PXI vs. FENY

Last updated Aug 2, 2026

PXI (Invesco DWA Energy Momentum ETF) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, PXI returned 7.01%/yr vs 9.96%/yr for FENY. Their correlation of 0.93 means they have usually moved in the same direction. PXI charges 0.60%/yr vs 0.08%/yr for FENY.

Performance

PXI vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and Fidelity MSCI Energy Index ETF (FENY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXI achieves a 32.32% return, which is significantly lower than FENY's 35.12% return. Over the past 10 years, PXI has underperformed FENY with an annualized return of 7.01%, while FENY has yielded a comparatively higher 9.96% annualized 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%

FENY

• 1D: 1.04%
• 1M: 11.58%
• 6M: 18.35%
• YTD: 35.12%
• 1Y: 43.91%
• 3Y*: 14.81%
• 5Y*: 23.67%
• 10Y*: 9.96%
• ALL TIME*: 5.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FENY Fidelity MSCI Energy Index ETF	$45.95M	$44.20M	$53.46M
PXI Invesco DWA Energy Momentum ETF	$1.61M	$2.88M	$1.35M

PXI vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	32.32%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%
FENY Fidelity MSCI Energy Index ETF	35.12%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between PXI and FENY is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.93

The correlation between PXI and FENY has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

PXI vs. FENY - Sectors Allocation Comparison

Sectors	PXI	FENY
Energy	95.0%	99.6%
Basic Materials	3.9%	0.3%
Industrials	0.8%	0.1%
Financial Services	0.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	0.1%

Return for Risk

PXI vs. FENY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PXI

PXI Risk / Return Rank: 75
PXI Sharpe Ratio Rank: 78
PXI Sortino Ratio Rank: 73
PXI Omega Ratio Rank: 69
PXI Calmar Ratio Rank: 85
PXI Martin Ratio Rank: 72

FENY

FENY Risk / Return Rank: 76
FENY Sharpe Ratio Rank: 85
FENY Sortino Ratio Rank: 79
FENY Omega Ratio Rank: 77
FENY Calmar Ratio Rank: 78
FENY Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PXI vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and Fidelity MSCI Energy Index ETF (FENY). 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	FENY	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.97	-0.20
Sortino ratio: Return per unit of downside risk	2.34	2.55	-0.20
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	3.22	2.76	+0.46
Martin ratio: Return relative to average drawdown	8.88	7.45	+1.43

PXI vs. FENY - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 1.78, which is comparable to the FENY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of PXI and FENY, 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

PXI vs. FENY - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for PXI and FENY.

Drawdown Indicators

	PXI	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-74.35%	-10.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.40%	-14.96%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-21.47%	-9.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-26.64%	-6.83%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-69.07%	-10.48%
Current Drawdown Current decline from peak	-3.60%	-4.34%	+0.74%
Average Drawdown Average peak-to-trough decline	-29.25%	-22.95%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	5.56%	-1.02%

Volatility

PXI vs. FENY - Volatility Comparison

Invesco DWA Energy Momentum ETF (PXI) has a higher volatility of 7.05% compared to Fidelity MSCI Energy Index ETF (FENY) at 5.96%. This indicates that PXI's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	5.96%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	17.89%	16.62%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	20.94%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.81%	26.20%	+6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.94%	29.78%	+7.16%

PXI vs. FENY - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

PXI vs. FENY - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.24%, less than FENY's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.35%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
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

Can I hold both PXI and FENY in my portfolio?

PXI and FENY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXI or FENY?

PXI has higher volatility (7.05%) compared to FENY (5.96%). In terms of maximum drawdown, PXI dropped -85.08% vs FENY's -74.35%.

Which ETF is better, PXI or FENY?

On 10-year performance, FENY leads with 9.96% vs 7.01% for PXI. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or FENY?

Over the 10-year period, FENY has performed better with a 9.96% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.60% for PXI.

Which ETF pays a higher dividend yield, PXI or FENY?

FENY has the higher dividend yield at 2.35%, compared with 1.24% for PXI.

What is the main difference between PXI and FENY?

PXI is categorized as Momentum, while FENY is Energy Equities. PXI tracks Dorsey Wright Energy Technical Leaders Index, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.60% for PXI and 0.08% for FENY.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (1.97 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.