PXI vs. ONEO

Last updated Jun 5, 2026

PXI (Invesco DWA Energy Momentum ETF) and ONEO (SPDR Russell 1000 Momentum Focus ETF) are both Momentum funds - PXI tracks the Dorsey Wright Energy Technical Leaders Index while ONEO tracks the Russell 1000 Momentum Focused Factor Index. Both are passively managed. Over the past 10 years, PXI returned 5.94%/yr vs 11.86%/yr for ONEO. A 0.54 correlation means they provide meaningful diversification when combined. PXI charges 0.60%/yr vs 0.20%/yr for ONEO.

Performance

PXI vs. ONEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and SPDR Russell 1000 Momentum Focus ETF (ONEO). 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 ONEO's 17.96% return. Over the past 10 years, PXI has underperformed ONEO with an annualized return of 5.94%, while ONEO has yielded a comparatively higher 11.86% 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%

ONEO

• 1D: 0.09%
• 1M: 5.26%
• YTD: 17.96%
• 6M: 18.18%
• 1Y: 28.01%
• 3Y*: 19.64%
• 5Y*: 10.52%
• 10Y*: 11.86%

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

PXI vs. ONEO - 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%
ONEO SPDR Russell 1000 Momentum Focus ETF	17.96%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%

Correlation

The correlation between PXI and ONEO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 4, 2015	0.54

Over the past year, the correlation between PXI and ONEO has dropped to 0.19 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

PXI vs. ONEO - Sectors Allocation Comparison

Sectors	PXI	ONEO
Energy	95.6%	7.3%
Basic Materials	4.4%	4.7%
Industrials	0.9%	18.0%
Communication Services	-	3.6%
Consumer Cyclical	-	11.6%
Consumer Defensive	-	5.4%
Financial Services	-	9.4%
Healthcare	-	9.5%
Real Estate	-	2.9%
Technology	-	21.9%
Utilities	-	5.8%

Return for Risk

PXI vs. ONEO — 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

ONEO

ONEO Risk / Return Rank: 72
ONEO Sharpe Ratio Rank: 68
ONEO Sortino Ratio Rank: 70
ONEO Omega Ratio Rank: 65
ONEO Calmar Ratio Rank: 77
ONEO Martin Ratio Rank: 79

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. ONEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and SPDR Russell 1000 Momentum Focus ETF (ONEO). 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	ONEO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.20	+0.02
Sortino ratio: Return per unit of downside risk	2.80	3.14	-0.34
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	4.36	3.82	+0.54
Martin ratio: Return relative to average drawdown	13.35	15.14	-1.79
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. ONEO - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 2.22, which is comparable to the ONEO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PXI and ONEO, 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	ONEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.20	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.61	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.64	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.63	-0.47

Drawdowns

PXI vs. ONEO - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than ONEO's maximum drawdown of -40.86%. Use the drawdown chart below to compare losses from any high point for PXI and ONEO.

Drawdown Indicators

	PXI	ONEO	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-40.86%	-44.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-7.37%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-19.72%	-11.02%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-22.39%	-11.08%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-40.86%	-38.69%
Current Drawdown Current decline from peak	-3.55%	0.00%	-3.55%
Average Drawdown Average peak-to-trough decline	-29.43%	-4.99%	-24.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	1.86%	+1.67%

Volatility

PXI vs. ONEO - Volatility Comparison

Invesco DWA Energy Momentum ETF (PXI) has a higher volatility of 7.81% compared to SPDR Russell 1000 Momentum Focus ETF (ONEO) at 3.67%. This indicates that PXI's price experiences larger fluctuations and is considered to be riskier than ONEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	ONEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.81%	3.67%	+4.14%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	9.66%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	12.81%	+8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.47%	17.21%	+16.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	18.66%	+18.52%

PXI vs. ONEO - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than ONEO's 0.20% expense ratio.

Dividends

PXI vs. ONEO - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.28%, more than ONEO's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEO SPDR Russell 1000 Momentum Focus ETF	1.16%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%
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 ONEO in my portfolio?

PXI and ONEO have a correlation of 0.19, 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 ONEO?

PXI has higher volatility (7.81%) compared to ONEO (3.67%). In terms of maximum drawdown, PXI dropped -85.08% vs ONEO's -40.86%.

Which ETF is better, PXI or ONEO?

On 10-year performance, ONEO leads with 11.86% vs 5.94% for PXI. On fees, ONEO is cheaper at 0.20% per year. On volatility, ONEO has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or ONEO?

Over the 10-year period, ONEO has performed better with a 11.86% 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 ONEO?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.60% for PXI.

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

PXI has the higher dividend yield at 1.28%, compared with 1.16% for ONEO.

What is the main difference between PXI and ONEO?

PXI tracks Dorsey Wright Energy Technical Leaders Index, while ONEO tracks Russell 1000 Momentum Focused Factor Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for PXI and 0.20% for ONEO.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (2.22 vs 2.20), 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.