PXQ vs. SPRX

Last updated Jun 3, 2026

PXQ (Invesco Next Gen Connectivity ETF) and SPRX (Spear Alpha ETF) are both Technology Equities funds. PXQ is passively managed, while SPRX is actively managed. Over the past 3 years, PXQ returned 43.66%/yr vs 49.30%/yr for SPRX. A 0.79 correlation means they provide meaningful diversification when combined. PXQ charges 0.40%/yr vs 0.75%/yr for SPRX.

Performance

PXQ vs. SPRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Next Gen Connectivity ETF (PXQ) and Spear Alpha ETF (SPRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXQ achieves a 64.46% return, which is significantly higher than SPRX's 52.65% return.

PXQ

• 1D: 2.22%
• 1M: 27.63%
• YTD: 64.46%
• 6M: 64.45%
• 1Y: 102.54%
• 3Y*: 43.66%
• 5Y*: 22.20%
• 10Y*: 21.50%

SPRX

• 1D: 6.27%
• 1M: 36.33%
• YTD: 52.65%
• 6M: 50.15%
• 1Y: 117.10%
• 3Y*: 49.30%
• 5Y*: —
• 10Y*: —

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

PXQ vs. SPRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PXQ Invesco Next Gen Connectivity ETF	64.46%	28.65%	19.41%	27.39%	-29.54%	8.12%
SPRX Spear Alpha ETF	52.65%	41.91%	20.58%	88.02%	-44.99%	8.91%

Correlation

The correlation between PXQ and SPRX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.79

The correlation between PXQ and SPRX has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

PXQ vs. SPRX - Sectors Allocation Comparison

Sectors	PXQ	SPRX
Technology	83.7%	72.7%
Communication Services	11.8%	3.9%
Real Estate	3.2%	-
Industrials	0.9%	15.5%
Financial Services	0.2%	8.0%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	1.4%

Return for Risk

PXQ vs. SPRX — Risk / Return Rank

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

PXQ

PXQ Risk / Return Rank: 97
PXQ Sharpe Ratio Rank: 97
PXQ Sortino Ratio Rank: 96
PXQ Omega Ratio Rank: 96
PXQ Calmar Ratio Rank: 97
PXQ Martin Ratio Rank: 97

SPRX

SPRX Risk / Return Rank: 76
SPRX Sharpe Ratio Rank: 82
SPRX Sortino Ratio Rank: 64
SPRX Omega Ratio Rank: 65
SPRX Calmar Ratio Rank: 87
SPRX Martin Ratio Rank: 80

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.

PXQ vs. SPRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Next Gen Connectivity ETF (PXQ) and Spear Alpha ETF (SPRX). 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.

	PXQ	SPRX	Difference
Sharpe ratio Return per unit of total volatility	4.85	2.71	+2.14
Sortino ratio Return per unit of downside risk	5.85	3.02	+2.83
Omega ratio Gain probability vs. loss probability	1.78	1.40	+0.38
Calmar ratio Return relative to maximum drawdown	10.32	5.02	+5.30
Martin ratio Return relative to average drawdown	45.42	15.92	+29.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXQ vs. SPRX - Sharpe Ratio Comparison

The current PXQ Sharpe Ratio is 4.85, which is higher than the SPRX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PXQ and SPRX, 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

	PXQ	SPRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.85	2.71	+2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.60	-0.02

Drawdowns

PXQ vs. SPRX - Drawdown Comparison

The maximum PXQ drawdown since its inception was -57.18%, which is greater than SPRX's maximum drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for PXQ and SPRX.

Drawdown Indicators

	PXQ	SPRX	Difference
Max Drawdown Largest peak-to-trough decline	-57.18%	-51.21%	-5.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-24.21%	+14.22%
Max Drawdown (3Y) Largest decline over 3 years	-21.40%	-42.12%	+20.72%
Max Drawdown (5Y) Largest decline over 5 years	-34.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.74%	-17.66%	+6.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	7.63%	-5.36%

Volatility

PXQ vs. SPRX - Volatility Comparison

The current volatility for Invesco Next Gen Connectivity ETF (PXQ) is 9.05%, while Spear Alpha ETF (SPRX) has a volatility of 14.62%. This indicates that PXQ experiences smaller price fluctuations and is considered to be less risky than SPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXQ	SPRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	14.62%	-5.57%
Volatility (6M) Calculated over the trailing 6-month period	17.13%	35.41%	-18.28%
Volatility (1Y) Calculated over the trailing 1-year period	21.27%	43.52%	-22.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	41.75%	-18.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	41.75%	-18.78%

PXQ vs. SPRX - Expense Ratio Comparison

PXQ has a 0.40% expense ratio, which is lower than SPRX's 0.75% expense ratio.

Dividends

PXQ vs. SPRX - Dividend Comparison

PXQ's dividend yield for the trailing twelve months is around 0.57%, while SPRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PXQ Invesco Next Gen Connectivity ETF	0.57%	0.86%	1.38%	0.60%	2.24%	0.55%	0.18%	0.44%	1.22%	0.66%	0.44%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PXQ and SPRX in my portfolio?

PXQ and SPRX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXQ or SPRX?

SPRX has higher volatility (14.62%) compared to PXQ (9.05%). In terms of maximum drawdown, PXQ dropped -57.18% vs SPRX's -51.21%.

Which ETF is better, PXQ or SPRX?

On 3-year performance, SPRX leads with 49.30% vs 43.66% for PXQ. On fees, PXQ is cheaper at 0.40% per year. On volatility, PXQ has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXQ or SPRX?

Over the 3-year period, SPRX has performed better with a 49.30% return vs 43.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXQ or SPRX?

PXQ is cheaper with a 0.40% expense ratio, compared with 0.75% for SPRX.

Which ETF pays a higher dividend yield, PXQ or SPRX?

PXQ has the higher dividend yield at 0.57%, compared with 0.00% for SPRX.

What is the main difference between PXQ and SPRX?

They also come from different issuers: Invesco and Spear. Their fees differ too: 0.40% for PXQ and 0.75% for SPRX.

Which has better risk-adjusted returns?

PXQ currently has the higher Sharpe Ratio (4.85 vs 2.71), 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.