A pumping system deployed in a wellbore has a motor, a pump driven by the motor, and a volumetric compensator connected to the motor to accommodate the expansion and contraction of fluids contained within the motor. The volumetric compensator has a head connected to the motor, a base that includes a fluid exchange port that extends to the wellbore, and a housing extending between the head and the base. The volumetric compensator further includes an inverted bellows assembly contained within the housing. The inverted bellows assembly includes a metal bellows that has an interior, an exterior, a proximal end and a distal end. The interior of the metal bellows is in fluid communication with the wellbore. The inverted bellows assembly may also include one or more guide rings connected to the exterior of the metal bellows. The guide rings are lubricated by the clean motor fluid surrounding the exterior of the metal bellows.