PXE vs. USO

Last updated Jun 4, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - PXE is a Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, PXE returned 8.62%/yr vs 4.07%/yr for USO. A 0.62 correlation means they provide meaningful diversification when combined. PXE charges 0.63%/yr vs 0.86%/yr for USO.

Performance

PXE vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and United States Oil Fund LP (USO). 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 lower than USO's 103.67% return. Over the past 10 years, PXE has outperformed USO with an annualized return of 8.62%, while USO has yielded a comparatively lower 4.07% annualized 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%

USO

• 1D: 2.62%
• 1M: -4.57%
• YTD: 103.67%
• 6M: 99.35%
• 1Y: 101.55%
• 3Y*: 29.98%
• 5Y*: 24.41%
• 10Y*: 4.07%

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

PXE vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXE Invesco Dynamic Energy Exploration & Production ETF	33.64%	-2.82%	-1.86%	7.69%	58.32%	94.04%	-36.76%	-1.69%	-23.35%	1.02%
USO United States Oil Fund LP	103.67%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between PXE and USO is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 11, 2006	0.62

The correlation between PXE and USO has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

PXE vs. USO — 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

USO

USO Risk / Return Rank: 66
USO Sharpe Ratio Rank: 69
USO Sortino Ratio Rank: 60
USO Omega Ratio Rank: 61
USO Calmar Ratio Rank: 87
USO Martin Ratio Rank: 54

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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.31	-0.94
Sortino ratio: Return per unit of downside risk	1.86	2.89	-1.03
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	2.72	5.01	-2.29
Martin ratio: Return relative to average drawdown	6.58	9.42	-2.84
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. USO - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 1.37, which is lower than the USO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of PXE and USO, 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	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.31	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.68	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.10	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	-0.18	+0.35

Drawdowns

PXE vs. USO - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for PXE and USO.

Drawdown Indicators

	PXE	USO	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-98.19%	+14.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-20.39%	+6.50%
Max Drawdown (3Y) Largest decline over 3 years	-37.65%	-26.05%	-11.60%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-36.23%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-80.17%	-86.75%	+6.58%
Current Drawdown Current decline from peak	-7.57%	-85.01%	+77.44%
Average Drawdown Average peak-to-trough decline	-27.99%	-75.30%	+47.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	10.82%	-5.09%

Volatility

PXE vs. USO - Volatility Comparison

The current volatility for Invesco Dynamic Energy Exploration & Production ETF (PXE) is 9.57%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that PXE experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.57%	14.87%	-5.30%
Volatility (6M) Calculated over the trailing 6-month period	20.76%	38.23%	-17.47%
Volatility (1Y) Calculated over the trailing 1-year period	27.48%	44.20%	-16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.66%	36.06%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.99%	39.00%	-2.01%

PXE vs. USO - Expense Ratio Comparison

PXE has a 0.63% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

PXE vs. USO - Dividend Comparison

PXE's dividend yield for the trailing twelve months is around 1.99%, while USO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PXE and USO in my portfolio?

PXE and USO have a correlation of 0.65, 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 USO?

USO has higher volatility (14.87%) compared to PXE (9.57%). In terms of maximum drawdown, PXE dropped -83.99% vs USO's -98.19%.

Which ETF is better, PXE or USO?

On 10-year performance, PXE leads with 8.62% vs 4.07% for USO. On fees, PXE is cheaper at 0.63% per year. On volatility, PXE has been the lower-risk option at 9.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXE or USO?

Over the 10-year period, PXE has performed better with a 8.62% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXE or USO?

PXE is cheaper with a 0.63% expense ratio, compared with 0.86% for USO.

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

PXE has the higher dividend yield at 1.99%, compared with 0.00% for USO.

What is the main difference between PXE and USO?

PXE is categorized as Energy Equities, while USO is Oil & Gas. PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Invesco and USCF. Their fees differ too: 0.63% for PXE and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.31 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.