DBE vs. NCPB

Last updated Jul 17, 2026

DBE (Invesco DB Energy Fund) and NCPB (Nuveen Core Plus Bond ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen. DBE is passively managed, while NCPB is actively managed. Over the past year, DBE returned 57.64% vs 5.31% for NCPB. At a correlation of -0.28, they often move in opposite directions. DBE charges 0.78%/yr vs 0.30%/yr for NCPB.

Performance

DBE vs. NCPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Nuveen Core Plus Bond ETF (NCPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBE achieves a 68.39% return, which is significantly higher than NCPB's 0.55% return.

DBE

• 1D: -1.09%
• 1M: 6.25%
• 6M: 65.69%
• YTD: 68.39%
• 1Y: 57.64%
• 3Y*: 17.96%
• 5Y*: 17.10%
• 10Y*: 11.45%

NCPB

• 1D: -0.04%
• 1M: -0.48%
• 6M: 0.15%
• YTD: 0.55%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBE vs. NCPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBE Invesco DB Energy Fund	68.39%	-2.17%	-0.76%
NCPB Nuveen Core Plus Bond ETF	0.55%	7.69%	3.53%

Correlation

The correlation between DBE and NCPB is -0.44, 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	-0.44
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	-0.28

The correlation between DBE and NCPB shifts across timeframes, from -0.44 (1 year) to -0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBE vs. NCPB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

NCPB

NCPB Risk / Return Rank: 51
NCPB Sharpe Ratio Rank: 56
NCPB Sortino Ratio Rank: 59
NCPB Omega Ratio Rank: 55
NCPB Calmar Ratio Rank: 44
NCPB Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBE vs. NCPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Nuveen Core Plus Bond ETF (NCPB). 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.

	DBE	NCPB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.53	+0.08
Sortino ratio: Return per unit of downside risk	2.21	2.25	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.34	1.85	+0.49
Martin ratio: Return relative to average drawdown	7.00	5.50	+1.50

DBE vs. NCPB - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 1.61, which is comparable to the NCPB Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DBE and NCPB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBE vs. NCPB - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, which is greater than NCPB's maximum drawdown of -3.59%. Use the drawdown chart below to compare losses from any high point for DBE and NCPB.

Drawdown Indicators

	DBE	NCPB	Difference
Max Drawdown Largest peak-to-trough decline	-86.69%	-3.59%	-83.10%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-2.88%	-21.84%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.84%	—	—
Current Drawdown Current decline from peak	-36.07%	-1.29%	-34.78%
Average Drawdown Average peak-to-trough decline	-57.19%	-0.93%	-56.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.26%	0.97%	+7.29%

Volatility

DBE vs. NCPB - Volatility Comparison

Invesco DB Energy Fund (DBE) has a higher volatility of 11.68% compared to Nuveen Core Plus Bond ETF (NCPB) at 1.00%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than NCPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBE	NCPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	1.00%	+10.68%
Volatility (6M) Calculated over the trailing 6-month period	32.70%	2.81%	+29.89%
Volatility (1Y) Calculated over the trailing 1-year period	35.99%	3.49%	+32.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	4.31%	+25.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.39%	4.31%	+24.08%

DBE vs. NCPB - Expense Ratio Comparison

DBE has a 0.78% expense ratio, which is higher than NCPB's 0.30% expense ratio.

Dividends

DBE vs. NCPB - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.29%, less than NCPB's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
NCPB Nuveen Core Plus Bond ETF	5.30%	5.21%	5.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBE and NCPB in my portfolio?

DBE and NCPB have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBE or NCPB?

DBE has higher volatility (11.68%) compared to NCPB (1.00%). In terms of maximum drawdown, DBE dropped -86.69% vs NCPB's -3.59%.

Which ETF is better, DBE or NCPB?

On 1-year performance, DBE leads with 57.64% vs 5.31% for NCPB. On fees, NCPB is cheaper at 0.30% per year. On volatility, NCPB has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or NCPB?

Over the 1-year period, DBE has performed better with a 57.64% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or NCPB?

NCPB is cheaper with a 0.30% expense ratio, compared with 0.78% for DBE.

Which ETF pays a higher dividend yield, DBE or NCPB?

NCPB has the higher dividend yield at 5.30%, compared with 2.29% for DBE.

What is the main difference between DBE and NCPB?

DBE is categorized as Oil & Gas, while NCPB is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and Nuveen. Their fees differ too: 0.78% for DBE and 0.30% for NCPB.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.61 vs 1.53), 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.