CVAR vs. DBE
CVAR (Cultivar ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - CVAR is a Mid Cap Value Equities fund actively managed by Cultivar, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. CVAR is actively managed, while DBE is passively managed. Over the past 3 years, CVAR returned 8.25%/yr vs 21.68%/yr for DBE. At a 0.12 correlation, their price movements are largely independent. CVAR charges 0.87%/yr vs 0.78%/yr for DBE.
Performance
CVAR vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, CVAR achieves a 0.41% return, which is significantly lower than DBE's 75.49% return.
CVAR
- 1D
- -0.97%
- 1M
- -0.71%
- YTD
- 0.41%
- 6M
- 1.56%
- 1Y
- 11.39%
- 3Y*
- 8.25%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -1.98%
- 1M
- -1.03%
- YTD
- 75.49%
- 6M
- 64.58%
- 1Y
- 76.30%
- 3Y*
- 21.68%
- 5Y*
- 18.57%
- 10Y*
- 11.19%
CVAR vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CVAR Cultivar ETF | 0.41% | 14.95% | 3.12% | 11.74% | -5.03% | 0.71% |
DBE Invesco DB Energy Fund | 75.49% | -2.17% | 2.96% | -12.14% | 33.77% | 1.01% |
Correlation
The correlation between CVAR and DBE is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2021 | 0.12 |
The correlation between CVAR and DBE shifts across timeframes, from -0.17 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CVAR vs. DBE — Risk / Return Rank
CVAR
DBE
CVAR vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cultivar ETF (CVAR) 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.
| CVAR | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 5.32 | -3.97 |
| Martin ratioReturn relative to average drawdown | 3.26 | 10.35 | -7.09 |
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
| CVAR | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | 2.18 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.63 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.09 | +0.28 |
Drawdowns
CVAR vs. DBE - Drawdown Comparison
The maximum CVAR drawdown since its inception was -19.39%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for CVAR and DBE.
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Drawdown Indicators
| CVAR | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.39% | -86.69% | +67.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -14.41% | +5.96% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | -23.89% | +8.31% |
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 | -6.42% | -33.38% | +26.96% |
Average DrawdownAverage peak-to-trough decline | -5.51% | -57.30% | +51.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 7.39% | -3.89% |
Volatility
CVAR vs. DBE - Volatility Comparison
The current volatility for Cultivar ETF (CVAR) is 2.49%, while Invesco DB Energy Fund (DBE) has a volatility of 11.07%. This indicates that CVAR 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
| CVAR | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 11.07% | -8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 7.58% | 31.06% | -23.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.47% | 35.12% | -23.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 29.41% | -13.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.47% | 28.34% | -12.87% |
CVAR vs. DBE - Expense Ratio Comparison
CVAR has a 0.87% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
CVAR vs. DBE - Dividend Comparison
CVAR's dividend yield for the trailing twelve months is around 1.52%, less than DBE's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CVAR Cultivar ETF | 1.52% | 1.53% | 3.57% | 1.41% | 5.52% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.20% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
CVAR and DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.07%) compared to CVAR (2.49%). In terms of maximum drawdown, CVAR dropped -19.39% vs DBE's -86.69%.
On 3-year performance, DBE leads with 21.68% vs 8.25% for CVAR. On fees, DBE is cheaper at 0.78% per year. On volatility, CVAR has been the lower-risk option at 2.49%. 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 21.68% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.87% for CVAR.
DBE has the higher dividend yield at 2.20%, compared with 1.52% for CVAR.
CVAR is categorized as Mid Cap Value Equities, while DBE is Oil & Gas. They also come from different issuers: Cultivar and Invesco. Their fees differ too: 0.87% for CVAR and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.18 vs 1.00), 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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