XES vs. PXJ

Last updated Jun 23, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past 10 years, XES returned -3.54%/yr vs -1.37%/yr for PXJ. With a 0.97 correlation, they move nearly in lockstep. XES charges 0.35%/yr vs 0.63%/yr for PXJ.

Performance

XES vs. PXJ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with XES having a 40.73% return and PXJ slightly higher at 41.96%. Over the past 10 years, XES has underperformed PXJ with an annualized return of -3.54%, while PXJ has yielded a comparatively higher -1.37% annualized return.

XES

• 1D: 1.32%
• 1M: -11.23%
• YTD: 40.73%
• 6M: 41.57%
• 1Y: 73.41%
• 3Y*: 18.25%
• 5Y*: 13.23%
• 10Y*: -3.54%

PXJ

• 1D: 1.75%
• 1M: -8.73%
• YTD: 41.96%
• 6M: 42.19%
• 1Y: 67.29%
• 3Y*: 24.27%
• 5Y*: 18.02%
• 10Y*: -1.37%

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

XES vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XES SPDR S&P Oil & Gas Equipment & Services ETF	40.73%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%
PXJ Invesco Dynamic Oil & Gas Services ETF	41.96%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Correlation

The correlation between XES and PXJ is 0.94, 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	0.94
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 22, 2006	0.97

The correlation between XES and PXJ has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

XES vs. PXJ - Sectors Allocation Comparison

Sectors	XES	PXJ
Energy	97.1%	93.9%
Industrials	2.9%	5.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	2.1%

Return for Risk

XES vs. PXJ — Risk / Return Rank

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

XES

XES Risk / Return Rank: 77
XES Sharpe Ratio Rank: 77
XES Sortino Ratio Rank: 68
XES Omega Ratio Rank: 63
XES Calmar Ratio Rank: 88
XES Martin Ratio Rank: 87

PXJ

PXJ Risk / Return Rank: 81
PXJ Sharpe Ratio Rank: 82
PXJ Sortino Ratio Rank: 76
PXJ Omega Ratio Rank: 69
PXJ Calmar Ratio Rank: 90
PXJ Martin Ratio Rank: 87

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.

XES vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) 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.

	XES	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.53	-0.16
Sortino ratio: Return per unit of downside risk	2.99	3.25	-0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	4.91	5.26	-0.35
Martin ratio: Return relative to average drawdown	17.76	17.74	+0.02

XES vs. PXJ - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.37, which is comparable to the PXJ Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XES 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

XES vs. PXJ - Drawdown Comparison

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

Drawdown Indicators

	XES	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-94.82%	-0.83%
Max Drawdown (1Y) Largest decline over 1 year	-15.03%	-12.86%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-40.03%	-5.92%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-40.03%	-5.92%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-87.72%	-3.51%
Current Drawdown Current decline from peak	-72.82%	-67.56%	-5.26%
Average Drawdown Average peak-to-trough decline	-54.39%	-55.69%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	3.89%	+0.33%

Volatility

XES vs. PXJ - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 10.34% compared to Invesco Dynamic Oil & Gas Services ETF (PXJ) at 8.70%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than PXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	8.70%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	20.79%	18.60%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	26.82%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.01%	34.48%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.00%	39.37%	+5.63%

XES vs. PXJ - Expense Ratio Comparison

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

Dividends

XES vs. PXJ - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.48%, less than PXJ's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXJ Invesco Dynamic Oil & Gas Services ETF	3.09%	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	1.48%	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 XES and PXJ in my portfolio?

With a correlation of 0.94, XES and PXJ 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, XES or PXJ?

XES has higher volatility (10.34%) compared to PXJ (8.70%). In terms of maximum drawdown, XES dropped -95.65% vs PXJ's -94.82%.

Which ETF is better, XES or PXJ?

On 10-year performance, PXJ leads with -1.37% vs -3.54% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, PXJ has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or PXJ?

Over the 10-year period, PXJ has performed better with a -1.37% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or PXJ?

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

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

PXJ has the higher dividend yield at 3.09%, compared with 1.48% for XES.

What is the main difference between XES and PXJ?

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

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.53 vs 2.37), 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.