PXJ vs. XES

Last updated Jun 3, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds - PXJ tracks the Dynamic Oil & Gas Services Intellidex Index while XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, PXJ returned -0.74%/yr vs -2.41%/yr for XES. With a 0.97 correlation, they move nearly in lockstep. PXJ charges 0.63%/yr vs 0.35%/yr for XES.

Performance

PXJ vs. XES - Performance Comparison

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

Returns By Period

In the year-to-date period, PXJ achieves a 47.03% return, which is significantly lower than XES's 51.54% return. Over the past 10 years, PXJ has outperformed XES with an annualized return of -0.74%, while XES has yielded a comparatively lower -2.41% annualized return.

PXJ

• 1D: 1.35%
• 1M: -5.54%
• YTD: 47.03%
• 6M: 44.84%
• 1Y: 89.31%
• 3Y*: 25.03%
• 5Y*: 17.57%
• 10Y*: -0.74%

XES

• 1D: 2.58%
• 1M: -3.51%
• YTD: 51.54%
• 6M: 51.49%
• 1Y: 106.77%
• 3Y*: 20.03%
• 5Y*: 14.11%
• 10Y*: -2.41%

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

PXJ vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXJ Invesco Dynamic Oil & Gas Services ETF	47.03%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%
XES SPDR S&P Oil & Gas Equipment & Services ETF	51.54%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between PXJ and XES 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.97

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

PXJ vs. XES - Sectors Allocation Comparison

Sectors	PXJ	XES
Energy	92.6%	97.5%
Industrials	5.2%	2.5%
Utilities	2.1%	-
Financial Services	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PXJ vs. XES — Risk / Return Rank

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

PXJ

PXJ Risk / Return Rank: 91
PXJ Sharpe Ratio Rank: 92
PXJ Sortino Ratio Rank: 89
PXJ Omega Ratio Rank: 84
PXJ Calmar Ratio Rank: 96
PXJ Martin Ratio Rank: 94

XES

XES Risk / Return Rank: 92
XES Sharpe Ratio Rank: 93
XES Sortino Ratio Rank: 89
XES Omega Ratio Rank: 84
XES Calmar Ratio Rank: 97
XES Martin Ratio Rank: 95

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. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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	XES	Difference
Sharpe ratio Return per unit of total volatility	3.40	3.52	-0.12
Sortino ratio Return per unit of downside risk	4.14	4.12	+0.02
Omega ratio Gain probability vs. loss probability	1.51	1.51	0.00
Calmar ratio Return relative to maximum drawdown	9.00	11.21	-2.21
Martin ratio Return relative to average drawdown	26.58	30.56	-3.98
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. XES - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.40, which is comparable to the XES Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of PXJ and XES, 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	XES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	3.52	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.36	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	-0.05	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.07	+0.03

Drawdowns

PXJ vs. XES - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, roughly equal to the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for PXJ and XES.

Drawdown Indicators

	PXJ	XES	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-95.65%	+0.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-9.84%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-45.95%	+5.92%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-45.95%	+5.92%
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	-91.23%	+3.51%
Current Drawdown Current decline from peak	-66.40%	-70.73%	+4.33%
Average Drawdown Average peak-to-trough decline	-55.67%	-54.36%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.61%	-0.19%

Volatility

PXJ vs. XES - Volatility Comparison

The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 7.76%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 8.25%. This indicates that PXJ experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXJ	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	8.25%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	20.51%	-2.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.40%	30.52%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.57%	39.04%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.48%	45.05%	-5.57%

PXJ vs. XES - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is higher than XES's 0.35% expense ratio.

Dividends

PXJ vs. XES - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.19%, more than XES's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXJ Invesco Dynamic Oil & Gas Services ETF	2.19%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.12%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Frequently Asked Questions

Can I hold both PXJ and XES in my portfolio?

With a correlation of 0.93, PXJ and XES 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 XES?

XES has higher volatility (8.25%) compared to PXJ (7.76%). In terms of maximum drawdown, PXJ dropped -94.82% vs XES's -95.65%.

Which ETF is better, PXJ or XES?

On 10-year performance, PXJ leads with -0.74% vs -2.41% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, PXJ has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXJ or XES?

Over the 10-year period, PXJ has performed better with a -0.74% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXJ or XES?

XES is cheaper with a 0.35% expense ratio, compared with 0.63% for PXJ.

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

PXJ has the higher dividend yield at 2.19%, compared with 1.12% for XES.

What is the main difference between PXJ and XES?

PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.63% for PXJ and 0.35% for XES.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 3.40), 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.