PXE vs. PIPE

Last updated Jul 17, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) and PIPE (Invesco SteelPath MLP & Energy Infrastructure ETF) are both Energy Equities funds from Invesco. PXE is passively managed, while PIPE is actively managed. Over the past year, PXE returned 31.96% vs 35.38% for PIPE. A 0.62 correlation means they provide meaningful diversification when combined. PXE charges 0.63%/yr vs 0.75%/yr for PIPE.

Performance

PXE vs. PIPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PXE having a 30.86% return and PIPE slightly higher at 30.99%.

PXE

• 1D: 1.03%
• 1M: 5.91%
• 6M: 28.60%
• YTD: 30.86%
• 1Y: 31.96%
• 3Y*: 12.05%
• 5Y*: 21.23%
• 10Y*: 8.82%

PIPE

• 1D: 1.09%
• 1M: 5.61%
• 6M: 29.27%
• YTD: 30.99%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PXE vs. PIPE - Yearly Performance Comparison

	2026 (YTD)	2025
PXE Invesco Dynamic Energy Exploration & Production ETF	30.86%	-8.16%
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	30.99%	0.14%

Correlation

The correlation between PXE and PIPE 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 (All Time) Calculated using the full available price history since Feb 20, 2025	0.62

The correlation between PXE and PIPE has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

PXE vs. PIPE — Risk / Return Rank

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

PXE

PXE Risk / Return Rank: 39
PXE Sharpe Ratio Rank: 39
PXE Sortino Ratio Rank: 37
PXE Omega Ratio Rank: 35
PXE Calmar Ratio Rank: 47
PXE Martin Ratio Rank: 37

PIPE

PIPE Risk / Return Rank: 87
PIPE Sharpe Ratio Rank: 90
PIPE Sortino Ratio Rank: 88
PIPE Omega Ratio Rank: 85
PIPE Calmar Ratio Rank: 92
PIPE Martin Ratio Rank: 78

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. PIPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE). 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	PIPE	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.39	-1.23
Sortino ratio: Return per unit of downside risk	1.63	3.23	-1.60
Omega ratio: Gain probability vs. loss probability	1.20	1.41	-0.21
Calmar ratio: Return relative to maximum drawdown	1.92	4.85	-2.92
Martin ratio: Return relative to average drawdown	4.56	11.69	-7.13

PXE vs. PIPE - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 1.17, which is lower than the PIPE Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PXE and PIPE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PXE vs. PIPE - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, which is greater than PIPE's maximum drawdown of -15.69%. Use the drawdown chart below to compare losses from any high point for PXE and PIPE.

Drawdown Indicators

	PXE	PIPE	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-15.69%	-68.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.70%	-7.33%	-9.37%
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	-9.49%	-1.32%	-8.17%
Average Drawdown Average peak-to-trough decline	-27.90%	-4.00%	-23.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	3.03%	+4.00%

Volatility

PXE vs. PIPE - Volatility Comparison

Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 6.53% compared to Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) at 5.48%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than PIPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	PIPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.53%	5.48%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	21.21%	11.69%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	27.63%	14.88%	+12.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.41%	18.68%	+14.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.94%	18.68%	+18.26%

PXE vs. PIPE - Expense Ratio Comparison

PXE has a 0.63% expense ratio, which is lower than PIPE's 0.75% expense ratio.

Dividends

PXE vs. PIPE - Dividend Comparison

PXE's dividend yield for the trailing twelve months is around 1.83%, less than PIPE's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIPE Invesco SteelPath MLP & Energy Infrastructure ETF	3.63%	3.74%	0.00%	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	1.83%	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

Can I hold both PXE and PIPE in my portfolio?

PXE and PIPE 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 PIPE?

PXE has higher volatility (6.53%) compared to PIPE (5.48%). In terms of maximum drawdown, PXE dropped -83.99% vs PIPE's -15.69%.

Which ETF is better, PXE or PIPE?

On 1-year performance, PIPE leads with 35.38% vs 31.96% for PXE. On fees, PXE is cheaper at 0.63% per year. On volatility, PIPE has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXE or PIPE?

Over the 1-year period, PIPE has performed better with a 35.38% return vs 31.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXE or PIPE?

PXE is cheaper with a 0.63% expense ratio, compared with 0.75% for PIPE.

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

PIPE has the higher dividend yield at 3.63%, compared with 1.83% for PXE.

What is the main difference between PXE and PIPE?

Their fees differ too: 0.63% for PXE and 0.75% for PIPE.

Which has better risk-adjusted returns?

PIPE currently has the higher Sharpe Ratio (2.39 vs 1.17), 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.