PXI vs. CLSE
PXI (Invesco DWA Energy Momentum ETF) and CLSE (Convergence Long/Short Equity ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while CLSE is a Long-Short fund actively managed by Convergence. PXI is passively managed, while CLSE is actively managed. Over the past 3 years, PXI returned 12.52%/yr vs 29.42%/yr for CLSE. Their 0.33 correlation means their historical movements had little consistent relationship. PXI charges 0.60%/yr vs 1.52%/yr for CLSE.
Performance
PXI vs. CLSE - Performance Comparison
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Returns By Period
In the year-to-date period, PXI achieves a 32.32% return, which is significantly higher than CLSE's 24.37% return.
PXI
- 1D
- 1.27%
- 1M
- 10.04%
- 6M
- 18.58%
- YTD
- 32.32%
- 1Y
- 43.31%
- 3Y*
- 12.52%
- 5Y*
- 20.85%
- 10Y*
- 7.01%
- ALL TIME*
- 5.73%
CLSE
- 1D
- 0.24%
- 1M
- 2.19%
- 6M
- 20.32%
- YTD
- 24.37%
- 1Y
- 44.25%
- 3Y*
- 29.42%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 20.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.17M | $11.74M | $9.80M | |
| $1.61M | $2.88M | $1.35M |
PXI vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PXI Invesco DWA Energy Momentum ETF | 32.32% | 3.86% | 0.76% | 5.48% | 25.92% |
CLSE Convergence Long/Short Equity ETF | 24.37% | 20.44% | 35.54% | 17.54% | -4.38% |
Correlation
The correlation between PXI and CLSE is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | 0.33 |
The correlation between PXI and CLSE shifts across timeframes, from 0.14 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PXI vs. CLSE — Risk / Return Rank
PXI
CLSE
PXI vs. CLSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and Convergence Long/Short Equity ETF (CLSE). 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.
| PXI | CLSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.53 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 8.77 | -5.55 |
| Martin ratioReturn relative to average drawdown | 8.88 | 29.59 | -20.71 |
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Drawdowns
PXI vs. CLSE - Drawdown Comparison
The maximum PXI drawdown since its inception was -85.08%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for PXI and CLSE.
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Drawdown Indicators
| PXI | CLSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.08% | -16.45% | -68.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.40% | -4.85% | -7.55% |
Max Drawdown (3Y)Largest decline over 3 years | -30.74% | -16.45% | -14.29% |
Max Drawdown (5Y)Largest decline over 5 years | -33.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -79.55% | — | — |
Current DrawdownCurrent decline from peak | -3.60% | -1.34% | -2.26% |
Average DrawdownAverage peak-to-trough decline | -29.25% | -3.52% | -25.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.54% | 1.44% | +3.10% |
Volatility
PXI vs. CLSE - Volatility Comparison
Invesco DWA Energy Momentum ETF (PXI) has a higher volatility of 7.05% compared to Convergence Long/Short Equity ETF (CLSE) at 3.24%. This indicates that PXI's price experiences larger fluctuations and is considered to be riskier than CLSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PXI | CLSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.05% | 3.24% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 17.89% | 10.80% | +7.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 13.79% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.81% | 13.86% | +18.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.94% | 13.86% | +23.08% |
PXI vs. CLSE - Expense Ratio Comparison
PXI has a 0.60% expense ratio, which is lower than CLSE's 1.52% expense ratio.
Dividends
PXI vs. CLSE - Dividend Comparison
PXI's dividend yield for the trailing twelve months is around 1.24%, more than CLSE's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.77% | 0.95% | 0.93% | 1.21% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXI Invesco DWA Energy Momentum ETF | 1.24% | 1.81% | 1.52% | 1.82% | 3.14% | 0.57% | 1.72% | 2.80% | 0.93% | 0.80% | 0.73% | 2.07% |
Frequently Asked Questions
PXI and CLSE have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXI has higher volatility (7.05%) compared to CLSE (3.24%). In terms of maximum drawdown, PXI dropped -85.08% vs CLSE's -16.45%.
On 3-year performance, CLSE leads with 29.42% vs 12.52% for PXI. On fees, PXI is cheaper at 0.60% per year. On volatility, CLSE has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLSE has performed better with a 29.42% return vs 12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXI is cheaper with a 0.60% expense ratio, compared with 1.52% for CLSE.
PXI has the higher dividend yield at 1.24%, compared with 0.77% for CLSE.
PXI is categorized as Momentum, while CLSE is Long-Short. They also come from different issuers: Invesco and Convergence. Their fees differ too: 0.60% for PXI and 1.52% for CLSE.
CLSE currently has the higher Sharpe Ratio (3.09 vs 1.78), 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.
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