DBC vs. XLE
DBC (Invesco DB Commodity Index Tracking Fund) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, DBC returned 9.54%/yr vs 10.52%/yr for XLE. Their 0.63 correlation means they have sometimes moved together and sometimes differently. DBC charges 0.85%/yr vs 0.08%/yr for XLE.
Performance
DBC vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, DBC achieves a 31.71% return, which is significantly lower than XLE's 35.03% return. Over the past 10 years, DBC has underperformed XLE with an annualized return of 9.54%, while XLE has yielded a comparatively higher 10.52% annualized return.
DBC
- 1D
- 0.44%
- 1M
- 11.34%
- 6M
- 20.55%
- YTD
- 31.71%
- 1Y
- 35.60%
- 3Y*
- 11.07%
- 5Y*
- 11.66%
- 10Y*
- 9.54%
- ALL TIME*
- 2.04%
XLE
- 1D
- 1.00%
- 1M
- 12.76%
- 6M
- 18.26%
- YTD
- 35.03%
- 1Y
- 40.82%
- 3Y*
- 14.62%
- 5Y*
- 23.67%
- 10Y*
- 10.52%
- ALL TIME*
- 8.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.92M | $29.19M | $34.33M | |
| $1.70B | $1.73B | $1.97B |
DBC vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 31.71% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
XLE State Street Energy Select Sector SPDR ETF | 35.03% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between DBC and XLE is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.63 |
The correlation between DBC and XLE has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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Return for Risk
DBC vs. XLE — Risk / Return Rank
DBC
XLE
DBC vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Commodity Index Tracking Fund (DBC) and State Street Energy Select Sector SPDR ETF (XLE). 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.
| DBC | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.74 | -0.58 |
| Martin ratioReturn relative to average drawdown | 7.20 | 7.32 | -0.12 |
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Drawdowns
DBC vs. XLE - Drawdown Comparison
The maximum DBC drawdown since its inception was -76.36%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for DBC and XLE.
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Drawdown Indicators
| DBC | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.36% | -71.26% | -5.10% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -14.98% | -1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -20.14% | +3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -27.34% | -26.04% | -1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -41.71% | -66.81% | +25.10% |
Current DrawdownCurrent decline from peak | -23.81% | -4.13% | -19.68% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -17.93% | -28.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 5.62% | -0.62% |
Volatility
DBC vs. XLE - Volatility Comparison
Invesco DB Commodity Index Tracking Fund (DBC) has a higher volatility of 7.01% compared to State Street Energy Select Sector SPDR ETF (XLE) at 5.85%. This indicates that DBC's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBC | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 5.85% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 16.71% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.58% | 21.05% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.31% | 25.77% | -6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.87% | 29.57% | -11.70% |
DBC vs. XLE - Expense Ratio Comparison
DBC has a 0.85% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
DBC vs. XLE - Dividend Comparison
DBC's dividend yield for the trailing twelve months is around 2.53%, which matches XLE's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.53% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.55% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
DBC and XLE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (7.01%) compared to XLE (5.85%). In terms of maximum drawdown, DBC dropped -76.36% vs XLE's -71.26%.
On 10-year performance, XLE leads with 10.52% vs 9.54% for DBC. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLE has performed better with a 10.52% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.85% for DBC.
XLE has the higher dividend yield at 2.55%, compared with 2.53% for DBC.
DBC is categorized as Commodities, while XLE is Energy Equities. DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return, while XLE tracks Energy Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.85% for DBC and 0.08% for XLE.
XLE currently has the higher Sharpe Ratio (1.95 vs 1.83), 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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