PXE vs. RWJ

Last updated Jun 13, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - PXE is a Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, PXE returned 8.67%/yr vs 13.64%/yr for RWJ. A 0.61 correlation means they provide meaningful diversification when combined. PXE charges 0.63%/yr vs 0.39%/yr for RWJ.

Performance

PXE vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXE achieves a 29.40% return, which is significantly higher than RWJ's 21.05% return. Over the past 10 years, PXE has underperformed RWJ with an annualized return of 8.67%, while RWJ has yielded a comparatively higher 13.64% annualized return.

PXE

• 1D: 1.23%
• 1M: -1.79%
• YTD: 29.40%
• 6M: 22.73%
• 1Y: 23.42%
• 3Y*: 13.09%
• 5Y*: 17.47%
• 10Y*: 8.67%

RWJ

• 1D: 1.08%
• 1M: 7.83%
• YTD: 21.05%
• 6M: 17.99%
• 1Y: 42.98%
• 3Y*: 17.13%
• 5Y*: 8.52%
• 10Y*: 13.64%

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

PXE vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXE Invesco Dynamic Energy Exploration & Production ETF	29.40%	-2.82%	-1.86%	7.69%	58.32%	94.04%	-36.76%	-1.69%	-23.35%	1.02%
RWJ Invesco S&P SmallCap 600 Revenue ETF	21.05%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between PXE and RWJ is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.61

Over the past year, the correlation between PXE and RWJ has dropped to 0.11 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

PXE vs. RWJ - Sectors Allocation Comparison

Sectors	PXE	RWJ
Energy	97.4%	7.4%
Basic Materials	2.6%	5.2%
Financial Services	0.3%	11.0%
Communication Services	-	3.3%
Consumer Cyclical	-	23.9%
Consumer Defensive	-	6.9%
Healthcare	-	11.2%
Industrials	-	16.2%
Real Estate	-	4.0%
Technology	-	9.9%
Utilities	-	0.9%

Return for Risk

PXE vs. RWJ — Risk / Return Rank

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

PXE

PXE Risk / Return Rank: 33
PXE Sharpe Ratio Rank: 30
PXE Sortino Ratio Rank: 29
PXE Omega Ratio Rank: 27
PXE Calmar Ratio Rank: 44
PXE Martin Ratio Rank: 34

RWJ

RWJ Risk / Return Rank: 74
RWJ Sharpe Ratio Rank: 74
RWJ Sortino Ratio Rank: 77
RWJ Omega Ratio Rank: 69
RWJ Calmar Ratio Rank: 78
RWJ Martin Ratio Rank: 71

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. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.07	-1.10
Sortino ratio: Return per unit of downside risk	1.40	2.95	-1.55
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	1.93	3.56	-1.63
Martin ratio: Return relative to average drawdown	4.49	11.43	-6.94

PXE vs. RWJ - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 0.97, which is lower than the RWJ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of PXE and RWJ, 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. RWJ - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for PXE and RWJ.

Drawdown Indicators

	PXE	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-55.97%	-28.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-11.31%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-37.65%	-29.29%	-8.36%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-29.29%	-8.36%
Max Drawdown (10Y) Largest decline over 10 years	-80.17%	-51.33%	-28.84%
Current Drawdown Current decline from peak	-10.49%	0.00%	-10.49%
Average Drawdown Average peak-to-trough decline	-27.96%	-9.22%	-18.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	3.52%	+2.44%

Volatility

PXE vs. RWJ - Volatility Comparison

Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 8.96% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.67%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	4.67%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	21.32%	12.46%	+8.86%
Volatility (1Y) Calculated over the trailing 1-year period	27.70%	19.48%	+8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	23.71%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.99%	26.14%	+10.85%

PXE vs. RWJ - Expense Ratio Comparison

PXE has a 0.63% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

PXE vs. RWJ - Dividend Comparison

PXE's dividend yield for the trailing twelve months is around 2.06%, more than RWJ's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXE Invesco Dynamic Energy Exploration & Production ETF	2.06%	2.98%	2.54%	2.78%	3.03%	1.86%	4.10%	1.70%	1.29%	1.54%	6.62%	2.58%
RWJ Invesco S&P SmallCap 600 Revenue ETF	0.97%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both PXE and RWJ in my portfolio?

PXE and RWJ have a correlation of 0.11, 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 RWJ?

PXE has higher volatility (8.96%) compared to RWJ (4.67%). In terms of maximum drawdown, PXE dropped -83.99% vs RWJ's -55.97%.

Which ETF is better, PXE or RWJ?

On 10-year performance, RWJ leads with 13.64% vs 8.67% for PXE. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXE or RWJ?

Over the 10-year period, RWJ has performed better with a 13.64% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXE or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.63% for PXE.

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

PXE has the higher dividend yield at 2.06%, compared with 0.97% for RWJ.

What is the main difference between PXE and RWJ?

PXE is categorized as Energy Equities, while RWJ is Small Cap Value Equities. PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. Their fees differ too: 0.63% for PXE and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.07 vs 0.97), 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.