BITW vs. DBE
BITW (Bitwise 10 Crypto Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, BITW returned 0.56%/yr vs 16.46%/yr for DBE. Their 0.03 correlation means their historical movements had little consistent relationship. BITW charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
BITW vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -29.75% return, which is significantly lower than DBE's 63.93% return.
BITW
- 1D
- 0.66%
- 1M
- 4.51%
- 6M
- -17.92%
- YTD
- -29.75%
- 1Y
- -42.84%
- 3Y*
- 48.44%
- 5Y*
- 0.56%
- 10Y*
- —
- ALL TIME*
- 23.73%
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.51M | $1.45M | $2.54M | |
| $1.35M | $1.09M | $1.64M |
BITW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -29.75% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 10.71% |
Correlation
The correlation between BITW and DBE is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.03 |
The correlation between BITW and DBE shifts across timeframes, from -0.12 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BITW vs. DBE — Risk / Return Rank
BITW
DBE
BITW vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.
| BITW | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.26 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.26 | -3.02 |
| Martin ratioReturn relative to average drawdown | -1.15 | 7.03 | -8.19 |
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Drawdowns
BITW vs. DBE - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BITW and DBE.
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Drawdown Indicators
| BITW | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -86.69% | -9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -56.45% | -24.72% | -31.73% |
Max Drawdown (3Y)Largest decline over 3 years | -56.45% | -24.72% | -31.73% |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | -38.74% | -53.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -70.30% | -37.77% | -32.53% |
Average DrawdownAverage peak-to-trough decline | -69.58% | -57.12% | -12.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.18% | 7.95% | +29.23% |
Volatility
BITW vs. DBE - Volatility Comparison
The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 8.53%, while Invesco DB Energy Fund (DBE) has a volatility of 15.88%. This indicates that BITW 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.
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Volatility by Period
| BITW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 15.88% | -7.35% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 33.82% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.69% | 37.86% | +11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.91% | 30.19% | +33.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 107.36% | 28.64% | +78.72% |
BITW vs. DBE - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
BITW vs. DBE - Dividend Comparison
BITW has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
BITW and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.88%) compared to BITW (8.53%). In terms of maximum drawdown, BITW dropped -96.46% vs DBE's -86.69%.
On 5-year performance, DBE leads with 16.46% vs 0.56% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 8.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 16.46% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITW is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 0.00% for BITW.
BITW is categorized as Cryptocurrency, while DBE is Oil & Gas. BITW tracks Bitwise 10 Large Cap Crypto Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Bitwise and Invesco. Their fees differ too: 0.75% for BITW and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.48 vs -0.87), 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.
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