PXE vs. HAP
PXE (Invesco Dynamic Energy Exploration & Production ETF) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds - PXE tracks the Dynamic Energy Exploration & Production Intellidex Index while HAP tracks the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, PXE returned 9.15%/yr vs 11.28%/yr for HAP. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PXE charges 0.63%/yr vs 0.42%/yr for HAP.
Performance
PXE vs. HAP - Performance Comparison
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Returns By Period
In the year-to-date period, PXE achieves a 37.35% return, which is significantly higher than HAP's 17.54% return. Over the past 10 years, PXE has underperformed HAP with an annualized return of 9.15%, while HAP has yielded a comparatively higher 11.28% annualized return.
PXE
- 1D
- -1.42%
- 1M
- 11.73%
- 6M
- 30.07%
- YTD
- 37.35%
- 1Y
- 40.97%
- 3Y*
- 9.38%
- 5Y*
- 23.28%
- 10Y*
- 9.15%
- ALL TIME*
- 6.40%
HAP
- 1D
- -0.50%
- 1M
- 2.30%
- 6M
- 5.27%
- YTD
- 17.54%
- 1Y
- 38.48%
- 3Y*
- 15.28%
- 5Y*
- 12.21%
- 10Y*
- 11.28%
- ALL TIME*
- 5.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.74M | $3.44M | $2.56M | |
| $1.19M | $1.10M | $1.96M |
PXE vs. HAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXE Invesco Dynamic Energy Exploration & Production ETF | 37.35% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
HAP VanEck Natural Resources ETF | 17.54% | 34.91% | -4.08% | 2.46% | 7.84% | 25.04% | 6.30% | 18.60% | -10.68% | 17.12% |
Correlation
The correlation between PXE and HAP is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2008 | 0.74 |
Over the past year, the correlation between PXE and HAP has dropped to 0.34 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.
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Return for Risk
PXE vs. HAP — Risk / Return Rank
PXE
HAP
PXE vs. HAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and VanEck Natural Resources ETF (HAP). 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 | HAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.44 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 4.25 | -1.79 |
| Martin ratioReturn relative to average drawdown | 5.86 | 11.97 | -6.12 |
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Drawdowns
PXE vs. HAP - Drawdown Comparison
The maximum PXE drawdown since its inception was -83.99%, which is greater than HAP's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for PXE and HAP.
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Drawdown Indicators
| PXE | HAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.99% | -50.99% | -33.00% |
Max Drawdown (1Y)Largest decline over 1 year | -16.70% | -9.09% | -7.61% |
Max Drawdown (3Y)Largest decline over 3 years | -37.65% | -16.92% | -20.73% |
Max Drawdown (5Y)Largest decline over 5 years | -37.65% | -25.66% | -11.99% |
Max Drawdown (10Y)Largest decline over 10 years | -80.17% | -44.07% | -36.10% |
Current DrawdownCurrent decline from peak | -5.00% | -5.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -27.85% | -12.03% | -15.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.01% | 3.22% | +3.79% |
Volatility
PXE vs. HAP - Volatility Comparison
Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 8.10% compared to VanEck Natural Resources ETF (HAP) at 3.85%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXE | HAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 3.85% | +4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 21.59% | 12.57% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.57% | 15.70% | +11.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.26% | 18.21% | +15.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.95% | 19.67% | +17.28% |
PXE vs. HAP - Expense Ratio Comparison
PXE has a 0.63% expense ratio, which is higher than HAP's 0.42% expense ratio.
Dividends
PXE vs. HAP - Dividend Comparison
PXE's dividend yield for the trailing twelve months is around 1.74%, less than HAP's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HAP VanEck Natural Resources ETF | 1.93% | 2.27% | 2.65% | 3.27% | 3.28% | 2.16% | 2.45% | 2.80% | 2.85% | 2.02% | 1.99% | 3.00% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.74% | 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 HAP 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 (8.10%) compared to HAP (3.85%). In terms of maximum drawdown, PXE dropped -83.99% vs HAP's -50.99%.
On 10-year performance, HAP leads with 11.28% vs 9.15% for PXE. On fees, HAP is cheaper at 0.42% per year. On volatility, HAP has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HAP has performed better with a 11.28% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HAP is cheaper with a 0.42% expense ratio, compared with 0.63% for PXE.
HAP has the higher dividend yield at 1.93%, compared with 1.74% for PXE.
PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.63% for PXE and 0.42% for HAP.
HAP currently has the higher Sharpe Ratio (2.47 vs 1.50), 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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