PXJ vs. SPY

Last updated Jun 4, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PXJ is a Energy Equities fund tracking the Dynamic Oil & Gas Services Intellidex Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PXJ returned -0.80%/yr vs 15.49%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined. PXJ charges 0.63%/yr vs 0.09%/yr for SPY.

Performance

PXJ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Oil & Gas Services ETF (PXJ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXJ achieves a 46.18% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, PXJ has underperformed SPY with an annualized return of -0.80%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

PXJ vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PXJ and SPY is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.56

Over the past year, the correlation between PXJ and SPY has dropped to 0.22 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

PXJ vs. SPY - Sectors Allocation Comparison

Sectors	PXJ	SPY
Energy	92.6%	3.6%
Industrials	5.2%	7.8%
Utilities	2.1%	2.4%
Financial Services	0.1%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Healthcare	-	8.4%
Real Estate	-	1.9%
Technology	-	35.9%

Return for Risk

PXJ vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.17	2.38	+0.79
Sortino ratio: Return per unit of downside risk	3.92	3.24	+0.68
Omega ratio: Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio: Return relative to maximum drawdown	8.24	3.16	+5.08
Martin ratio: Return relative to average drawdown	23.98	14.72	+9.27
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. SPY - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.17, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PXJ and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.38	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.82	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.87	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.59	-0.63

Drawdowns

PXJ vs. SPY - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PXJ and SPY.

Drawdown Indicators

	PXJ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-55.19%	-39.63%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-8.88%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-18.76%	-21.27%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-24.50%	-15.53%
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	-33.72%	-54.00%
Current Drawdown Current decline from peak	-66.60%	-0.70%	-65.90%
Average Drawdown Average peak-to-trough decline	-55.67%	-9.05%	-46.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.91%	+1.55%

Volatility

PXJ vs. SPY - Volatility Comparison

Invesco Dynamic Oil & Gas Services ETF (PXJ) has a higher volatility of 7.75% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that PXJ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXJ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	2.84%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	18.30%	8.90%	+9.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.41%	11.83%	+14.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.57%	17.05%	+17.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.47%	17.94%	+21.53%

PXJ vs. SPY - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PXJ vs. SPY - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.21%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PXJ and SPY in my portfolio?

PXJ and SPY have a correlation of 0.22, 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 SPY?

PXJ has higher volatility (7.75%) compared to SPY (2.84%). In terms of maximum drawdown, PXJ dropped -94.82% vs SPY's -55.19%.

Which ETF is better, PXJ or SPY?

On 10-year performance, SPY leads with 15.49% vs -0.80% for PXJ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXJ or SPY?

Over the 10-year period, SPY has performed better with a 15.49% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.63% for PXJ.

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

PXJ has the higher dividend yield at 2.21%, compared with 0.98% for SPY.

What is the main difference between PXJ and SPY?

PXJ is categorized as Energy Equities, while SPY is S&P 500. PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.63% for PXJ and 0.09% for SPY.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.17 vs 2.38), 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.