SHEH vs. PXJ

Last updated Jul 10, 2026

SHEH (Shell plc ADRhedged ETF) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - SHEH tracks the Shell plc - Benchmark Price Return while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past year, SHEH returned 18.17% vs 61.73% for PXJ. A 0.53 correlation means they provide meaningful diversification when combined. SHEH charges 0.19%/yr vs 0.63%/yr for PXJ.

Performance

SHEH vs. PXJ - Performance Comparison

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

Returns By Period

In the year-to-date period, SHEH achieves a 12.47% return, which is significantly lower than PXJ's 37.35% return.

SHEH

• 1D: -1.01%
• 1M: -4.67%
• 6M: 16.82%
• YTD: 12.47%
• 1Y: 18.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PXJ

• 1D: -2.09%
• 1M: -5.99%
• 6M: 25.04%
• YTD: 37.35%
• 1Y: 61.73%
• 3Y*: 17.99%
• 5Y*: 18.45%
• 10Y*: -1.44%

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

SHEH vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025
SHEH Shell plc ADRhedged ETF	12.47%	12.63%
PXJ Invesco Dynamic Oil & Gas Services ETF	37.35%	39.03%

Correlation

The correlation between SHEH and PXJ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.53

The correlation between SHEH and PXJ has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

SHEH vs. PXJ — Risk / Return Rank

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

SHEH

SHEH Risk / Return Rank: 28
SHEH Sharpe Ratio Rank: 30
SHEH Sortino Ratio Rank: 29
SHEH Omega Ratio Rank: 28
SHEH Calmar Ratio Rank: 26
SHEH Martin Ratio Rank: 27

PXJ

PXJ Risk / Return Rank: 83
PXJ Sharpe Ratio Rank: 89
PXJ Sortino Ratio Rank: 85
PXJ Omega Ratio Rank: 79
PXJ Calmar Ratio Rank: 81
PXJ Martin Ratio Rank: 81

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.

SHEH vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shell plc ADRhedged ETF (SHEH) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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.

	SHEH	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.32	-1.43
Sortino ratio: Return per unit of downside risk	1.32	3.03	-1.71
Omega ratio: Gain probability vs. loss probability	1.16	1.37	-0.20
Calmar ratio: Return relative to maximum drawdown	1.04	3.37	-2.33
Martin ratio: Return relative to average drawdown	2.99	12.24	-9.25

SHEH vs. PXJ - Sharpe Ratio Comparison

The current SHEH Sharpe Ratio is 0.89, which is lower than the PXJ Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SHEH and PXJ, 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

SHEH vs. PXJ - Drawdown Comparison

The maximum SHEH drawdown since its inception was -17.53%, smaller than the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for SHEH and PXJ.

Drawdown Indicators

	SHEH	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-17.53%	-94.82%	+77.29%
Max Drawdown (1Y) Largest decline over 1 year	-17.53%	-18.39%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-40.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-87.72%	—
Current Drawdown Current decline from peak	-13.29%	-68.61%	+55.32%
Average Drawdown Average peak-to-trough decline	-3.95%	-55.72%	+51.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	5.06%	+1.04%

Volatility

SHEH vs. PXJ - Volatility Comparison

The current volatility for Shell plc ADRhedged ETF (SHEH) is 7.12%, while Invesco Dynamic Oil & Gas Services ETF (PXJ) has a volatility of 8.22%. This indicates that SHEH experiences smaller price fluctuations and is considered to be less risky than PXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHEH	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	8.22%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	17.39%	19.30%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.50%	26.75%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	34.36%	-13.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.49%	39.23%	-18.74%

SHEH vs. PXJ - Expense Ratio Comparison

SHEH has a 0.19% expense ratio, which is lower than PXJ's 0.63% expense ratio.

Dividends

SHEH vs. PXJ - Dividend Comparison

SHEH's dividend yield for the trailing twelve months is around 2.07%, less than PXJ's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXJ Invesco Dynamic Oil & Gas Services ETF	2.54%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%
SHEH Shell plc ADRhedged ETF	2.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHEH and PXJ in my portfolio?

SHEH and PXJ have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHEH or PXJ?

PXJ has higher volatility (8.22%) compared to SHEH (7.12%). In terms of maximum drawdown, SHEH dropped -17.53% vs PXJ's -94.82%.

Which ETF is better, SHEH or PXJ?

On 1-year performance, PXJ leads with 61.73% vs 18.17% for SHEH. On fees, SHEH is cheaper at 0.19% per year. On volatility, SHEH has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHEH or PXJ?

Over the 1-year period, PXJ has performed better with a 61.73% return vs 18.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHEH or PXJ?

SHEH is cheaper with a 0.19% expense ratio, compared with 0.63% for PXJ.

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

PXJ has the higher dividend yield at 2.54%, compared with 2.07% for SHEH.

What is the main difference between SHEH and PXJ?

SHEH tracks Shell plc - Benchmark Price Return, while PXJ tracks Dynamic Oil & Gas Services Intellidex Index. They also come from different issuers: ADRhedged and Invesco. Their fees differ too: 0.19% for SHEH and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.32 vs 0.89), 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.