AJAN vs. DBE

Last updated Jul 17, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. AJAN is actively managed, while DBE is passively managed. Over the past year, AJAN returned 5.15% vs 57.64% for DBE. At a correlation of -0.07, they often move in opposite directions. AJAN charges 0.79%/yr vs 0.78%/yr for DBE.

Performance

AJAN vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) 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, AJAN achieves a 2.17% return, which is significantly lower than DBE's 68.39% return.

AJAN

• 1D: -0.05%
• 1M: 0.06%
• 6M: 1.79%
• YTD: 2.17%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.09%
• 1M: 6.25%
• 6M: 65.69%
• YTD: 68.39%
• 1Y: 57.64%
• 3Y*: 17.96%
• 5Y*: 17.10%
• 10Y*: 11.45%

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

AJAN vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	2.17%	6.12%	7.61%
DBE Invesco DB Energy Fund	68.39%	-2.17%	2.96%

Correlation

The correlation between AJAN and DBE is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.07

The correlation between AJAN and DBE shifts across timeframes, from -0.25 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AJAN vs. DBE — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 78
AJAN Sharpe Ratio Rank: 82
AJAN Sortino Ratio Rank: 87
AJAN Omega Ratio Rank: 90
AJAN Calmar Ratio Rank: 57
AJAN Martin Ratio Rank: 76

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
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.

AJAN vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) 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.

	AJAN	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.61	+0.48
Sortino ratio: Return per unit of downside risk	3.18	2.21	+0.97
Omega ratio: Gain probability vs. loss probability	1.46	1.28	+0.18
Calmar ratio: Return relative to maximum drawdown	2.31	2.34	-0.04
Martin ratio: Return relative to average drawdown	11.22	7.00	+4.22

AJAN vs. DBE - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.09, which is higher than the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of AJAN 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

AJAN vs. DBE - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for AJAN and DBE.

Drawdown Indicators

	AJAN	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-86.69%	+82.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-24.72%	+22.48%
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	-0.09%	-36.07%	+35.98%
Average Drawdown Average peak-to-trough decline	-0.29%	-57.19%	+56.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	8.26%	-7.80%

Volatility

AJAN vs. DBE - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) is 0.77%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that AJAN experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	11.68%	-10.91%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	32.70%	-30.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	35.99%	-33.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	29.88%	-26.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	28.39%	-24.61%

AJAN vs. DBE - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

AJAN vs. DBE - Dividend Comparison

AJAN has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	0.00%	0.00%	0.00%	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 AJAN and DBE in my portfolio?

AJAN and DBE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJAN or DBE?

DBE has higher volatility (11.68%) compared to AJAN (0.77%). In terms of maximum drawdown, AJAN dropped -4.11% vs DBE's -86.69%.

Which ETF is better, AJAN or DBE?

On 1-year performance, DBE leads with 57.64% vs 5.15% for AJAN. On fees, DBE is cheaper at 0.78% per year. On volatility, AJAN has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for AJAN.

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

DBE has the higher dividend yield at 2.29%, compared with 0.00% for AJAN.

What is the main difference between AJAN and DBE?

AJAN is categorized as Options Trading, while DBE is Oil & Gas. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for AJAN and 0.78% for DBE.

Which has better risk-adjusted returns?

AJAN currently has the higher Sharpe Ratio (2.09 vs 1.61), 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.