AAPX vs. DBE

Last updated Jul 15, 2026

AAPX (T-Rex 2X Long Apple Daily Target ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AAPX is a Leveraged Equities fund actively managed by T-Rex, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. AAPX is actively managed, while DBE is passively managed. Over the past year, AAPX returned 92.30% vs 57.89% for DBE. At a correlation of -0.03, they often move in opposite directions. AAPX charges 1.05%/yr vs 0.78%/yr for DBE.

Performance

AAPX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Apple Daily Target ETF (AAPX) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPX achieves a 22.03% return, which is significantly lower than DBE's 69.05% return.

AAPX

• 1D: -1.81%
• 1M: 14.72%
• 6M: 33.22%
• YTD: 22.03%
• 1Y: 92.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 1.79%
• 1M: 0.60%
• 6M: 61.38%
• YTD: 69.05%
• 1Y: 57.89%
• 3Y*: 17.83%
• 5Y*: 17.23%
• 10Y*: 11.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPX vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPX T-Rex 2X Long Apple Daily Target ETF	22.03%	-4.95%	58.57%
DBE Invesco DB Energy Fund	69.05%	-2.17%	2.32%

Correlation

The correlation between AAPX and DBE is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.03

The correlation between AAPX and DBE shifts across timeframes, from -0.21 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AAPX vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPX

AAPX Risk / Return Rank: 69
AAPX Sharpe Ratio Rank: 76
AAPX Sortino Ratio Rank: 69
AAPX Omega Ratio Rank: 71
AAPX Calmar Ratio Rank: 75
AAPX Martin Ratio Rank: 52

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 61
DBE Sortino Ratio Rank: 58
DBE Omega Ratio Rank: 57
DBE Calmar Ratio Rank: 59
DBE Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Apple Daily Target ETF (AAPX) and Invesco DB Energy Fund (DBE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAPX	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.62	+0.31
Sortino ratio: Return per unit of downside risk	2.51	2.22	+0.28
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.08	2.35	+0.73
Martin ratio: Return relative to average drawdown	6.99	7.10	-0.11

AAPX vs. DBE - Sharpe Ratio Comparison

The current AAPX Sharpe Ratio is 1.93, which is comparable to the DBE Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AAPX and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPX vs. DBE - Drawdown Comparison

The maximum AAPX drawdown since its inception was -58.55%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AAPX and DBE.

Drawdown Indicators

	AAPX	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-86.69%	+28.14%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-24.72%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-2.89%	-35.82%	+32.93%
Average Drawdown Average peak-to-trough decline	-18.96%	-57.19%	+38.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.25%	8.17%	+5.08%

Volatility

AAPX vs. DBE - Volatility Comparison

T-Rex 2X Long Apple Daily Target ETF (AAPX) has a higher volatility of 19.53% compared to Invesco DB Energy Fund (DBE) at 12.20%. This indicates that AAPX's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPX	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.53%	12.20%	+7.33%
Volatility (6M) Calculated over the trailing 6-month period	37.66%	32.74%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	48.28%	35.99%	+12.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.05%	29.88%	+25.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.05%	28.40%	+26.65%

AAPX vs. DBE - Expense Ratio Comparison

AAPX has a 1.05% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

AAPX vs. DBE - Dividend Comparison

AAPX's dividend yield for the trailing twelve months is around 0.55%, less than DBE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAPX T-Rex 2X Long Apple Daily Target ETF	0.55%	0.67%	21.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%

Frequently Asked Questions

Can I hold both AAPX and DBE in my portfolio?

AAPX and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPX or DBE?

AAPX has higher volatility (19.53%) compared to DBE (12.20%). In terms of maximum drawdown, AAPX dropped -58.55% vs DBE's -86.69%.

Which ETF is better, AAPX or DBE?

On 1-year performance, AAPX leads with 92.30% vs 57.89% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPX or DBE?

Over the 1-year period, AAPX has performed better with a 92.30% return vs 57.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPX or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.05% for AAPX.

Which ETF pays a higher dividend yield, AAPX or DBE?

DBE has the higher dividend yield at 2.29%, compared with 0.55% for AAPX.

What is the main difference between AAPX and DBE?

AAPX is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: T-Rex and Invesco. Their fees differ too: 1.05% for AAPX and 0.78% for DBE.

Which has better risk-adjusted returns?

AAPX currently has the higher Sharpe Ratio (1.93 vs 1.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.