PXI vs. XOP

Last updated Jun 24, 2026

PXI (Invesco DWA Energy Momentum ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, PXI returned 5.74%/yr vs 3.09%/yr for XOP. Their correlation of 0.94 suggests significant overlap in exposure. PXI charges 0.60%/yr vs 0.35%/yr for XOP.

Performance

PXI vs. XOP - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PXI having a 23.00% return and XOP slightly higher at 23.89%. Over the past 10 years, PXI has outperformed XOP with an annualized return of 5.74%, while XOP has yielded a comparatively lower 3.09% annualized return.

PXI

• 1D: 0.04%
• 1M: -7.80%
• YTD: 23.00%
• 6M: 22.38%
• 1Y: 30.11%
• 3Y*: 15.95%
• 5Y*: 14.13%
• 10Y*: 5.74%

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

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

PXI vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXI Invesco DWA Energy Momentum ETF	23.00%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between PXI and XOP is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.94

The correlation between PXI and XOP has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

PXI vs. XOP - Sectors Allocation Comparison

Sectors	PXI	XOP
Energy	98.7%	96.8%
Basic Materials	1.1%	3.2%
Industrials	0.9%	-
Financial Services	0.3%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PXI vs. XOP — Risk / Return Rank

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

PXI

PXI Risk / Return Rank: 44
PXI Sharpe Ratio Rank: 42
PXI Sortino Ratio Rank: 38
PXI Omega Ratio Rank: 37
PXI Calmar Ratio Rank: 57
PXI Martin Ratio Rank: 48

XOP

XOP Risk / Return Rank: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

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. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Energy Momentum ETF (PXI) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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	XOP	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.82	+0.56
Sortino ratio: Return per unit of downside risk	1.87	1.23	+0.64
Omega ratio: Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio: Return relative to maximum drawdown	2.60	1.25	+1.35
Martin ratio: Return relative to average drawdown	7.66	3.50	+4.16

PXI vs. XOP - Sharpe Ratio Comparison

The current PXI Sharpe Ratio is 1.38, which is higher than the XOP Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of PXI and XOP, 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. XOP - Drawdown Comparison

The maximum PXI drawdown since its inception was -85.08%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for PXI and XOP.

Drawdown Indicators

	PXI	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-85.08%	-90.27%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-18.50%	+6.86%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-34.98%	+4.24%
Max Drawdown (5Y) Largest decline over 5 years	-33.47%	-34.98%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-79.55%	-82.61%	+3.06%
Current Drawdown Current decline from peak	-10.39%	-42.09%	+31.70%
Average Drawdown Average peak-to-trough decline	-29.37%	-42.58%	+13.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	6.60%	-2.66%

Volatility

PXI vs. XOP - Volatility Comparison

The current volatility for Invesco DWA Energy Momentum ETF (PXI) is 7.78%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 9.01%. This indicates that PXI experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXI	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	9.01%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	21.96%	-4.97%
Volatility (1Y) Calculated over the trailing 1-year period	22.10%	28.30%	-6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.40%	33.88%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.12%	40.25%	-3.13%

PXI vs. XOP - Expense Ratio Comparison

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

Dividends

PXI vs. XOP - Dividend Comparison

PXI's dividend yield for the trailing twelve months is around 1.34%, less than XOP's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXI Invesco DWA Energy Momentum ETF	1.34%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both PXI and XOP in my portfolio?

PXI and XOP have a correlation of 0.87, 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 XOP?

XOP has higher volatility (9.01%) compared to PXI (7.78%). In terms of maximum drawdown, PXI dropped -85.08% vs XOP's -90.27%.

Which ETF is better, PXI or XOP?

On 10-year performance, PXI leads with 5.74% vs 3.09% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, PXI has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXI or XOP?

Over the 10-year period, PXI has performed better with a 5.74% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXI or XOP?

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

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

XOP has the higher dividend yield at 2.10%, compared with 1.34% for PXI.

What is the main difference between PXI and XOP?

PXI is categorized as Momentum, while XOP is Energy Equities. PXI tracks Dorsey Wright Energy Technical Leaders Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for PXI and 0.35% for XOP.

Which has better risk-adjusted returns?

PXI currently has the higher Sharpe Ratio (1.38 vs 0.82), 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.