DBE vs. OILK
DBE (Invesco DB Energy Fund) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - DBE tracks the DBIQ Optimum Yield Energy Index while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, DBE returned 19.66%/yr vs 17.73%/yr for OILK. Their correlation of 0.93 suggests significant overlap in exposure. DBE charges 0.78%/yr vs 0.68%/yr for OILK.
Performance
DBE vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than OILK's 64.22% 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%
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
DBE vs. OILK - 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% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 64.22% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between DBE and OILK is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.93 |
The correlation between DBE and OILK has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
DBE vs. OILK — Risk / Return Rank
DBE
OILK
DBE vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.43 | 2.06 | +0.36 |
Sortino ratioReturn per unit of downside risk | 2.96 | 2.59 | +0.37 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.34 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 5.89 | 3.42 | +2.47 |
Martin ratioReturn relative to average drawdown | 11.53 | 6.91 | +4.62 |
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
| DBE | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.06 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.59 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.12 | -0.02 |
Drawdowns
DBE vs. OILK - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for DBE and OILK.
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Drawdown Indicators
| DBE | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -83.76% | -2.93% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -17.35% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -23.42% | -0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -34.69% | -4.05% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | — | — |
Current DrawdownCurrent decline from peak | -30.27% | -3.66% | -26.61% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -32.61% | -24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 8.56% | -1.21% |
Volatility
DBE vs. OILK - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 10.44%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 10.44% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 23.26% | +7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 28.75% | +6.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 30.12% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 35.97% | -7.64% |
DBE vs. OILK - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
DBE vs. OILK - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, less than OILK's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.18% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
With a correlation of 0.96, DBE and OILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DBE has higher volatility (12.95%) compared to OILK (10.44%). In terms of maximum drawdown, DBE dropped -86.69% vs OILK's -83.76%.
On 5-year performance, DBE leads with 19.66% vs 17.73% for OILK. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 10.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 17.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.78% for DBE.
OILK has the higher dividend yield at 8.18%, compared with 2.10% for DBE.
DBE tracks DBIQ Optimum Yield Energy Index, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.78% for DBE and 0.68% for OILK.
DBE currently has the higher Sharpe Ratio (2.43 vs 2.06), 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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