared with 1.83% for PXE.
PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.63% for PXE and 0.08% for FENY.
FENY currently has the higher Sharpe Ratio (1.62 vs 0.94), 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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