PXI vs. VOO

Last updated Jun 25, 2026

PXI (Invesco DWA Energy Momentum ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PXI returned 5.57%/yr vs 15.60%/yr for VOO. A 0.55 correlation means they provide meaningful diversification when combined. PXI charges 0.60%/yr vs 0.03%/yr for VOO.

Performance

PXI vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXI achieves a 20.99% return, which is significantly higher than VOO's 8.08% return. Over the past 10 years, PXI has underperformed VOO with an annualized return of 5.57%, while VOO has yielded a comparatively higher 15.60% annualized return.

PXI

• 1D: -1.63%
• 1M: -9.31%
• YTD: 20.99%
• 6M: 20.69%
• 1Y: 27.45%
• 3Y*: 15.32%
• 5Y*: 13.58%
• 10Y*: 5.57%

VOO

• 1D: -0.10%
• 1M: -1.44%
• YTD: 8.08%
• 6M: 6.78%
• 1Y: 22.23%
• 3Y*: 20.75%
• 5Y*: 13.02%
• 10Y*: 15.60%

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

PXI vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	20.99%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%
VOO Vanguard S&P 500 ETF	8.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PXI and VOO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.55

Over the past year, the correlation between PXI and VOO has dropped to 0.06 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

PXI vs. VOO - Sectors Allocation Comparison

Sectors	PXI	VOO
Energy	98.7%	3.2%
Basic Materials	1.1%	1.7%
Industrials	0.9%	7.6%
Financial Services	0.3%	10.9%
Communication Services	-	10.5%
Consumer Cyclical	-	9.8%
Consumer Defensive	-	4.5%
Healthcare	-	8.3%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.5%

Return for Risk

PXI vs. VOO — Risk / Return Rank

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

PXI

PXI Risk / Return Rank: 42
PXI Sharpe Ratio Rank: 39
PXI Sortino Ratio Rank: 36
PXI Omega Ratio Rank: 34
PXI Calmar Ratio Rank: 53
PXI Martin Ratio Rank: 46

VOO

VOO Risk / Return Rank: 60
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 57
VOO Omega Ratio Rank: 59
VOO Calmar Ratio Rank: 57
VOO Martin Ratio Rank: 68

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.80	-0.55
Sortino ratio: Return per unit of downside risk	1.73	2.46	-0.73
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	2.33	2.51	-0.18
Martin ratio: Return relative to average drawdown	6.86	11.16	-4.30

PXI vs. VOO - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 1.26, which is lower than the VOO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of PXI and VOO, 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. VOO - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PXI and VOO.

Drawdown Indicators

	PXI	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-33.99%	-51.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-8.90%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-18.69%	-12.05%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-24.52%	-8.95%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-33.99%	-45.56%
Current Drawdown Current decline from peak	-11.86%	-3.23%	-8.63%
Average Drawdown Average peak-to-trough decline	-29.37%	-3.68%	-25.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	2.00%	+2.01%

Volatility

PXI vs. VOO - Volatility Comparison

Invesco DWA Energy Momentum ETF (PXI) has a higher volatility of 7.78% compared to Vanguard S&P 500 ETF (VOO) at 4.80%. This indicates that PXI's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	4.80%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	9.79%	+7.27%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	12.43%	+9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.40%	16.91%	+16.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.11%	18.02%	+19.09%

PXI vs. VOO - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PXI vs. VOO - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.36%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXI Invesco DWA Energy Momentum ETF	1.36%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PXI and VOO in my portfolio?

PXI and VOO have a correlation of 0.06, 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 VOO?

PXI has higher volatility (7.78%) compared to VOO (4.80%). In terms of maximum drawdown, PXI dropped -85.08% vs VOO's -33.99%.

Which ETF is better, PXI or VOO?

On 10-year performance, VOO leads with 15.60% vs 5.57% for PXI. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or VOO?

Over the 10-year period, VOO has performed better with a 15.60% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.60% for PXI.

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

PXI has the higher dividend yield at 1.36%, compared with 1.05% for VOO.

What is the main difference between PXI and VOO?

PXI is categorized as Momentum, while VOO is S&P 500. PXI tracks Dorsey Wright Energy Technical Leaders Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for PXI and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.80 vs 1.26), 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.