PXI vs. XMMO

Last updated Aug 4, 2026

PXI (Invesco DWA Energy Momentum ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both Momentum funds from Invesco - PXI tracks the Dorsey Wright Energy Technical Leaders Index while XMMO tracks the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, PXI returned 6.10%/yr vs 18.17%/yr for XMMO. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PXI charges 0.60%/yr vs 0.35%/yr for XMMO.

Performance

PXI vs. XMMO - Performance Comparison

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

Returns By Period

In the year-to-date period, PXI achieves a 30.24% return, which is significantly higher than XMMO's 13.32% return. Over the past 10 years, PXI has underperformed XMMO with an annualized return of 6.10%, while XMMO has yielded a comparatively higher 18.17% annualized return.

PXI

• 1D: -1.58%
• 1M: 8.31%
• 6M: 18.66%
• YTD: 30.24%
• 1Y: 41.05%
• 3Y*: 11.63%
• 5Y*: 21.98%
• 10Y*: 6.10%
• ALL TIME*: 5.64%

XMMO

• 1D: 1.37%
• 1M: -4.13%
• 6M: 10.87%
• YTD: 13.32%
• 1Y: 22.21%
• 3Y*: 24.75%
• 5Y*: 13.53%
• 10Y*: 18.17%
• ALL TIME*: 12.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PXI Invesco DWA Energy Momentum ETF	$1.58M	$2.88M	$1.34M
XMMO Invesco S&P MidCap Momentum ETF	$60.28M	$71.43M	$67.26M

PXI vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	30.24%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%
XMMO Invesco S&P MidCap Momentum ETF	13.32%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between PXI and XMMO is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.58

Over the past year, the correlation between PXI and XMMO has dropped to 0.12 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

PXI vs. XMMO - Sectors Allocation Comparison

Sectors	PXI	XMMO
Energy	95.0%	8.4%
Basic Materials	3.9%	10.2%
Industrials	0.8%	37.0%
Financial Services	0.3%	2.9%
Communication Services	-	1.7%
Consumer Cyclical	-	5.0%
Consumer Defensive	-	0.5%
Healthcare	-	8.1%
Real Estate	-	7.2%
Technology	-	12.9%
Utilities	-	6.0%

Return for Risk

PXI vs. XMMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PXI

PXI Risk / Return Rank: 74
PXI Sharpe Ratio Rank: 77
PXI Sortino Ratio Rank: 71
PXI Omega Ratio Rank: 67
PXI Calmar Ratio Rank: 84
PXI Martin Ratio Rank: 71

XMMO

XMMO Risk / Return Rank: 44
XMMO Sharpe Ratio Rank: 41
XMMO Sortino Ratio Rank: 41
XMMO Omega Ratio Rank: 40
XMMO Calmar Ratio Rank: 44
XMMO Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PXI vs. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and Invesco S&P MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.04	+0.80
Sortino ratio: Return per unit of downside risk	2.42	1.53	+0.89
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	3.33	1.60	+1.72
Martin ratio: Return relative to average drawdown	9.15	6.64	+2.51

PXI vs. XMMO - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 1.84, which is higher than the XMMO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of PXI and XMMO, 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. XMMO - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PXI and XMMO.

Drawdown Indicators

	PXI	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-55.37%	-29.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.40%	-13.91%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-24.93%	-5.81%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-27.91%	-5.56%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-36.74%	-42.81%
Current Drawdown Current decline from peak	-5.12%	-10.02%	+4.90%
Average Drawdown Average peak-to-trough decline	-29.25%	-9.42%	-19.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	3.35%	+1.15%

Volatility

PXI vs. XMMO - Volatility Comparison

The current volatility for Invesco DWA Energy Momentum ETF (PXI) is 7.28%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.91%. This indicates that PXI experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	7.91%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	17.97%	18.48%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	22.42%	21.51%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.81%	21.87%	+10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.94%	22.44%	+14.50%

PXI vs. XMMO - Expense Ratio Comparison

PXI has a 0.60% expense ratio, which is higher than XMMO's 0.35% expense ratio.

Dividends

PXI vs. XMMO - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.26%, more than XMMO's 0.62% 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%
XMMO Invesco S&P MidCap Momentum ETF	0.62%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both PXI and XMMO in my portfolio?

PXI and XMMO have a correlation of 0.12, 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 XMMO?

XMMO has higher volatility (7.91%) compared to PXI (7.28%). In terms of maximum drawdown, PXI dropped -85.08% vs XMMO's -55.37%.

Which ETF is better, PXI or XMMO?

On 10-year performance, XMMO leads with 18.17% vs 6.10% for PXI. On fees, XMMO is cheaper at 0.35% per year. On volatility, PXI has been the lower-risk option at 7.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or XMMO?

Over the 10-year period, XMMO has performed better with a 18.17% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or XMMO?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.60% for PXI.

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

PXI has the higher dividend yield at 1.26%, compared with 0.62% for XMMO.

What is the main difference between PXI and XMMO?

PXI tracks Dorsey Wright Energy Technical Leaders Index, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.60% for PXI and 0.35% for XMMO.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (1.84 vs 1.04), 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.