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 7.81%/yr vs 9.04%/yr for XLE. A 0.63 correlation means they provide meaningful diversification when combined. 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 23.57% return, which is significantly higher than XLE's 21.05% return. Over the past 10 years, DBC has underperformed XLE with an annualized return of 7.81%, while XLE has yielded a comparatively higher 9.04% annualized return.
DBC
- 1D
- -0.29%
- 1M
- -10.00%
- YTD
- 23.57%
- 6M
- 24.99%
- 1Y
- 22.79%
- 3Y*
- 10.38%
- 5Y*
- 11.27%
- 10Y*
- 7.81%
XLE
- 1D
- -1.65%
- 1M
- -9.06%
- YTD
- 21.05%
- 6M
- 23.69%
- 1Y
- 24.74%
- 3Y*
- 13.61%
- 5Y*
- 19.82%
- 10Y*
- 9.04%
DBC vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 23.57% | 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 | 21.05% | 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 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
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 0.66 - 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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 1.86 | -0.02 |
| Martin ratioReturn relative to average drawdown | 6.05 | 5.68 | +0.37 |
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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 | -12.81% | -14.05% | +1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -20.14% | +6.32% |
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 | -28.52% | -14.05% | -14.47% |
Average DrawdownAverage peak-to-trough decline | -46.18% | -17.97% | -28.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 4.59% | -0.71% |
Volatility
DBC vs. XLE - Volatility Comparison
The current volatility for Invesco DB Commodity Index Tracking Fund (DBC) is 4.93%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.10%. This indicates that DBC experiences smaller price fluctuations and is considered to be less risky 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 | 4.93% | 7.10% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 16.98% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 20.92% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.20% | 26.03% | -6.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.80% | 29.60% | -11.80% |
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 2.69%, less than XLE's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.69% | 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 | 2.77% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.10%) compared to DBC (4.93%). In terms of maximum drawdown, DBC dropped -76.36% vs XLE's -71.26%.
On 10-year performance, XLE leads with 9.04% vs 7.81% for DBC. On fees, XLE is cheaper at 0.08% per year. On volatility, DBC has been the lower-risk option at 4.93%. 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 9.04% return vs 7.81%. 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 2.77%, compared with 2.69% 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.
DBC currently has the higher Sharpe Ratio (1.26 vs 1.25), 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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