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 3.55%/yr vs 17.23%/yr for DBE. At a 0.04 correlation, their price movements are largely independent. BITW charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
BITW vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BITW achieves a -29.09% return, which is significantly lower than DBE's 69.05% return.
BITW
- 1D
- 4.33%
- 1M
- 3.34%
- 6M
- -34.97%
- YTD
- -29.09%
- 1Y
- -43.70%
- 3Y*
- 46.32%
- 5Y*
- 3.55%
- 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%
BITW vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -29.09% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
DBE Invesco DB Energy Fund | 69.05% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 10.71% |
Correlation
The correlation between BITW and DBE is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.04 |
The correlation between BITW and DBE shifts across timeframes, from -0.09 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.35 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.25 | 7.10 | -8.36 |
Loading charts...
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.
Loading charts...
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 | -70.03% | -35.82% | -34.21% |
Average DrawdownAverage peak-to-trough decline | -69.58% | -57.19% | -12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.97% | 8.17% | +26.80% |
Volatility
BITW vs. DBE - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 12.84% compared to Invesco DB Energy Fund (DBE) at 12.20%. This indicates that BITW'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.
Loading charts...
Volatility by Period
| BITW | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.84% | 12.20% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 37.64% | 32.74% | +4.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.77% | 35.99% | +13.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.31% | 29.88% | +35.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 107.89% | 28.40% | +79.49% |
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 2.29%.
| 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 | 2.29% | 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 -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITW has higher volatility (12.84%) compared to DBE (12.20%). In terms of maximum drawdown, BITW dropped -96.46% vs DBE's -86.69%.
On 5-year performance, DBE leads with 17.23% vs 3.55% for BITW. On fees, BITW is cheaper at 0.75% 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.
Over the 5-year period, DBE has performed better with a 17.23% return vs 3.55%. 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 2.29%, 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 (1.62 vs -0.88), 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.
Find the right allocation for BITW and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer