PXE vs. MDST

Last updated Jun 4, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both Energy Equities funds. PXE is passively managed, while MDST is actively managed. Over the past year, PXE returned 37.56% vs 17.62% for MDST. A 0.53 correlation means they provide meaningful diversification when combined. PXE charges 0.63%/yr vs 0.80%/yr for MDST.

Performance

PXE vs. MDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and Westwood Salient Enhanced Midstream Income ETF (MDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXE achieves a 33.64% return, which is significantly higher than MDST's 14.94% return.

PXE

• 1D: 1.36%
• 1M: -4.42%
• YTD: 33.64%
• 6M: 22.49%
• 1Y: 37.56%
• 3Y*: 15.66%
• 5Y*: 18.55%
• 10Y*: 8.62%

MDST

• 1D: 0.14%
• 1M: -0.74%
• YTD: 14.94%
• 6M: 14.77%
• 1Y: 17.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PXE vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PXE Invesco Dynamic Energy Exploration & Production ETF	33.64%	-2.82%	-18.25%
MDST Westwood Salient Enhanced Midstream Income ETF	14.94%	7.09%	17.29%

Correlation

The correlation between PXE and MDST is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.53

The correlation between PXE and MDST has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

PXE vs. MDST - Sectors Allocation Comparison

Sectors	PXE	MDST
Energy	97.4%	100.0%
Basic Materials	2.6%	-
Financial Services	0.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PXE vs. MDST — Risk / Return Rank

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

PXE

PXE Risk / Return Rank: 40
PXE Sharpe Ratio Rank: 38
PXE Sortino Ratio Rank: 35
PXE Omega Ratio Rank: 33
PXE Calmar Ratio Rank: 55
PXE Martin Ratio Rank: 41

MDST

MDST Risk / Return Rank: 44
MDST Sharpe Ratio Rank: 41
MDST Sortino Ratio Rank: 42
MDST Omega Ratio Rank: 41
MDST Calmar Ratio Rank: 53
MDST Martin Ratio Rank: 45

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. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.47	-0.09
Sortino ratio: Return per unit of downside risk	1.86	2.13	-0.27
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	2.72	2.63	+0.09
Martin ratio: Return relative to average drawdown	6.58	7.46	-0.88
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. MDST - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 1.37, which is comparable to the MDST Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PXE and MDST, 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	MDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.47	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	1.16	-0.99

Drawdowns

PXE vs. MDST - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for PXE and MDST.

Drawdown Indicators

	PXE	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-14.19%	-69.80%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-6.74%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	-37.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.17%	—	—
Current Drawdown Current decline from peak	-7.57%	-3.53%	-4.04%
Average Drawdown Average peak-to-trough decline	-27.99%	-2.17%	-25.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	2.37%	+3.36%

Volatility

PXE vs. MDST - Volatility Comparison

Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 9.57% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 4.87%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	4.87%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	20.76%	8.36%	+12.40%
Volatility (1Y) Calculated over the trailing 1-year period	27.48%	12.12%	+15.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.66%	16.11%	+17.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.99%	16.11%	+20.88%

PXE vs. MDST - Expense Ratio Comparison

PXE has a 0.63% expense ratio, which is lower than MDST's 0.80% expense ratio.

Dividends

PXE vs. MDST - Dividend Comparison

PXE's dividend yield for the trailing twelve months is around 1.99%, less than MDST's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDST Westwood Salient Enhanced Midstream Income ETF	9.33%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXE Invesco Dynamic Energy Exploration & Production ETF	1.99%	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

Can I hold both PXE and MDST in my portfolio?

PXE and MDST have a correlation of 0.45, 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 MDST?

PXE has higher volatility (9.57%) compared to MDST (4.87%). In terms of maximum drawdown, PXE dropped -83.99% vs MDST's -14.19%.

Which ETF is better, PXE or MDST?

On 1-year performance, PXE leads with 37.56% vs 17.62% for MDST. On fees, PXE is cheaper at 0.63% per year. On volatility, MDST has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXE or MDST?

Over the 1-year period, PXE has performed better with a 37.56% return vs 17.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXE or MDST?

PXE is cheaper with a 0.63% expense ratio, compared with 0.80% for MDST.

Which ETF pays a higher dividend yield, PXE or MDST?

MDST has the higher dividend yield at 9.33%, compared with 1.99% for PXE.

What is the main difference between PXE and MDST?

They also come from different issuers: Invesco and Westwood. Their fees differ too: 0.63% for PXE and 0.80% for MDST.

Which has better risk-adjusted returns?

MDST currently has the higher Sharpe Ratio (1.47 vs 1.37), 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.