PXI vs. USVM

Last updated Jul 15, 2026

PXI (Invesco DWA Energy Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - PXI tracks the Dorsey Wright Energy Technical Leaders Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, PXI returned 19.39%/yr vs 11.48%/yr for USVM. A 0.60 correlation means they provide meaningful diversification when combined. PXI charges 0.60%/yr vs 0.29%/yr for USVM.

Performance

PXI vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXI achieves a 30.62% return, which is significantly higher than USVM's 20.35% return.

PXI

• 1D: 1.24%
• 1M: 1.31%
• 6M: 24.72%
• YTD: 30.62%
• 1Y: 34.54%
• 3Y*: 15.37%
• 5Y*: 19.39%
• 10Y*: 6.11%

USVM

• 1D: 0.17%
• 1M: 1.10%
• 6M: 15.01%
• YTD: 20.35%
• 1Y: 30.27%
• 3Y*: 19.25%
• 5Y*: 11.48%
• 10Y*: —

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

PXI vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	30.62%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	16.26%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.35%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between PXI and USVM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.60

Over the past year, the correlation between PXI and USVM has dropped to 0.22 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

PXI vs. USVM - Sectors Allocation Comparison

Sectors	PXI	USVM
Energy	95.1%	5.1%
Basic Materials	4.9%	1.7%
Industrials	0.9%	10.6%
Financial Services	0.3%	25.1%
Communication Services	-	3.0%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	3.7%
Healthcare	-	12.8%
Real Estate	-	9.6%
Technology	-	8.7%
Utilities	-	7.4%

Return for Risk

PXI vs. USVM — Risk / Return Rank

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

PXI

PXI Risk / Return Rank: 57
PXI Sharpe Ratio Rank: 58
PXI Sortino Ratio Rank: 53
PXI Omega Ratio Rank: 51
PXI Calmar Ratio Rank: 70
PXI Martin Ratio Rank: 56

USVM

USVM Risk / Return Rank: 83
USVM Sharpe Ratio Rank: 82
USVM Sortino Ratio Rank: 85
USVM Omega Ratio Rank: 78
USVM Calmar Ratio Rank: 84
USVM Martin Ratio Rank: 86

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. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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	USVM	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.06	-0.50
Sortino ratio: Return per unit of downside risk	2.08	3.01	-0.93
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.80	3.64	-0.84
Martin ratio: Return relative to average drawdown	7.71	13.77	-6.07

PXI vs. USVM - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 1.55, which is comparable to the USVM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PXI and USVM, 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. USVM - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for PXI and USVM.

Drawdown Indicators

	PXI	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-42.38%	-42.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.40%	-8.36%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-24.34%	-6.40%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-25.27%	-8.20%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	—	—
Current Drawdown Current decline from peak	-4.84%	-0.75%	-4.09%
Average Drawdown Average peak-to-trough decline	-29.32%	-7.81%	-21.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	2.21%	+2.36%

Volatility

PXI vs. USVM - Volatility Comparison

Invesco DWA Energy Momentum ETF (PXI) has a higher volatility of 7.31% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 2.92%. This indicates that PXI's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	2.92%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	17.52%	10.85%	+6.67%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	14.80%	+7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.16%	19.56%	+13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.99%	21.91%	+15.08%

PXI vs. USVM - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

PXI vs. USVM - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.26%, less than USVM's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXI Invesco DWA Energy Momentum ETF	1.26%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.83%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PXI and USVM in my portfolio?

PXI and USVM have a correlation of 0.22, 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 USVM?

PXI has higher volatility (7.31%) compared to USVM (2.92%). In terms of maximum drawdown, PXI dropped -85.08% vs USVM's -42.38%.

Which ETF is better, PXI or USVM?

On 5-year performance, PXI leads with 19.39% vs 11.48% for USVM. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or USVM?

Over the 5-year period, PXI has performed better with a 19.39% return vs 11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.60% for PXI.

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

USVM has the higher dividend yield at 1.83%, compared with 1.26% for PXI.

What is the main difference between PXI and USVM?

PXI tracks Dorsey Wright Energy Technical Leaders Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory Capital. Their fees differ too: 0.60% for PXI and 0.29% for USVM.

Which has better risk-adjusted returns?

USVM currently has the higher Sharpe Ratio (2.06 vs 1.55), 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.