PXJ vs XES

PXJCInvesco Oil & Gas Services ETF

XESBState Street SPDR S&P Oil & Gas Equipment & Services ETF

In short

PXJ Oilfield services run through a quant filter: PXJ's index ranks drillers, equipment makers and service firms on momentum, quality and value, then holds about 30. Trading since 2005, at 0.63% net of a waiver through August 31, 2028.

XES Oilfield services without the two giants calling the shots. XES tracks a modified equal-weight index of about 30 drillers and equipment makers, so mid- and small-caps carry real weight, and it has been doing that since 2006 at 0.35%.

Stated mandate

PXJ The Fund tracks the Dynamic Oil Services Intellidex Index by normally investing at least 90% of total assets in its constituent common stocks. The index targets 30 U.S. companies supporting oil and gas production, processing, and distribution.

XES The fund seeks to track, before fees and expenses, the total return performance of the S&P Oil & Gas Equipment & Services Select Industry Index.

Why people hold it

• PXJ Not a cap-weighted mirror. The index scores candidates on price momentum, earnings momentum, quality, management action and value, then reconstitutes four times a year.invesco.com
• Weight spreads across size tiers rather than piling into the biggest service names, leaving more room for mid- and small-cap drillers than a cap-weighted build.sec.gov
• Listed in 2005, it has traded through multiple drilling booms and busts, holding about 30 US companies that support oil and gas production, processing and distribution.

• XES Modified equal weighting, reset each quarter, spreads the fund across roughly 30 drillers and equipment names rather than letting the sector's largest two dominate.ssga.comspglobal.com
• 0.35% a year, well under the median for its energy peer group and under PXJ's 0.67% in the same oil services niche.
• A clean services play: holdings come only from the oil and gas drilling and equipment and services sub-industries, not producers, refiners or pipelines.ssga.com
• Trading since 2006, through multiple drilling booms and busts, with distributions paid quarterly.

Worth knowing

• PXJ 0.63% net of a waiver through August 31, 2028, near the energy-sector median. Gross is 0.77%, so the cost steps up if that waiver is not extended.
• Cheaper routes into the niche exist: XES charges 0.35%, with no waiver attached. The quant screen is what the difference buys.
• About 30 stocks in one cyclical industry, tracking drilling and completion budgets more than the broad energy complex, with moderate volume rather than mega-fund liquidity.

• XES About 30 stocks in one narrow, capex-driven industry, so moves tend to be sharper than a broad energy fund's.
• Equal weighting puts small and mid caps on the same footing as the majors, which cuts both ways on volatility.ssga.com
• A mid-sized fund with moderate trading rather than a category heavyweight, so execution costs matter more on larger orders.

Full PXJ profile⁠

Full XES profile⁠