DBB vs. DBE
DBB (Invesco DB Base Metals Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DBB returned 9.08%/yr vs 11.31%/yr for DBE. At a 0.35 correlation, their price movements are largely independent. DBB charges 0.80%/yr vs 0.78%/yr for DBE.
Performance
DBB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, DBB achieves a 10.81% return, which is significantly lower than DBE's 75.32% return. Over the past 10 years, DBB has underperformed DBE with an annualized return of 9.08%, while DBE has yielded a comparatively higher 11.31% annualized return.
DBB
- 1D
- -0.97%
- 1M
- 0.39%
- YTD
- 10.81%
- 6M
- 18.37%
- 1Y
- 40.01%
- 3Y*
- 17.45%
- 5Y*
- 7.62%
- 10Y*
- 9.08%
DBE
- 1D
- -1.80%
- 1M
- -1.58%
- YTD
- 75.32%
- 6M
- 70.22%
- 1Y
- 72.92%
- 3Y*
- 21.95%
- 5Y*
- 18.31%
- 10Y*
- 11.31%
DBB vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 10.81% | 25.01% | 7.90% | 1.15% | -11.80% | 28.97% | 15.53% | -1.17% | -19.47% | 30.09% |
DBE Invesco DB Energy Fund | 75.32% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between DBB and DBE is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.35 |
The correlation between DBB and DBE shifts across timeframes, from -0.05 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBB vs. DBE — Risk / Return Rank
DBB
DBE
DBB vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) 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.
| DBB | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 5.09 | -1.43 |
| Martin ratioReturn relative to average drawdown | 13.81 | 9.83 | +3.98 |
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
| DBB | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 2.08 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.63 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.40 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.09 | -0.02 |
Drawdowns
DBB vs. DBE - Drawdown Comparison
The maximum DBB drawdown since its inception was -60.20%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DBB and DBE.
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Drawdown Indicators
| DBB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.20% | -86.69% | +26.49% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -14.41% | +3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -16.59% | -23.89% | +7.30% |
Max Drawdown (5Y)Largest decline over 5 years | -35.00% | -38.74% | +3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -37.98% | -60.84% | +22.86% |
Current DrawdownCurrent decline from peak | -4.54% | -33.44% | +28.90% |
Average DrawdownAverage peak-to-trough decline | -30.87% | -57.27% | +26.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 7.44% | -4.54% |
Volatility
DBB vs. DBE - Volatility Comparison
The current volatility for Invesco DB Base Metals Fund (DBB) is 6.10%, while Invesco DB Energy Fund (DBE) has a volatility of 11.32%. This indicates that DBB 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
| DBB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 11.32% | -5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.90% | 31.16% | -15.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 35.19% | -16.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.27% | 29.44% | -9.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.48% | 28.34% | -9.86% |
DBB vs. DBE - Expense Ratio Comparison
DBB has a 0.80% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
DBB vs. DBE - Dividend Comparison
DBB's dividend yield for the trailing twelve months is around 2.36%, more than DBE's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBB Invesco DB Base Metals Fund | 2.36% | 2.61% | 4.75% | 7.21% | 0.94% | 0.00% | 0.00% | 1.83% | 1.59% |
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
DBB and DBE have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.32%) compared to DBB (6.10%). In terms of maximum drawdown, DBB dropped -60.20% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.31% vs 9.08% for DBB. On fees, DBE is cheaper at 0.78% per year. On volatility, DBB has been the lower-risk option at 6.10%. 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 11.31% return vs 9.08%. 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 0.80% for DBB.
DBB has the higher dividend yield at 2.36%, compared with 2.20% for DBE.
DBB is categorized as Metals, while DBE is Oil & Gas. DBB tracks DBIQ Optimum Yield Industrial Metals Index Excess Return, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.80% for DBB and 0.78% for DBE.
DBB currently has the higher Sharpe Ratio (2.21 vs 2.08), 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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