PXE vs. IEO
PXE (Invesco Dynamic Energy Exploration & Production ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both Energy Equities funds - PXE tracks the Dynamic Energy Exploration & Production Intellidex Index while IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, PXE returned 8.16%/yr vs 9.69%/yr for IEO. With a 0.96 correlation, they move nearly in lockstep. PXE charges 0.63%/yr vs 0.42%/yr for IEO.
Performance
PXE vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, PXE achieves a 22.92% return, which is significantly lower than IEO's 24.43% return. Over the past 10 years, PXE has underperformed IEO with an annualized return of 8.16%, while IEO has yielded a comparatively higher 9.69% annualized 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%
IEO
- 1D
- 0.36%
- 1M
- -7.22%
- YTD
- 24.43%
- 6M
- 24.33%
- 1Y
- 24.44%
- 3Y*
- 13.56%
- 5Y*
- 16.99%
- 10Y*
- 9.69%
PXE vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PXE Invesco Dynamic Energy Exploration & Production ETF | 22.92% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 24.43% | 2.15% | -1.45% | 3.57% | 57.82% | 75.57% | -32.77% | 9.63% | -19.44% | 0.33% |
Correlation
The correlation between PXE and IEO is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 5, 2006 | 0.96 |
The correlation between PXE and IEO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
PXE vs. IEO — Risk / Return Rank
PXE
IEO
PXE vs. IEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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 | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.17 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.50 | -0.25 |
| Martin ratioReturn relative to average drawdown | 3.36 | 4.18 | -0.82 |
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Drawdowns
PXE vs. IEO - Drawdown Comparison
The maximum PXE drawdown since its inception was -83.99%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for PXE and IEO.
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Drawdown Indicators
| PXE | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.99% | -79.17% | -4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -16.70% | -16.32% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -37.65% | -31.46% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -37.65% | -31.46% | -6.19% |
Max Drawdown (10Y)Largest decline over 10 years | -80.17% | -75.00% | -5.17% |
Current DrawdownCurrent decline from peak | -14.98% | -14.30% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -27.95% | -26.23% | -1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.24% | 5.87% | +0.37% |
Volatility
PXE vs. IEO - Volatility Comparison
Invesco Dynamic Energy Exploration & Production ETF (PXE) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO) have volatilities of 8.95% and 8.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXE | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 8.60% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 20.98% | 20.02% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.96% | 25.66% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.65% | 30.53% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.00% | 34.99% | +2.01% |
PXE vs. IEO - Expense Ratio Comparison
PXE has a 0.63% expense ratio, which is higher than IEO's 0.42% expense ratio.
Dividends
PXE vs. IEO - Dividend Comparison
PXE's dividend yield for the trailing twelve months is around 1.94%, less than IEO's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 2.12% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
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
With a correlation of 0.98, PXE and IEO 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 (8.95%) compared to IEO (8.60%). In terms of maximum drawdown, PXE dropped -83.99% vs IEO's -79.17%.
On 10-year performance, IEO leads with 9.69% vs 8.16% for PXE. On fees, IEO is cheaper at 0.42% per year. On volatility, IEO has been the lower-risk option at 8.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEO has performed better with a 9.69% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.42% expense ratio, compared with 0.63% for PXE.
IEO has the higher dividend yield at 2.12%, compared with 1.94% for PXE.
PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.63% for PXE and 0.42% for IEO.
IEO currently has the higher Sharpe Ratio (0.96 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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