DBE vs. PPA
DBE (Invesco DB Energy Fund) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while PPA is a Industrials Equities fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, DBE returned 11.78%/yr vs 17.38%/yr for PPA. At a 0.25 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.61%/yr for PPA.
Performance
DBE vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 79.50% return, which is significantly higher than PPA's 8.54% return. Over the past 10 years, DBE has underperformed PPA with an annualized return of 11.78%, while PPA has yielded a comparatively higher 17.38% annualized return.
DBE
- 1D
- 0.80%
- 1M
- -3.65%
- YTD
- 79.50%
- 6M
- 72.59%
- 1Y
- 82.31%
- 3Y*
- 22.48%
- 5Y*
- 19.20%
- 10Y*
- 11.78%
PPA
- 1D
- -1.74%
- 1M
- 3.19%
- YTD
- 8.54%
- 6M
- 13.46%
- 1Y
- 26.57%
- 3Y*
- 28.92%
- 5Y*
- 17.82%
- 10Y*
- 17.38%
DBE vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 79.50% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
PPA Invesco Aerospace & Defense ETF | 8.54% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between DBE and PPA is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.25 |
The correlation between DBE and PPA shifts across timeframes, from -0.11 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBE vs. PPA — Risk / Return Rank
DBE
PPA
DBE vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.37 | 1.40 | +0.97 |
Sortino ratioReturn per unit of downside risk | 2.91 | 2.05 | +0.85 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 6.10 | 1.95 | +4.15 |
Martin ratioReturn relative to average drawdown | 11.98 | 5.68 | +6.30 |
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 | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.40 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.97 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.84 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.66 | -0.57 |
Drawdowns
DBE vs. PPA - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for DBE and PPA.
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Drawdown Indicators
| DBE | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -57.37% | -29.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -13.71% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -15.24% | -8.65% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -18.37% | -20.37% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -43.92% | -16.92% |
Current DrawdownCurrent decline from peak | -31.85% | -8.40% | -23.45% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -9.18% | -48.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.34% | 4.69% | +2.65% |
Volatility
DBE vs. PPA - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 13.47% compared to Invesco Aerospace & Defense ETF (PPA) at 6.73%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.47% | 6.73% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 30.80% | 15.95% | +14.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.02% | 19.03% | +15.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.37% | 18.49% | +10.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 20.64% | +7.69% |
DBE vs. PPA - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than PPA's 0.61% expense ratio.
Dividends
DBE vs. PPA - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.15%, more than PPA's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.15% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.39% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
DBE and PPA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.47%) compared to PPA (6.73%). In terms of maximum drawdown, DBE dropped -86.69% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs 11.78% for DBE. On fees, PPA is cheaper at 0.61% per year. On volatility, PPA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.38% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.61% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.15%, compared with 0.39% for PPA.
DBE is categorized as Oil & Gas, while PPA is Industrials Equities. DBE tracks DBIQ Optimum Yield Energy Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.78% for DBE and 0.61% for PPA.
DBE currently has the higher Sharpe Ratio (2.37 vs 1.40), 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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