PXJ vs. IEZ

Last updated Jun 4, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both Energy Equities funds - PXJ tracks the Dynamic Oil & Gas Services Intellidex Index while IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, PXJ returned -0.80%/yr vs -0.13%/yr for IEZ. With a 0.97 correlation, they move nearly in lockstep. PXJ charges 0.63%/yr vs 0.42%/yr for IEZ.

Performance

PXJ vs. IEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Oil & Gas Services ETF (PXJ) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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 PXJ having a 46.18% return and IEZ slightly higher at 47.84%. Over the past 10 years, PXJ has underperformed IEZ with an annualized return of -0.80%, while IEZ has yielded a comparatively higher -0.13% annualized return.

PXJ

• 1D: -0.58%
• 1M: -6.26%
• YTD: 46.18%
• 6M: 38.54%
• 1Y: 82.76%
• 3Y*: 24.79%
• 5Y*: 17.27%
• 10Y*: -0.80%

IEZ

• 1D: 0.03%
• 1M: -3.54%
• YTD: 47.84%
• 6M: 42.02%
• 1Y: 85.10%
• 3Y*: 19.17%
• 5Y*: 13.91%
• 10Y*: -0.13%

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

PXJ vs. IEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXJ Invesco Dynamic Oil & Gas Services ETF	46.18%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%
IEZ iShares U.S. Oil Equipment & Services ETF	47.84%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%

Correlation

The correlation between PXJ and IEZ is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.97

The correlation between PXJ and IEZ has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

PXJ vs. IEZ - Sectors Allocation Comparison

Sectors	PXJ	IEZ
Energy	92.6%	98.8%
Industrials	5.2%	0.6%
Utilities	2.1%	1.0%
Financial Services	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PXJ vs. IEZ — Risk / Return Rank

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

PXJ

PXJ Risk / Return Rank: 89
PXJ Sharpe Ratio Rank: 90
PXJ Sortino Ratio Rank: 86
PXJ Omega Ratio Rank: 80
PXJ Calmar Ratio Rank: 95
PXJ Martin Ratio Rank: 93

IEZ

IEZ Risk / Return Rank: 87
IEZ Sharpe Ratio Rank: 88
IEZ Sortino Ratio Rank: 82
IEZ Omega Ratio Rank: 77
IEZ Calmar Ratio Rank: 95
IEZ Martin Ratio Rank: 92

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.

PXJ vs. IEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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.

	PXJ	IEZ	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.00	+0.17
Sortino ratio: Return per unit of downside risk	3.92	3.71	+0.21
Omega ratio: Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio: Return relative to maximum drawdown	8.24	8.29	-0.05
Martin ratio: Return relative to average drawdown	23.98	22.60	+1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXJ vs. IEZ - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.17, which is comparable to the IEZ Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of PXJ and IEZ, 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

	PXJ	IEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.00	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.38	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	-0.00	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-0.04	-0.01

Drawdowns

PXJ vs. IEZ - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, roughly equal to the maximum IEZ drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for PXJ and IEZ.

Drawdown Indicators

	PXJ	IEZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-92.52%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-10.32%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-40.25%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-40.25%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	-88.29%	+0.57%
Current Drawdown Current decline from peak	-66.60%	-51.21%	-15.39%
Average Drawdown Average peak-to-trough decline	-55.67%	-48.26%	-7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.78%	-0.32%

Volatility

PXJ vs. IEZ - Volatility Comparison

Invesco Dynamic Oil & Gas Services ETF (PXJ) and iShares U.S. Oil Equipment & Services ETF (IEZ) have volatilities of 7.75% and 7.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXJ	IEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	7.95%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	18.30%	20.11%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	26.41%	28.62%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.57%	36.35%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.47%	41.56%	-2.09%

PXJ vs. IEZ - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is higher than IEZ's 0.42% expense ratio.

Dividends

PXJ vs. IEZ - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.21%, more than IEZ's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEZ iShares U.S. Oil Equipment & Services ETF	1.18%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.21%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Frequently Asked Questions

Can I hold both PXJ and IEZ in my portfolio?

With a correlation of 0.93, PXJ and IEZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PXJ or IEZ?

IEZ has higher volatility (7.95%) compared to PXJ (7.75%). In terms of maximum drawdown, PXJ dropped -94.82% vs IEZ's -92.52%.

Which ETF is better, PXJ or IEZ?

On 10-year performance, IEZ leads with -0.13% vs -0.80% for PXJ. On fees, IEZ is cheaper at 0.42% per year. On volatility, PXJ has been the lower-risk option at 7.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXJ or IEZ?

Over the 10-year period, IEZ has performed better with a -0.13% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXJ or IEZ?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.63% for PXJ.

Which ETF pays a higher dividend yield, PXJ or IEZ?

PXJ has the higher dividend yield at 2.21%, compared with 1.18% for IEZ.

What is the main difference between PXJ and IEZ?

PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.63% for PXJ and 0.42% for IEZ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.17 vs 3.00), 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.