PXJ vs. NLR

Last updated Aug 2, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - PXJ is a Energy Equities fund tracking the Dynamic Oil & Gas Services Intellidex Index, while NLR is a Uranium fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, PXJ returned 0.28%/yr vs 11.00%/yr for NLR. Their 0.46 correlation means their historical movements had little consistent relationship. PXJ charges 0.63%/yr vs 0.56%/yr for NLR.

Performance

PXJ vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Oil & Gas Services ETF (PXJ) and VanEck Uranium and Nuclear ETF (NLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXJ achieves a 46.85% return, which is significantly higher than NLR's -13.99% return. Over the past 10 years, PXJ has underperformed NLR with an annualized return of 0.28%, while NLR has yielded a comparatively higher 11.00% annualized return.

PXJ

• 1D: 2.51%
• 1M: 10.36%
• 6M: 21.41%
• YTD: 46.85%
• 1Y: 78.26%
• 3Y*: 16.40%
• 5Y*: 23.04%
• 10Y*: 0.28%
• ALL TIME*: -1.70%

NLR

• 1D: -1.41%
• 1M: -7.05%
• 6M: -28.16%
• YTD: -13.99%
• 1Y: -2.28%
• 3Y*: 23.67%
• 5Y*: 18.29%
• 10Y*: 11.00%
• ALL TIME*: 3.29%

*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)
NLR VanEck Uranium and Nuclear ETF	$43.05M	$48.38M	$60.74M
PXJ Invesco Dynamic Oil & Gas Services ETF	$722.42K	$1.28M	$1.87M

PXJ vs. NLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXJ Invesco Dynamic Oil & Gas Services ETF	46.85%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%
NLR VanEck Uranium and Nuclear ETF	-13.99%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between PXJ and NLR is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Aug 15, 2007	0.46

Over the past year, the correlation between PXJ and NLR has dropped to 0.21 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

PXJ vs. NLR - Sectors Allocation Comparison

Sectors	PXJ	NLR
Energy	74.8%	49.8%
Industrials	14.7%	12.6%
Utilities	2.1%	36.0%
Financial Services	0.2%	-
Basic Materials	-	2.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	1.6%

Return for Risk

PXJ vs. NLR — Risk / Return Rank

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

PXJ

PXJ Risk / Return Rank: 92
PXJ Sharpe Ratio Rank: 95
PXJ Sortino Ratio Rank: 93
PXJ Omega Ratio Rank: 91
PXJ Calmar Ratio Rank: 91
PXJ Martin Ratio Rank: 88

NLR

NLR Risk / Return Rank: 10
NLR Sharpe Ratio Rank: 9
NLR Sortino Ratio Rank: 11
NLR Omega Ratio Rank: 11
NLR Calmar Ratio Rank: 9
NLR Martin Ratio Rank: 9

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.

PXJ vs. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) and VanEck Uranium and Nuclear ETF (NLR). 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.

	PXJ	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.81	-0.10	+2.91
Sortino ratio: Return per unit of downside risk	3.52	0.16	+3.36
Omega ratio: Gain probability vs. loss probability	1.44	1.02	+0.42
Calmar ratio: Return relative to maximum drawdown	3.99	-0.12	+4.11
Martin ratio: Return relative to average drawdown	13.19	-0.26	+13.45

PXJ vs. NLR - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 2.81, which is higher than the NLR Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of PXJ and NLR, 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

PXJ vs. NLR - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, which is greater than NLR's maximum drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for PXJ and NLR.

Drawdown Indicators

	PXJ	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-65.05%	-29.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.39%	-37.52%	+19.13%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-37.52%	-2.51%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-37.52%	-2.51%
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	-37.52%	-50.20%
Current Drawdown Current decline from peak	-66.44%	-35.01%	-31.43%
Average Drawdown Average peak-to-trough decline	-55.75%	-35.67%	-20.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	17.42%	-11.86%

Volatility

PXJ vs. NLR - Volatility Comparison

The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 7.30%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 12.90%. This indicates that PXJ experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXJ	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	12.90%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	19.19%	32.42%	-13.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.25%	43.80%	-17.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.14%	30.13%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.16%	24.58%	+14.58%

PXJ vs. NLR - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is higher than NLR's 0.56% expense ratio.

Dividends

PXJ vs. NLR - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.38%, less than NLR's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.96%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.38%	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 NLR in my portfolio?

PXJ and NLR have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXJ or NLR?

NLR has higher volatility (12.90%) compared to PXJ (7.30%). In terms of maximum drawdown, PXJ dropped -94.82% vs NLR's -65.05%.

Which ETF is better, PXJ or NLR?

On 10-year performance, NLR leads with 11.00% vs 0.28% for PXJ. On fees, NLR is cheaper at 0.56% per year. On volatility, PXJ has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXJ or NLR?

Over the 10-year period, NLR has performed better with a 11.00% return vs 0.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXJ or NLR?

NLR is cheaper with a 0.56% expense ratio, compared with 0.63% for PXJ.

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

NLR has the higher dividend yield at 2.96%, compared with 2.38% for PXJ.

What is the main difference between PXJ and NLR?

PXJ is categorized as Energy Equities, while NLR is Uranium. PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.63% for PXJ and 0.56% for NLR.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.81 vs -0.10), 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.