PXI vs. NRP

Last updated Jun 5, 2026

PXI (Invesco DWA Energy Momentum ETF) is Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while NRP (Natural Resource Partners L.P.) is a stock. Over the past 10 years, PXI returned 5.94%/yr vs 32.72%/yr for NRP. At a 0.40 correlation, their price movements are largely independent.

Performance

PXI vs. NRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and Natural Resource Partners L.P. (NRP). 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 NRP's 2.97% return. Over the past 10 years, PXI has underperformed NRP with an annualized return of 5.94%, while NRP has yielded a comparatively higher 32.72% 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%

NRP

• 1D: 0.01%
• 1M: -9.44%
• YTD: 2.97%
• 6M: 2.48%
• 1Y: 12.76%
• 3Y*: 37.63%
• 5Y*: 48.62%
• 10Y*: 32.72%

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

PXI vs. NRP - 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%
NRP Natural Resource Partners L.P.	2.97%	-1.93%	27.43%	87.03%	72.85%	164.73%	-25.28%	-43.26%	55.86%	-14.50%

Correlation

The correlation between PXI and NRP is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 13, 2006	0.40

The correlation between PXI and NRP shifts across timeframes, from 0.26 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PXI vs. NRP — 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

NRP

NRP Risk / Return Rank: 59
NRP Sharpe Ratio Rank: 63
NRP Sortino Ratio Rank: 57
NRP Omega Ratio Rank: 54
NRP Calmar Ratio Rank: 57
NRP Martin Ratio Rank: 63

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. NRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and Natural Resource Partners L.P. (NRP). 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	NRP	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.64	+1.58
Sortino ratio: Return per unit of downside risk	2.80	1.12	+1.68
Omega ratio: Gain probability vs. loss probability	1.36	1.13	+0.23
Calmar ratio: Return relative to maximum drawdown	4.36	0.70	+3.65
Martin ratio: Return relative to average drawdown	13.35	2.39	+10.96
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. NRP - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 2.22, which is higher than the NRP Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of PXI and NRP, 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	NRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.64	+1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.41	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.76	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.18	-0.02

Drawdowns

PXI vs. NRP - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, smaller than the maximum NRP drawdown of -97.11%. Use the drawdown chart below to compare losses from any high point for PXI and NRP.

Drawdown Indicators

	PXI	NRP	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-97.11%	+12.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-18.22%	+7.39%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-18.74%	-12.00%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-25.24%	-8.23%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-78.75%	-0.80%
Current Drawdown Current decline from peak	-3.55%	-14.87%	+11.32%
Average Drawdown Average peak-to-trough decline	-29.43%	-43.52%	+14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	5.36%	-1.83%

Volatility

PXI vs. NRP - Volatility Comparison

Invesco DWA Energy Momentum ETF (PXI) and Natural Resource Partners L.P. (NRP) have volatilities of 7.81% and 7.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	NRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.81%	7.50%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	15.13%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	20.10%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.47%	34.78%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	43.23%	-6.05%

Dividends

PXI vs. NRP - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.28%, less than NRP's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NRP Natural Resource Partners L.P.	2.94%	4.03%	4.90%	5.87%	4.97%	5.39%	9.82%	13.18%	4.71%	6.92%	5.57%	45.28%
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 NRP in my portfolio?

PXI and NRP have a correlation of 0.26, 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 NRP?

PXI has higher volatility (7.81%) compared to NRP (7.50%). In terms of maximum drawdown, PXI dropped -85.08% vs NRP's -97.11%.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (2.22 vs 0.64), 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.