PXJ vs. XOP

Last updated Jun 4, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both Energy Equities funds - PXJ tracks the Dynamic Oil & Gas Services Intellidex Index while XOP tracks the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, PXJ returned -0.80%/yr vs 3.80%/yr for XOP. Their correlation of 0.86 suggests significant overlap in exposure. PXJ charges 0.63%/yr vs 0.35%/yr for XOP.

Performance

PXJ vs. XOP - 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 Exploration & Production ETF (XOP). 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 XOP's 36.08% return. Over the past 10 years, PXJ has underperformed XOP with an annualized return of -0.80%, while XOP has yielded a comparatively higher 3.80% 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%

XOP

• 1D: 1.35%
• 1M: -5.46%
• YTD: 36.08%
• 6M: 26.81%
• 1Y: 41.73%
• 3Y*: 14.10%
• 5Y*: 14.86%
• 10Y*: 3.80%

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

PXJ vs. XOP - 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	36.08%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between PXJ and XOP is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.86

Over the past year, the correlation between PXJ and XOP has dropped to 0.63 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

PXJ vs. XOP - Sectors Allocation Comparison

Sectors	PXJ	XOP
Energy	92.6%	97.2%
Industrials	5.2%	-
Utilities	2.1%	-
Financial Services	0.1%	-
Basic Materials	-	2.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PXJ vs. XOP — 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

XOP

XOP Risk / Return Rank: 43
XOP Sharpe Ratio Rank: 42
XOP Sortino Ratio Rank: 38
XOP Omega Ratio Rank: 37
XOP Calmar Ratio Rank: 55
XOP Martin Ratio Rank: 43

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. XOP - 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 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.

	PXJ	XOP	Difference
Sharpe ratio Return per unit of total volatility	3.17	1.51	+1.66
Sortino ratio Return per unit of downside risk	3.92	2.00	+1.92
Omega ratio Gain probability vs. loss probability	1.48	1.25	+0.24
Calmar ratio Return relative to maximum drawdown	8.24	2.77	+5.47
Martin ratio Return relative to average drawdown	23.98	7.10	+16.88
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. XOP - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.17, which is higher than the XOP Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of PXJ 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.

Sharpe Ratios by Period

	PXJ	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	1.51	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.44	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.09	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.06	-0.11

Drawdowns

PXJ vs. XOP - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, which is greater than XOP's maximum drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for PXJ and XOP.

Drawdown Indicators

	PXJ	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-90.27%	-4.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-15.14%	+5.04%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-34.98%	-5.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-34.98%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	-82.61%	-5.11%
Current Drawdown Current decline from peak	-66.60%	-36.40%	-30.20%
Average Drawdown Average peak-to-trough decline	-55.67%	-42.59%	-13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	5.90%	-2.44%

Volatility

PXJ vs. XOP - Volatility Comparison

The current volatility for Invesco Dynamic Oil & Gas Services ETF (PXJ) is 7.75%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 10.03%. This indicates that PXJ 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

	PXJ	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	10.03%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	18.30%	21.64%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	26.41%	27.81%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.57%	33.88%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.47%	40.28%	-0.81%

PXJ vs. XOP - Expense Ratio Comparison

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

Dividends

PXJ vs. XOP - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.21%, more than XOP's 1.90% 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.90%	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 PXJ and XOP in my portfolio?

PXJ and XOP have a correlation of 0.63, 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 XOP?

XOP has higher volatility (10.03%) compared to PXJ (7.75%). In terms of maximum drawdown, PXJ dropped -94.82% vs XOP's -90.27%.

Which ETF is better, PXJ or XOP?

On 10-year performance, XOP leads with 3.80% vs -0.80% for PXJ. On fees, XOP is cheaper at 0.35% 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 XOP?

Over the 10-year period, XOP has performed better with a 3.80% 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 XOP?

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

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

PXJ has the higher dividend yield at 2.21%, compared with 1.90% for XOP.

What is the main difference between PXJ and XOP?

PXJ tracks Dynamic Oil & Gas Services Intellidex 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: 0.63% for PXJ and 0.35% for XOP.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.17 vs 1.51), 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.