Invesco DWA Energy Momentum ETF (PXI) Valuation
PXI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 31.9 trailing earnings
- Forward P/E
- 12.2 analyst estimates
- Price / sales
- 1.17
- Price / book
- 2.11
- EV / EBITDA
- 6.8
- Earnings yield
- 3.14% inverse of P/E
- Dividend yield
- 1.77% of the holdings
- Return on equity
- 6.6% combined
- Net margin
- 3.7% combined
- Beta
- 0.64 weighted, vs S&P 500
PXI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PXI | 31.9 | 12.2 | 1.17 | 2.11 | 1.77% | 6.6% | 3.7% | 13.8% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
PXI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 96.2% | 30.4 | 12.0 | 1.17 | 2.06 | 1.81% | 6.8% |
| Basic Materials | 2.3% | n/m | 49.0 | 1.11 | 19.32 | 0.00% | −51.9% |
PXI earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How PXI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PXI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LNG | Cheniere Energy, Inc. | 4.11% | 21.9 | 13.5 | 2.9 | 0.77% | 6.58% |
| YZ8 | Permian Resources Corporation | 3.86% | — | — | — | — | — |
| DINO | HF Sinclair Corporation | 3.84% | 11.9 | 10.0 | 0.7 | 1.68% | 11.31% |
| PSX | Phillips 66 | 3.84% | 16.8 | 9.7 | 0.8 | 1.81% | 8.05% |
| TRGP | Targa Resources Corp. | 3.84% | 28.2 | 23.2 | 3.8 | 1.70% | 4.78% |
| VLO | Valero Energy Corporation | 3.69% | 18.5 | 10.2 | 1.0 | 1.08% | 6.99% |
| MPC | Marathon Petroleum Corporation | 3.62% | 16.6 | 5.5 | 0.9 | 0.84% | 7.69% |
| XOM | Exxon Mobil Corporation | 3.41% | 23.0 | 14.8 | 2.0 | 2.30% | 5.19% |
| PBF | PBF Energy Inc. | 3.28% | 7.4 | 8.4 | 0.3 | 1.30% | 15.45% |
| COP | ConocoPhillips | 2.94% | 19.4 | 12.7 | 2.7 | 2.29% | 5.32% |
| APA | APA Corporation | 2.73% | 10.4 | 9.4 | 2.0 | 2.03% | 9.21% |
| DK | Delek US Holdings, Inc. | 2.71% | 20.8 | 20.3 | 0.4 | 1.33% | 4.58% |
| CVX | Chevron Corporation | 2.69% | 21.2 | 15.2 | 2.1 | 3.16% | 4.46% |
| FANG | Diamondback Energy, Inc. | 2.62% | 38.8 | 10.0 | 3.5 | 2.16% | 2.37% |
| RIG | Transocean Ltd. | 2.47% | — | 15.2 | 1.5 | — | −24.67% |
| DVN | Devon Energy Corporation | 2.43% | 11.1 | 9.3 | 3.0 | 2.52% | 7.72% |
| SOI | Solaris Oilfield Infrastructure Inc | 2.42% | — | — | — | — | — |
| CLMT | Calumet Specialty Products Partners, L.P. | 2.33% | — | 49.0 | 1.1 | — | −2.20% |
| SM | SM Energy Company | 2.27% | 7.0 | 4.4 | 1.9 | 2.23% | 11.36% |
| PARR | Par Pacific Holdings, Inc. | 2.23% | 4.9 | 10.5 | 0.5 | — | 16.05% |
| KNTK | Kinetik Holdings Inc. | 2.22% | 19.3 | 21.4 | 5.0 | 5.86% | 4.03% |
| WMB | The Williams Companies, Inc. | 2.13% | 28.4 | 26.8 | 7.1 | 2.95% | 2.63% |
| KMI | Kinder Morgan, Inc. | 2.11% | 22.1 | 20.0 | 4.2 | 3.45% | 3.36% |
| TDW | Tidewater Inc. | 2.10% | 16.2 | 36.4 | 2.9 | — | 4.55% |
| BKR | Baker Hughes Company | 2.02% | 17.9 | 18.0 | 2.0 | 1.65% | 3.95% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About PXI valuation
Adding up its 39 holdings with company data, PXI trades at 31.9 times trailing earnings and 12.2 times analysts' forward estimates, with a price-to-book ratio of 2.11 and a dividend yield of 1.77%. Its earnings yield of 3.14% is 2.19 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 36.4% of the fund and earn 80.6% of its combined profit. Companies that lost money over the past year are 13.8% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 90.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PXI chart, PXI performance, PXI holdings, PXI dividends.
PXI valuation FAQ
What is the P/E ratio of PXI?
Based on its holdings, PXI has a trailing P/E of 31.9 and a forward P/E of 12.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PXI?
The trailing earnings yield is 3.14% (1 ÷ P/E) and the forward earnings yield 8.17%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PXI more expensive than the S&P 500?
PXI trades at 31.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.2 and 19.9.
What is the price-to-book ratio of PXI?
The holdings of PXI trade at 2.11 times book value, with a combined return on equity of 6.6%.