CSD vs. DBE
CSD (Invesco S&P Spin-Off ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CSD is a Mid Cap Blend Equities fund tracking the S&P U.S. Spin-Off Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, CSD returned 13.46%/yr vs 11.45%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. CSD charges 0.65%/yr vs 0.78%/yr for DBE.
Performance
CSD vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CSD achieves a 37.16% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, CSD has outperformed DBE with an annualized return of 13.46%, while DBE has yielded a comparatively lower 11.45% annualized return.
CSD
- 1D
- -0.06%
- 1M
- -4.35%
- 6M
- 22.61%
- YTD
- 37.16%
- 1Y
- 63.64%
- 3Y*
- 33.26%
- 5Y*
- 17.75%
- 10Y*
- 13.46%
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%
CSD vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 37.16% | 21.58% | 27.61% | 23.77% | -15.04% | 13.01% | 10.79% | 20.61% | -17.82% | 20.64% |
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 CSD and DBE is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.27 |
The correlation between CSD and DBE shifts across timeframes, from -0.28 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSD vs. DBE — Risk / Return Rank
CSD
DBE
CSD vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) 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.
| CSD | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.28 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 5.64 | 2.34 | +3.30 |
| Martin ratioReturn relative to average drawdown | 19.50 | 7.00 | +12.50 |
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Drawdowns
CSD vs. DBE - Drawdown Comparison
The maximum CSD drawdown since its inception was -70.47%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CSD and DBE.
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Drawdown Indicators
| CSD | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.47% | -86.69% | +16.22% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -24.72% | +13.38% |
Max Drawdown (3Y)Largest decline over 3 years | -30.15% | -24.72% | -5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -30.15% | -38.74% | +8.59% |
Max Drawdown (10Y)Largest decline over 10 years | -57.55% | -60.84% | +3.29% |
Current DrawdownCurrent decline from peak | -8.65% | -36.07% | +27.42% |
Average DrawdownAverage peak-to-trough decline | -14.17% | -57.19% | +43.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 8.26% | -4.99% |
Volatility
CSD vs. DBE - Volatility Comparison
The current volatility for Invesco S&P Spin-Off ETF (CSD) is 8.99%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that CSD 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
| CSD | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.99% | 11.68% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 19.59% | 32.70% | -13.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.71% | 35.99% | -10.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.61% | 29.88% | -6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.96% | 28.39% | -3.43% |
CSD vs. DBE - Expense Ratio Comparison
CSD has a 0.65% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
CSD vs. DBE - Dividend Comparison
CSD's dividend yield for the trailing twelve months is around 0.12%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 0.12% | 0.16% | 0.17% | 0.51% | 0.86% | 0.73% | 0.99% | 1.08% | 0.99% | 0.60% | 1.62% | 2.61% |
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
CSD and DBE have a correlation of -0.28, 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 CSD (8.99%). In terms of maximum drawdown, CSD dropped -70.47% vs DBE's -86.69%.
On 10-year performance, CSD leads with 13.46% vs 11.45% for DBE. On fees, CSD is cheaper at 0.65% per year. On volatility, CSD has been the lower-risk option at 8.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSD has performed better with a 13.46% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSD is cheaper with a 0.65% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 0.12% for CSD.
CSD is categorized as Mid Cap Blend Equities, while DBE is Oil & Gas. CSD tracks S&P U.S. Spin-Off Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.65% for CSD and 0.78% for DBE.
CSD currently has the higher Sharpe Ratio (2.49 vs 1.61), 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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