DBE vs. DBC
DBE (Invesco DB Energy Fund) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 9.10%/yr for DBC. Their correlation of 0.91 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.85%/yr for DBC.
Performance
DBE vs. DBC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than DBC's 35.47% return. Over the past 10 years, DBE has outperformed DBC with an annualized return of 12.03%, while DBC has yielded a comparatively lower 9.10% annualized return.
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
DBC
- 1D
- 0.56%
- 1M
- -3.32%
- YTD
- 35.47%
- 6M
- 35.36%
- 1Y
- 45.90%
- 3Y*
- 15.09%
- 5Y*
- 12.78%
- 10Y*
- 9.10%
DBE vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
DBC Invesco DB Commodity Index Tracking Fund | 35.47% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between DBE and DBC is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.91 |
The correlation between DBE and DBC has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DBE vs. DBC — Risk / Return Rank
DBE
DBC
DBE vs. DBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Invesco DB Commodity Index Tracking Fund (DBC). 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.
| DBE | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.43 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 6.54 | -0.65 |
| Martin ratioReturn relative to average drawdown | 11.53 | 13.91 | -2.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DBE | DBC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.47 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.67 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.51 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.12 | -0.02 |
Drawdowns
DBE vs. DBC - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for DBE and DBC.
Loading charts...
Drawdown Indicators
| DBE | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -76.36% | -10.33% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -7.05% | -7.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -13.82% | -10.07% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -27.34% | -11.40% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -41.71% | -19.13% |
Current DrawdownCurrent decline from peak | -30.27% | -21.64% | -8.63% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -46.22% | -11.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 3.31% | +4.04% |
Volatility
DBE vs. DBC - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.45%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBE | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 6.45% | +6.50% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 15.75% | +15.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 18.68% | +16.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 19.18% | +10.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 17.81% | +10.52% |
DBE vs. DBC - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
DBE vs. DBC - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, less than DBC's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.46% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
DBE and DBC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to DBC (6.45%). In terms of maximum drawdown, DBE dropped -86.69% vs DBC's -76.36%.
On 10-year performance, DBE leads with 12.03% vs 9.10% for DBC. On fees, DBE is cheaper at 0.78% per year. On volatility, DBC has been the lower-risk option at 6.45%. 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 12.03% return vs 9.10%. 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 0.85% for DBC.
DBC has the higher dividend yield at 2.46%, compared with 2.10% for DBE.
DBE is categorized as Oil & Gas, while DBC is Commodities. DBE tracks DBIQ Optimum Yield Energy Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. Their fees differ too: 0.78% for DBE and 0.85% for DBC.
DBC currently has the higher Sharpe Ratio (2.47 vs 2.43), 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.
Find the right allocation for DBE and DBC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer