CFA vs. DBE
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 11.50%/yr vs 11.45%/yr for DBE. At a 0.20 correlation, their price movements are largely independent. CFA charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
CFA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CFA achieves a 10.31% return, which is significantly lower than DBE's 68.39% return. Both investments have delivered pretty close results over the past 10 years, with CFA having a 11.50% annualized return and DBE not far behind at 11.45%.
CFA
- 1D
- 0.91%
- 1M
- 1.59%
- 6M
- 6.44%
- YTD
- 10.31%
- 1Y
- 14.97%
- 3Y*
- 12.93%
- 5Y*
- 8.43%
- 10Y*
- 11.50%
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%
CFA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 10.31% | 8.63% | 15.34% | 11.85% | -11.39% | 26.09% | 11.98% | 30.15% | -8.62% | 22.47% |
DBE Invesco DB Energy Fund | 68.39% | -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 -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.20 |
The correlation between CFA and DBE shifts across timeframes, from -0.26 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CFA vs. DBE — Risk / Return Rank
CFA
DBE
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.
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.
| CFA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.34 | -0.24 |
| Martin ratioReturn relative to average drawdown | 7.82 | 7.00 | +0.82 |
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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
| CFA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.74% | -86.69% | +48.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -24.72% | +17.59% |
Max Drawdown (3Y)Largest decline over 3 years | -17.28% | -24.72% | +7.44% |
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 DrawdownCurrent decline from peak | 0.00% | -36.07% | +36.07% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -57.19% | +53.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 8.26% | -6.34% |
Volatility
CFA vs. DBE - Volatility Comparison
The current volatility for VictoryShares US 500 Volatility Weighted ETF (CFA) is 2.42%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. 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
| CFA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 11.68% | -9.26% |
Volatility (6M)Calculated over the trailing 6-month period | 7.93% | 32.70% | -24.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.72% | 35.99% | -25.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.06% | 29.88% | -14.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 28.39% | -11.26% |
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 1.22%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 1.22% | 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 | 2.29% | 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 -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to CFA (2.42%). In terms of maximum drawdown, CFA dropped -37.74% vs DBE's -86.69%.
On 10-year performance, CFA leads with 11.50% vs 11.45% for DBE. On fees, CFA is cheaper at 0.35% per year. On volatility, CFA has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CFA has performed better with a 11.50% return vs 11.45%. 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 2.29%, compared with 1.22% 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 (1.61 vs 1.40), 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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