PXE vs. XLY

Last updated Jun 13, 2026

PXE (Invesco Dynamic Energy Exploration & Production ETF) and XLY (Consumer Discretionary Select Sector SPDR Fund) are both exchange-traded funds - PXE is a Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index, while XLY is a Consumer Discretionary Equities fund tracking the Consumer Discretionary Select Sector Index. Both are passively managed. Over the past 10 years, PXE returned 8.67%/yr vs 12.78%/yr for XLY. At a 0.43 correlation, their price movements are largely independent. PXE charges 0.63%/yr vs 0.13%/yr for XLY.

Performance

PXE vs. XLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Energy Exploration & Production ETF (PXE) and Consumer Discretionary Select Sector SPDR Fund (XLY). 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 XLY's -2.16% return. Over the past 10 years, PXE has underperformed XLY with an annualized return of 8.67%, while XLY has yielded a comparatively higher 12.78% 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%

XLY

• 1D: 0.26%
• 1M: -1.74%
• YTD: -2.16%
• 6M: -3.01%
• 1Y: 11.01%
• 3Y*: 12.99%
• 5Y*: 7.00%
• 10Y*: 12.78%

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

PXE vs. XLY - 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%
XLY Consumer Discretionary Select Sector SPDR Fund	-2.16%	7.37%	26.51%	39.64%	-36.27%	27.93%	29.63%	28.39%	1.58%	22.82%

Correlation

The correlation between PXE and XLY is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005	0.43

The correlation between PXE and XLY shifts across timeframes, from -0.13 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

PXE vs. XLY - Sectors Allocation Comparison

Sectors	PXE	XLY
Energy	97.4%	-
Basic Materials	2.6%	-
Financial Services	0.3%	-
Communication Services	-	1.3%
Consumer Cyclical	-	97.6%
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	0.9%
Utilities	-	-

Return for Risk

PXE vs. XLY — 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

XLY

XLY Risk / Return Rank: 19
XLY Sharpe Ratio Rank: 19
XLY Sortino Ratio Rank: 19
XLY Omega Ratio Rank: 18
XLY Calmar Ratio Rank: 19
XLY Martin Ratio Rank: 20

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. XLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Energy Exploration & Production ETF (PXE) and Consumer Discretionary Select Sector SPDR Fund (XLY). 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	XLY	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.55	+0.42
Sortino ratio: Return per unit of downside risk	1.40	0.89	+0.51
Omega ratio: Gain probability vs. loss probability	1.17	1.10	+0.06
Calmar ratio: Return relative to maximum drawdown	1.93	0.67	+1.26
Martin ratio: Return relative to average drawdown	4.49	2.05	+2.43

PXE vs. XLY - Sharpe Ratio Comparison

The current PXE Sharpe Ratio is 0.97, which is higher than the XLY Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of PXE and XLY, 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. XLY - Drawdown Comparison

The maximum PXE drawdown since its inception was -83.99%, which is greater than XLY's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for PXE and XLY.

Drawdown Indicators

	PXE	XLY	Difference
Max Drawdown Largest peak-to-trough decline	-83.99%	-59.05%	-24.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-14.98%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-37.65%	-26.01%	-11.64%
Max Drawdown (5Y) Largest decline over 5 years	-37.65%	-39.67%	+2.02%
Max Drawdown (10Y) Largest decline over 10 years	-80.17%	-39.67%	-40.50%
Current Drawdown Current decline from peak	-10.49%	-6.17%	-4.32%
Average Drawdown Average peak-to-trough decline	-27.96%	-9.55%	-18.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	4.88%	+1.08%

Volatility

PXE vs. XLY - Volatility Comparison

Invesco Dynamic Energy Exploration & Production ETF (PXE) has a higher volatility of 8.96% compared to Consumer Discretionary Select Sector SPDR Fund (XLY) at 6.19%. This indicates that PXE's price experiences larger fluctuations and is considered to be riskier than XLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXE	XLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	6.19%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	21.32%	13.44%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	27.70%	18.27%	+9.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	23.83%	+9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.99%	22.08%	+14.91%

PXE vs. XLY - Expense Ratio Comparison

PXE has a 0.63% expense ratio, which is higher than XLY's 0.13% expense ratio.

Dividends

PXE vs. XLY - Dividend Comparison

PXE's dividend yield for the trailing twelve months is around 2.06%, more than XLY's 0.77% 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%
XLY Consumer Discretionary Select Sector SPDR Fund	0.77%	0.79%	0.72%	0.78%	1.00%	0.53%	0.82%	1.28%	1.34%	1.20%	1.71%	1.43%

Frequently Asked Questions

Can I hold both PXE and XLY in my portfolio?

PXE and XLY have a correlation of -0.13, 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 XLY?

PXE has higher volatility (8.96%) compared to XLY (6.19%). In terms of maximum drawdown, PXE dropped -83.99% vs XLY's -59.05%.

Which ETF is better, PXE or XLY?

On 10-year performance, XLY leads with 12.78% vs 8.67% for PXE. On fees, XLY is cheaper at 0.13% per year. On volatility, XLY has been the lower-risk option at 6.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXE or XLY?

Over the 10-year period, XLY has performed better with a 12.78% 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 XLY?

XLY is cheaper with a 0.13% expense ratio, compared with 0.63% for PXE.

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

PXE has the higher dividend yield at 2.06%, compared with 0.77% for XLY.

What is the main difference between PXE and XLY?

PXE is categorized as Energy Equities, while XLY is Consumer Discretionary Equities. PXE tracks Dynamic Energy Exploration & Production Intellidex Index, while XLY tracks Consumer Discretionary Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.63% for PXE and 0.13% for XLY.

Which has better risk-adjusted returns?

PXE currently has the higher Sharpe Ratio (0.97 vs 0.55), 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.