CDX vs. DBE
CDX (Simplify High Yield PLUS Credit Hedge ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CDX is actively managed, while DBE is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 23.42%/yr for DBE. At a correlation of -0.02, they often move in opposite directions. CDX charges 0.26%/yr vs 0.78%/yr for DBE.
Performance
CDX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -2.44% return, which is significantly lower than DBE's 83.68% return.
CDX
- 1D
- -0.19%
- 1M
- -0.71%
- YTD
- -2.44%
- 6M
- -2.70%
- 1Y
- -1.77%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
CDX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | -2.44% | 9.51% | 7.71% | 12.74% | -8.12% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 15.51% |
Correlation
The correlation between CDX and DBE is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2022 | -0.02 |
Over the past year, the inverse relationship between CDX and DBE has strengthened: their correlation has moved from -0.02 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CDX vs. DBE — Risk / Return Rank
CDX
DBE
CDX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield PLUS Credit Hedge ETF (CDX) 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.
| CDX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.40 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 5.89 | -6.32 |
| Martin ratioReturn relative to average drawdown | -1.00 | 11.53 | -12.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.31 | 2.43 | -2.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.09 | +0.28 |
Drawdowns
CDX vs. DBE - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CDX and DBE.
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Drawdown Indicators
| CDX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -86.69% | +73.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -14.41% | +10.23% |
Max Drawdown (3Y)Largest decline over 3 years | -8.88% | -23.89% | +15.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -7.41% | -30.27% | +22.86% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -57.31% | +52.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 7.35% | -5.58% |
Volatility
CDX vs. DBE - Volatility Comparison
The current volatility for Simplify High Yield PLUS Credit Hedge ETF (CDX) is 1.61%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that CDX 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
| CDX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 12.95% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 30.86% | -26.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 34.97% | -29.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.10% | 29.39% | -18.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.10% | 28.33% | -17.23% |
CDX vs. DBE - Expense Ratio Comparison
CDX has a 0.26% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CDX vs. DBE - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.37%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.37% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CDX and DBE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to CDX (1.61%). In terms of maximum drawdown, CDX dropped -13.24% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 7.17% for CDX. On fees, CDX is cheaper at 0.26% per year. On volatility, CDX has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 23.42% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 0.78% for DBE.
CDX has the higher dividend yield at 8.37%, compared with 2.10% for DBE.
CDX is categorized as High Yield Bonds, while DBE is Oil & Gas. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.26% for CDX and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.31), 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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