“At writing, the P/B of the S&P 500 Energy Sector was 1.78 and on the lower end of the range seen since 1990. The ratio had lifted from a low of 1.605 on Dec. 15, 2014,” according to PowerShares.

The PowerShares DWA Energy Momentum Portfolio (NYSEArca: PXI) is another energy ETF with the look of a 2015 contrarian play after falling 18.5% last year.

The $155.8 million PXI tracks the DWA Energy Technical Leaders Index, which attempts to identify energy sector constituents displaying positive relative strength characteristics. With refiners among the energy sector’s relative strength leaders at the moment, PXI, like PXE, features robust refiner exposure.

Of PXI’s top 10 holdings, a group that combines for nearly 40% of the ETF’s weight, five are refiners. That quintet includes Tesoro (NYSE: TSO), Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX).

“Oil prices had a material decline in 2014, although it is too early to say they have bottomed and history may argue for more weakness into the New Year. At the same time, energy stocks are showing inexpensive valuation based on their P/B ratio, and valuation suggests investors may want to put the energy sector on their shopping list for 2015,” according to PowerShares.

PowerShares DWA Energy Momentum Portfolio