ZAP vs. PUI

Last updated Jul 14, 2026

ZAP (Global X U.S. Electrification ETF) and PUI (Invesco DWA Utilities Momentum ETF) are both exchange-traded funds - ZAP is a Utilities Equities fund tracking the Global X U.S. Electrification Index, while PUI is a Momentum fund tracking the DWA Utilities Technical Leaders Index. Both are passively managed. Over the past year, ZAP returned 27.21% vs 16.15% for PUI. Their correlation of 0.88 suggests significant overlap in exposure. ZAP charges 0.50%/yr vs 0.60%/yr for PUI.

Performance

ZAP vs. PUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X U.S. Electrification ETF (ZAP) and Invesco DWA Utilities Momentum ETF (PUI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZAP achieves a 16.86% return, which is significantly higher than PUI's 9.70% return.

ZAP

• 1D: -0.09%
• 1M: 1.43%
• 6M: 14.11%
• YTD: 16.86%
• 1Y: 27.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PUI

• 1D: 0.37%
• 1M: 2.38%
• 6M: 9.51%
• YTD: 9.70%
• 1Y: 16.15%
• 3Y*: 15.29%
• 5Y*: 9.47%
• 10Y*: 8.15%

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

ZAP vs. PUI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAP Global X U.S. Electrification ETF	16.86%	21.84%	1.26%
PUI Invesco DWA Utilities Momentum ETF	9.70%	15.25%	-1.23%

Correlation

The correlation between ZAP and PUI is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.88

The correlation between ZAP and PUI has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

ZAP vs. PUI — Risk / Return Rank

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

ZAP

ZAP Risk / Return Rank: 69
ZAP Sharpe Ratio Rank: 69
ZAP Sortino Ratio Rank: 66
ZAP Omega Ratio Rank: 62
ZAP Calmar Ratio Rank: 86
ZAP Martin Ratio Rank: 64

PUI

PUI Risk / Return Rank: 34
PUI Sharpe Ratio Rank: 37
PUI Sortino Ratio Rank: 35
PUI Omega Ratio Rank: 32
PUI Calmar Ratio Rank: 36
PUI Martin Ratio Rank: 29

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.

ZAP vs. PUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X U.S. Electrification ETF (ZAP) and Invesco DWA Utilities Momentum ETF (PUI). 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.

	ZAP	PUI	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.08	+0.69
Sortino ratio: Return per unit of downside risk	2.42	1.52	+0.90
Omega ratio: Gain probability vs. loss probability	1.30	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	3.78	1.47	+2.31
Martin ratio: Return relative to average drawdown	9.11	3.31	+5.79

ZAP vs. PUI - Sharpe Ratio Comparison

The current ZAP Sharpe Ratio is 1.76, which is higher than the PUI Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of ZAP and PUI, 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

ZAP vs. PUI - Drawdown Comparison

The maximum ZAP drawdown since its inception was -12.38%, smaller than the maximum PUI drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for ZAP and PUI.

Drawdown Indicators

	ZAP	PUI	Difference
Max Drawdown Largest peak-to-trough decline	-12.38%	-43.20%	+30.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-11.07%	+3.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	-3.35%	-2.30%	-1.05%
Average Drawdown Average peak-to-trough decline	-2.58%	-8.43%	+5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	4.89%	-1.89%

Volatility

ZAP vs. PUI - Volatility Comparison

Global X U.S. Electrification ETF (ZAP) has a higher volatility of 4.46% compared to Invesco DWA Utilities Momentum ETF (PUI) at 3.72%. This indicates that ZAP's price experiences larger fluctuations and is considered to be riskier than PUI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAP	PUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	3.72%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	11.01%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	15.08%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	16.63%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	19.07%	-2.26%

ZAP vs. PUI - Expense Ratio Comparison

ZAP has a 0.50% expense ratio, which is lower than PUI's 0.60% expense ratio.

Dividends

ZAP vs. PUI - Dividend Comparison

ZAP's dividend yield for the trailing twelve months is around 1.61%, less than PUI's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUI Invesco DWA Utilities Momentum ETF	1.98%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%
ZAP Global X U.S. Electrification ETF	1.61%	1.81%	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 ZAP and PUI in my portfolio?

ZAP and PUI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAP or PUI?

ZAP has higher volatility (4.46%) compared to PUI (3.72%). In terms of maximum drawdown, ZAP dropped -12.38% vs PUI's -43.20%.

Which ETF is better, ZAP or PUI?

On 1-year performance, ZAP leads with 27.21% vs 16.15% for PUI. On fees, ZAP is cheaper at 0.50% per year. On volatility, PUI has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAP or PUI?

Over the 1-year period, ZAP has performed better with a 27.21% return vs 16.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAP or PUI?

ZAP is cheaper with a 0.50% expense ratio, compared with 0.60% for PUI.

Which ETF pays a higher dividend yield, ZAP or PUI?

PUI has the higher dividend yield at 1.98%, compared with 1.61% for ZAP.

What is the main difference between ZAP and PUI?

ZAP is categorized as Utilities Equities, while PUI is Momentum. ZAP tracks Global X U.S. Electrification Index, while PUI tracks DWA Utilities Technical Leaders Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for ZAP and 0.60% for PUI.

Which has better risk-adjusted returns?

ZAP currently has the higher Sharpe Ratio (1.76 vs 1.08), 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.