At a glance
PXI charges 0.6% a year, above the 0.39% average of the 8 funds most like it (the 6th cheapest of 9). It has $52.5M in assets, the 9th largest of that group; it paid 1.08% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +41.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +16.8% a year. At its worst it fell 61.9% in the 2020 crash (S&P 500: 33.7%) and 33.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 21 months after the lows. Its ten largest positions make up 41.9% of the fund, out of 47 in all.
The short version
Invesco Dorsey Wright Energy Momentum ETF (PXI) tracks the Dorsey Wright Energy Technical Leaders Index, a basket of at least 30 US-listed energy stocks picked and weighted by momentum. That tilts it toward whatever has been rising, which as of July 31, 2026 meant refiners such as Marathon Petroleum and Valero. It costs 0.60% a year, above the 0.39% average of similar energy funds, and it is small, with about $52 million in assets.
Price history
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PXI +41.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PXI official prospectus, to Dec 31, 2025 | — | +3.91% | — | +23.01% | +4.78% | — |
| PXI price data to Oct 27, 2026 | +46.5% | +41.8% | +16.8% | +16.7% | +6.9% | +6.1% |
- Over the year to Oct 27, 2026, PXI returned +41.8%, 9th of 9 among similar funds.
- Its 5-year annualized return was +16.7% and its 10-year +6.9%.
- In the 2020 COVID crash it fell 61.9% and regained its old high 10.7 months after the low.
- Its worst full calendar year was 2008 (-46.9%); its best was 2021 (+75.0%).
- The deepest fall in its price history was 85.1% (Jun 23, 2014 to Mar 18, 2020), recovered by Mar 2, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +46.5% | — |
| 2025 | +3.9% | +3.91% |
| 2024 | +0.7% | +0.65% |
| 2023 | +5.5% | +5.31% |
| 2022 | +45.8% | +46.06% |
| 2021 | +75.0% | +75.09% |
| 2020 | -35.9% | -35.94% |
| 2019 | +1.6% | +1.38% |
| 2018 | -27.6% | -27.35% |
| 2017 | -8.4% | -8.43% |
| 2016 | +30.7% | +31.02% |
| 2015 | -23.8% | — |
| 2014 | -18.5% | — |
| 2013 | +30.4% | — |
| 2012 | +13.9% | — |
| 2011 | +2.6% | — |
| 2010 | +39.6% | — |
| 2009 | +42.2% | — |
| 2008 | -46.9% | — |
| 2007 | +29.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58% over that stretch · deepest drop along the way 67.8%, back to its old high 28.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 60% over that stretch · deepest drop along the way 61.9%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 40.1% over that stretch · deepest drop along the way 33.5%, back to its old high 20.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $0.8200 | +22.4% |
| 2024 | $0.6700 | -18.3% |
| 2023 | $0.8200 | -39.7% |
| 2022 | $1.3600 | +739.5% |
| 2021 | $0.1620 | -46.0% |
| 2020 | $0.3000 | -61.5% |
| 2019 | $0.7800 | +188.9% |
| 2018 | $0.2700 | -12.9% |
| 2017 | $0.3100 | -3.1% |
| 2016 | $0.3200 | -54.3% |
| 2015 | $0.7000 | +37.3% |
| 2014 | $0.5100 | +24.4% |
| 2013 | $0.4100 | -27.3% |
| 2012 | $0.5640 | +129.3% |
| 2011 | $0.2460 | +14.4% |
| 2010 | $0.2150 | -6.5% |
| 2009 | $0.2300 | +64.3% |
| 2008 | $0.1400 | +59.1% |
| 2007 | $0.0880 |
What's inside
As of Jul 31, 2026, the fund held 47 securities; the ten largest made up 41.87% of assets. It also reported 14.66% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Marathon Petroleum Corp. | 6.43% | |
| Cheniere Energy, Inc. | 5.92% | |
| Targa Resources Corp. | 5.65% | |
| Valero Energy Corp. | 3.97% | |
| Permian Resources Corp. | 3.94% | |
| HF Sinclair Corp. | 3.91% | |
| Delek US Holdings, Inc. | 3.54% | |
| Baker Hughes Co. | 3.06% | |
| Calumet, Inc. | 2.77% | |
| ExxonMobil Holdings Corp. | 2.69% | |
| Par Pacific Holdings, Inc. | 2.63% | |
| Diamondback Energy, Inc. | 2.47% | |
| Archrock, Inc. | 2.44% | |
| Weatherford International PLC | 2.34% | |
| PBF Energy Inc. | 2.26% |
By country
United States 92.72%Bermuda 2.36%Ireland 2.34%Switzerland 1.67%Cayman Islands 0.88%By asset type
Stocks 99.98%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $28.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.44%, -3.61%, +8.13%.
How it works
The index is built by Dorsey, Wright & Associates. It starts with the 2,000 largest companies in the Nasdaq US Benchmark Index and gives each one a momentum score. Momentum is the tendency of stocks that have done well lately to keep doing well. The score compares each stock's intermediate and long-term price moves with a market benchmark and with the other eligible stocks. The index then takes at least 30 energy stocks with the highest scores. These can include oil and gas producers, refiners, oilfield services, pipelines, and solar and wind companies.
