PXI vs. NLR

Last updated Jun 5, 2026

PXI (Invesco DWA Energy Momentum ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, PXI returned 5.94%/yr vs 13.59%/yr for NLR. At a 0.49 correlation, their price movements are largely independent. PXI charges 0.60%/yr vs 0.56%/yr for NLR.

Performance

PXI vs. NLR - Performance Comparison

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

Returns By Period

In the year-to-date period, PXI achieves a 32.39% return, which is significantly higher than NLR's 5.93% return. Over the past 10 years, PXI has underperformed NLR with an annualized return of 5.94%, while NLR has yielded a comparatively higher 13.59% annualized return.

PXI

• 1D: 0.75%
• 1M: -3.55%
• YTD: 32.39%
• 6M: 24.73%
• 1Y: 46.96%
• 3Y*: 18.93%
• 5Y*: 16.60%
• 10Y*: 5.94%

NLR

• 1D: -0.20%
• 1M: -6.93%
• YTD: 5.93%
• 6M: -3.03%
• 1Y: 36.83%
• 3Y*: 34.44%
• 5Y*: 21.90%
• 10Y*: 13.59%

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

PXI vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	32.39%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%
NLR VanEck Uranium and Nuclear ETF	5.93%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between PXI and NLR is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 16, 2007	0.49

Over the past year, the correlation between PXI and NLR has dropped to 0.21 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

PXI vs. NLR - Sectors Allocation Comparison

Sectors	PXI	NLR
Energy	95.6%	46.0%
Basic Materials	4.4%	-
Industrials	0.9%	15.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.5%
Utilities	-	37.4%

Return for Risk

PXI vs. NLR — Risk / Return Rank

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

PXI

PXI Risk / Return Rank: 69
PXI Sharpe Ratio Rank: 69
PXI Sortino Ratio Rank: 60
PXI Omega Ratio Rank: 59
PXI Calmar Ratio Rank: 83
PXI Martin Ratio Rank: 72

NLR

NLR Risk / Return Rank: 26
NLR Sharpe Ratio Rank: 25
NLR Sortino Ratio Rank: 27
NLR Omega Ratio Rank: 25
NLR Calmar Ratio Rank: 30
NLR Martin Ratio Rank: 23

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.

PXI vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and VanEck Uranium and Nuclear ETF (NLR). 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.

	PXI	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.88	+1.34
Sortino ratio: Return per unit of downside risk	2.80	1.43	+1.37
Omega ratio: Gain probability vs. loss probability	1.36	1.17	+0.19
Calmar ratio: Return relative to maximum drawdown	4.36	1.43	+2.92
Martin ratio: Return relative to average drawdown	13.35	2.91	+10.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXI vs. NLR - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 2.22, which is higher than the NLR Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of PXI and NLR, 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

	PXI	NLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.88	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.75	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.57	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.18	-0.01

Drawdowns

PXI vs. NLR - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for PXI and NLR.

Drawdown Indicators

	PXI	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-65.05%	-20.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-25.80%	+14.97%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-30.48%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-30.48%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-34.35%	-45.20%
Current Drawdown Current decline from peak	-3.55%	-19.95%	+16.40%
Average Drawdown Average peak-to-trough decline	-29.43%	-35.72%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	12.67%	-9.14%

Volatility

PXI vs. NLR - Volatility Comparison

The current volatility for Invesco DWA Energy Momentum ETF (PXI) is 7.81%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.14%. This indicates that PXI experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.81%	13.14%	-5.33%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	32.76%	-16.44%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	42.29%	-20.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.47%	29.24%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	24.02%	+13.16%

PXI vs. NLR - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than NLR's 0.56% expense ratio.

Dividends

PXI vs. NLR - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.28%, less than NLR's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.41%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
PXI Invesco DWA Energy Momentum ETF	1.28%	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 NLR in my portfolio?

PXI and NLR have a correlation of 0.21, 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 NLR?

NLR has higher volatility (13.14%) compared to PXI (7.81%). In terms of maximum drawdown, PXI dropped -85.08% vs NLR's -65.05%.

Which ETF is better, PXI or NLR?

On 10-year performance, NLR leads with 13.59% vs 5.94% for PXI. On fees, NLR is cheaper at 0.56% per year. On volatility, PXI has been the lower-risk option at 7.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or NLR?

Over the 10-year period, NLR has performed better with a 13.59% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or NLR?

NLR is cheaper with a 0.56% expense ratio, compared with 0.60% for PXI.

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

NLR has the higher dividend yield at 2.41%, compared with 1.28% for PXI.

What is the main difference between PXI and NLR?

PXI is categorized as Momentum, while NLR is Alternative Energy Equities. PXI tracks Dorsey Wright Energy Technical Leaders Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.60% for PXI and 0.56% for NLR.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (2.22 vs 0.88), 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.