PXI vs. XLE

Last updated Jun 5, 2026

PXI (Invesco DWA Energy Momentum ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, PXI returned 5.94%/yr vs 9.99%/yr for XLE. Their correlation of 0.91 suggests significant overlap in exposure. PXI charges 0.60%/yr vs 0.08%/yr for XLE.

Performance

PXI vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Energy Momentum ETF (PXI) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PXI having a 32.39% return and XLE slightly lower at 32.26%. Over the past 10 years, PXI has underperformed XLE with an annualized return of 5.94%, while XLE has yielded a comparatively higher 9.99% 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%

XLE

• 1D: 0.07%
• 1M: -1.18%
• YTD: 32.26%
• 6M: 29.34%
• 1Y: 47.98%
• 3Y*: 17.74%
• 5Y*: 20.45%
• 10Y*: 9.99%

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

PXI vs. XLE - 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%
XLE State Street Energy Select Sector SPDR ETF	32.26%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between PXI and XLE is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 13, 2006	0.91

The correlation between PXI and XLE has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

PXI vs. XLE - Sectors Allocation Comparison

Sectors	PXI	XLE
Energy	95.6%	100.0%
Basic Materials	4.4%	-
Industrials	0.9%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PXI vs. XLE — 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

XLE

XLE Risk / Return Rank: 70
XLE Sharpe Ratio Rank: 74
XLE Sortino Ratio Rank: 67
XLE Omega Ratio Rank: 64
XLE Calmar Ratio Rank: 79
XLE Martin Ratio Rank: 65

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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and State Street Energy Select Sector SPDR ETF (XLE). 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	XLE	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.36	-0.15
Sortino ratio: Return per unit of downside risk	2.80	3.01	-0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	4.36	4.00	+0.36
Martin ratio: Return relative to average drawdown	13.35	11.60	+1.75
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. XLE - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 2.22, which is comparable to the XLE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of PXI and XLE, 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	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.36	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.79	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.34	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.31	-0.15

Drawdowns

PXI vs. XLE - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for PXI and XLE.

Drawdown Indicators

	PXI	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-71.26%	-13.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-12.05%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-20.14%	-10.60%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-26.04%	-7.43%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-66.81%	-12.74%
Current Drawdown Current decline from peak	-3.55%	-6.09%	+2.54%
Average Drawdown Average peak-to-trough decline	-29.43%	-17.98%	-11.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	4.15%	-0.62%

Volatility

PXI vs. XLE - Volatility Comparison

The current volatility for Invesco DWA Energy Momentum ETF (PXI) is 7.81%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that PXI experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.81%	8.25%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	16.51%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	20.50%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.47%	26.01%	+7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	29.58%	+7.60%

PXI vs. XLE - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

PXI vs. XLE - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.28%, less than XLE's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLE State Street Energy Select Sector SPDR ETF	2.54%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both PXI and XLE in my portfolio?

PXI and XLE have a correlation of 0.84, 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 XLE?

XLE has higher volatility (8.25%) compared to PXI (7.81%). In terms of maximum drawdown, PXI dropped -85.08% vs XLE's -71.26%.

Which ETF is better, PXI or XLE?

On 10-year performance, XLE leads with 9.99% vs 5.94% for PXI. On fees, XLE is cheaper at 0.08% 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 XLE?

Over the 10-year period, XLE has performed better with a 9.99% 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 XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.60% for PXI.

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

XLE has the higher dividend yield at 2.54%, compared with 1.28% for PXI.

What is the main difference between PXI and XLE?

PXI is categorized as Momentum, while XLE is Energy Equities. PXI tracks Dorsey Wright Energy Technical Leaders Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for PXI and 0.08% for XLE.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.36 vs 2.22), 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.