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CFA vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CFA vs. DBE

Last updated Jun 3, 2026

CFA (VictoryShares US 500 Volatility Weighted ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CFA is a Large Cap Blend Equities fund tracking the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, CFA returned 11.44%/yr vs 11.78%/yr for DBE. At a 0.21 correlation, their price movements are largely independent. CFA charges 0.35%/yr vs 0.78%/yr for DBE.

Performance

CFA vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US 500 Volatility Weighted ETF (CFA) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CFA achieves a 6.98% return, which is significantly lower than DBE's 79.50% return. Both investments have delivered pretty close results over the past 10 years, with CFA having a 11.44% annualized return and DBE not far ahead at 11.78%.

CFA

1D
0.49%
1M
1.35%
YTD
6.98%
6M
7.87%
1Y
14.73%
3Y*
13.90%
5Y*
7.94%
10Y*
11.44%

DBE

1D
0.80%
1M
-3.65%
YTD
79.50%
6M
72.59%
1Y
82.31%
3Y*
22.48%
5Y*
19.20%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CFA vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CFA
VictoryShares US 500 Volatility Weighted ETF		6.98%8.63%15.34%11.85%-11.39%26.09%11.98%30.15%-8.62%22.47%
DBE
Invesco DB Energy Fund		79.50%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between CFA 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 (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jul 3, 2014

0.21

The correlation between CFA and DBE shifts across timeframes, from -0.25 (1 year) to 0.21 (all time), 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.

VictoryShares US 500 Volatility Weighted ETF

Invesco DB Energy Fund

Often compared with CFA:
CFA vs. BDGSCFA vs. CFOCFA vs. SPYCFA vs. CDCCFA vs. XLGCFA vs. LGLVCFA vs. VONG
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

CFA vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CFA
CFA Risk / Return Rank: 4040
Overall Rank
CFA Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
CFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
CFA Omega Ratio Rank: 3636
Omega Ratio Rank
CFA Calmar Ratio Rank: 4141
Calmar Ratio Rank
CFA Martin Ratio Rank: 4646
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6161
Sortino Ratio Rank
DBE Omega Ratio Rank: 6464
Omega Ratio Rank
DBE Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBE Martin Ratio Rank: 6565
Martin Ratio Rank
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.

CFA vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) 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.

CFADBEDifference

Sharpe ratio

Return per unit of total volatility

1.38

2.37

-0.99

Sortino ratio

Return per unit of downside risk

2.05

2.91

-0.86

Omega ratio

Gain probability vs. loss probability

1.24

1.39

-0.15

Calmar ratio

Return relative to maximum drawdown

2.07

6.10

-4.03

Martin ratio

Return relative to average drawdown

7.69

11.98

-4.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFA vs. DBE - Sharpe Ratio Comparison

The current CFA Sharpe Ratio is 1.38, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CFA 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.

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Sharpe Ratios by Period

CFADBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.38

2.37

-0.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.66

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.42

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.62

0.09

+0.53

Drawdowns

CFA vs. DBE - Drawdown Comparison

The maximum CFA drawdown since its inception was -37.74%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CFA and DBE.

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Drawdown Indicators

CFADBEDifference

Max Drawdown

Largest peak-to-trough decline

-37.74%

-86.69%

+48.95%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-14.41%

+7.28%

Max Drawdown (3Y)

Largest decline over 3 years

-17.28%

-23.89%

+6.61%

Max Drawdown (5Y)

Largest decline over 5 years

-20.88%

-38.74%

+17.86%

Max Drawdown (10Y)

Largest decline over 10 years

-37.74%

-60.84%

+23.10%

Current Drawdown

Current decline from peak

0.00%

-31.85%

+31.85%

Average Drawdown

Average peak-to-trough decline

-4.17%

-57.31%

+53.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

7.34%

-5.42%

Volatility

CFA vs. DBE - Volatility Comparison

The current volatility for VictoryShares US 500 Volatility Weighted ETF (CFA) is 2.52%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that CFA 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

CFADBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.52%

13.47%

-10.95%

Volatility (6M)

Calculated over the trailing 6-month period

7.86%

30.80%

-22.94%

Volatility (1Y)

Calculated over the trailing 1-year period

10.69%

35.02%

-24.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.06%

29.37%

-14.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

28.33%

-11.11%

CFA vs. DBE - Expense Ratio Comparison

CFA has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

CFA vs. DBE - Dividend Comparison

CFA's dividend yield for the trailing twelve months is around 1.23%, less than DBE's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
CFA
VictoryShares US 500 Volatility Weighted ETF		1.23%1.29%1.32%1.42%1.59%1.04%1.21%1.35%1.50%1.15%1.37%1.31%
DBE
Invesco DB Energy Fund		2.15%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%

Frequently Asked Questions

CFA 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.

DBE has higher volatility (13.47%) compared to CFA (2.52%). In terms of maximum drawdown, CFA dropped -37.74% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.78% vs 11.44% for CFA. On fees, CFA is cheaper at 0.35% per year. On volatility, CFA has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBE has performed better with a 11.78% return vs 11.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CFA is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.15%, compared with 1.23% for CFA.

CFA is categorized as Large Cap Blend Equities, while DBE is Oil & Gas. CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VictoryShares and Invesco. Their fees differ too: 0.35% for CFA and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.37 vs 1.38), 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.

Portfolio Optimizer

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