XOP vs. PXJ

Last updated Jul 14, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - XOP tracks the S&P Oil & Gas Exploration & Production Select Industry while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past 10 years, XOP returned 3.69%/yr vs -1.35%/yr for PXJ. Their correlation of 0.86 suggests significant overlap in exposure. XOP charges 0.35%/yr vs 0.63%/yr for PXJ.

Performance

XOP vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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, XOP achieves a 32.00% return, which is significantly lower than PXJ's 41.36% return. Over the past 10 years, XOP has outperformed PXJ with an annualized return of 3.69%, while PXJ has yielded a comparatively lower -1.35% annualized return.

XOP

• 1D: 4.17%
• 1M: 0.40%
• 6M: 30.68%
• YTD: 32.00%
• 1Y: 27.02%
• 3Y*: 11.17%
• 5Y*: 16.31%
• 10Y*: 3.69%

PXJ

• 1D: 0.39%
• 1M: -6.30%
• 6M: 29.86%
• YTD: 41.36%
• 1Y: 62.95%
• 3Y*: 18.32%
• 5Y*: 20.43%
• 10Y*: -1.35%

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

XOP vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XOP SPDR S&P Oil & Gas Exploration & Production ETF	32.00%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%
PXJ Invesco Dynamic Oil & Gas Services ETF	41.36%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Correlation

The correlation between XOP and PXJ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.86

Over the past year, the correlation between XOP and PXJ has dropped to 0.61 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

XOP vs. PXJ - Sectors Allocation Comparison

Sectors	XOP	PXJ
Energy	96.8%	67.7%
Basic Materials	3.2%	-
Industrials	2.2%	2.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	2.1%

Return for Risk

XOP vs. PXJ — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 32
XOP Sharpe Ratio Rank: 32
XOP Sortino Ratio Rank: 32
XOP Omega Ratio Rank: 30
XOP Calmar Ratio Rank: 36
XOP Martin Ratio Rank: 31

PXJ

PXJ Risk / Return Rank: 84
PXJ Sharpe Ratio Rank: 90
PXJ Sortino Ratio Rank: 86
PXJ Omega Ratio Rank: 80
PXJ Calmar Ratio Rank: 82
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.

XOP vs. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.

	XOP	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.36	-1.40
Sortino ratio: Return per unit of downside risk	1.40	3.07	-1.68
Omega ratio: Gain probability vs. loss probability	1.17	1.37	-0.20
Calmar ratio: Return relative to maximum drawdown	1.47	3.44	-1.97
Martin ratio: Return relative to average drawdown	3.61	12.34	-8.73

XOP vs. PXJ - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.96, which is lower than the PXJ Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of XOP 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

XOP vs. PXJ - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, roughly equal to the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for XOP and PXJ.

Drawdown Indicators

	XOP	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-94.82%	+4.55%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-18.39%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-40.03%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-40.03%	+5.05%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-87.72%	+5.11%
Current Drawdown Current decline from peak	-38.30%	-67.70%	+29.40%
Average Drawdown Average peak-to-trough decline	-42.57%	-55.72%	+13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	5.17%	+2.41%

Volatility

XOP vs. PXJ - Volatility Comparison

SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and Invesco Dynamic Oil & Gas Services ETF (PXJ) have volatilities of 8.61% and 8.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	8.58%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	22.15%	19.21%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	28.35%	26.83%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.79%	34.36%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.17%	39.20%	+0.97%

XOP vs. PXJ - Expense Ratio Comparison

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

Dividends

XOP vs. PXJ - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 1.97%, less than PXJ's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXJ Invesco Dynamic Oil & Gas Services ETF	2.47%	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	1.97%	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 XOP and PXJ in my portfolio?

XOP and PXJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOP or PXJ?

XOP has higher volatility (8.61%) compared to PXJ (8.58%). In terms of maximum drawdown, XOP dropped -90.27% vs PXJ's -94.82%.

Which ETF is better, XOP or PXJ?

On 10-year performance, XOP leads with 3.69% vs -1.35% for PXJ. On fees, XOP is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or PXJ?

Over the 10-year period, XOP has performed better with a 3.69% return vs -1.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or PXJ?

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

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

PXJ has the higher dividend yield at 2.47%, compared with 1.97% for XOP.

What is the main difference between XOP and PXJ?

XOP tracks S&P Oil & Gas Exploration & Production Select Industry, 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 XOP and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.36 vs 0.96), 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.