Stocks are weighted by momentum score, not by company size. So a giant company does not automatically get the biggest slice. As of June 30, 2026, the index had 47 stocks with market values from $892.5 million to $567.0 billion. As of July 31, 2026, the largest holdings were Marathon Petroleum (6.4%), Cheniere Energy (5.9%) and Targa Resources (5.6%), while ExxonMobil was only 2.7%. The top ten made up 41.9% of the fund.
The fund uses full replication, which means it buys every stock in the index at the index's weights, and it keeps at least 80% of its assets in index stocks. It uses no leverage. The list changes as momentum shifts, so portfolio turnover was 106%. That means the fund traded more than the whole value of its portfolio in a year, which adds trading costs. The prospectus warns that momentum can turn quickly.
What it really costs
- PXI charges 0.6% a year, versus an average of 0.39% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.25% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $1,001 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PXI | $61 | $220 | $421 | $1,001 |
In a retirement portfolio
PXI is a concentrated, momentum-driven energy fund whose past drops of more than 60% make it suitable at most as a small add-on, not a foundation.
PXI could add concentrated exposure to US energy stocks, which do not always move with the wider market. From January to October 2022, as the broader market fell, the fund gained 40.1%. But its drops have been severe. It fell 67.8% in the 2008 financial crisis and lost 46.9% in calendar 2008, its worst year. It fell 61.9% in the 2020 COVID crash. Its deepest drop, 85.1% from June 2014 to March 2020, was not fully recovered until March 2026. Anyone who needed to sell during a slump like that would have locked in deep losses.
The income is modest: a 1.08% trailing yield as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost about $61 in fees in the first year and $1,001 over ten years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, higher-risk energy slice that follows price trends, such as refiners Marathon Petroleum, Valero and HF Sinclair as of July 2026.
- People comfortable with swings like the 62.58% loss in the first quarter of 2020 and the 75.09% gain in calendar 2021.
- Holders who accept a 0.60% fee and 106% turnover in exchange for a rules-based index that rotates among energy stocks by momentum.
Look elsewhere if
- Cost-focused investors: Vanguard Energy ETF (VDE) charges 0.09% and Fidelity MSCI Energy Index ETF (FENY) 0.084%, compared with PXI's 0.60%.
- Retirees who need steady income; the trailing yield was 1.08% as of October 27, 2026, paid quarterly.
- Anyone who can't wait out long slumps; after an 85.1% drop, PXI didn't regain its June 2014 peak until March 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PXI this fund | — | 0.6% | $52.5M | +41.8% | +16.8% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 39% | 0.6% | $180.7M | +57.0% | +16.5% |
| VDE Vanguard Energy ETF | 38% | 0.09% | $13.26B | +62.1% | +21.4% |
| FXN First Trust Energy AlphaDEX Fund | 38% | 0.61% | $379.1M | +58.5% | +15.6% |
| FENY Fidelity MSCI Energy Index ETF | 38% | 0.084% | $2.01B | +56.9% | +20.5% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 37% | 0.35% | $2.91B | +59.0% | +14.2% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 35% | 0.4% | $573.6M | +56.1% | +19.7% |
| IYE iShares U.S. Energy ETF | 35% | 0.39% | $1.76B | +56.7% | +20.5% |
Questions investors ask
Is PXI good for retirement?
At most, PXI may fit as a small, higher-risk part of a retirement portfolio, not as a core holding. It holds about 47 energy stocks chosen by momentum, and its swings have been large. It lost 61.9% in the 2020 COVID crash, and its 85.1% drop from June 2014 to March 2020 wasn't recovered until March 2026. Its 1.08% yield as of October 27, 2026 provides little income, and its 0.60% expense ratio is above the 0.39% average of similar funds.
What's the difference between PXI and VDE?
PXI and Vanguard Energy ETF (VDE) both own US energy stocks and share about 38% of their holdings, but they differ sharply in cost, size and approach. PXI picks and weights its stocks by momentum and charges 0.60%. VDE charges 0.09% and had about $13.3 billion in net assets as of August 31, 2026, compared with PXI's $52 million as of July 31, 2026. Over one year, VDE returned 62.1% (through October 30, 2026), while PXI returned 41.8% (through October 27, 2026).
Does PXI pay dividends?
Yes. PXI pays dividends quarterly. Over the 12 months through October 27, 2026, it paid about $0.71 per share, a trailing yield of 1.08%. That is modest income for an energy fund. The fund's holdings change as momentum shifts, so the size of its payouts can vary from one year to the next. Investors looking mainly for income may want to compare it with funds built for that purpose.
What is PXI's expense ratio?
PXI's expense ratio is 0.60%, according to its prospectus filed August 27, 2026. That makes it 6th cheapest of 9 similar energy funds. It is above the 0.39% peer average and far above VDE (0.09%) and FENY (0.084%). In the SEC's standard example of $10,000 invested with a 5% annual return, costs come to about $61 after one year, $421 after five years and $1,001 after ten. The fund's 106% turnover also brings trading costs that the expense ratio doesn't include.
How has PXI performed over the long term?
PXI's long-term returns have been uneven. According to its prospectus, as of December 31, 2025, its average annual returns were 3.91% over one year, 23.01% over five years and 4.78% over ten years. Calendar-year results ranged from a 35.94% loss in 2020 to a 75.09% gain in 2021. Based on price, it returned 41.8% over the year through October 27, 2026. That was the lowest of nine similar energy funds over that period.