DBE vs. SOXL

Last updated Jun 4, 2026

DBE (Invesco DB Energy Fund) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 65.39%/yr for SOXL. At a 0.21 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.75%/yr for SOXL.

Performance

DBE vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBE achieves a 83.68% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, DBE has underperformed SOXL with an annualized return of 12.03%, while SOXL has yielded a comparatively higher 65.39% 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%

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

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

DBE vs. SOXL - 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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between DBE and SOXL is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.21

The correlation between DBE and SOXL shifts across timeframes, from -0.21 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBE vs. SOXL — Risk / Return Rank

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

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.43	14.28	-11.86
Sortino ratio: Return per unit of downside risk	2.96	5.17	-2.22
Omega ratio: Gain probability vs. loss probability	1.40	1.72	-0.32
Calmar ratio: Return relative to maximum drawdown	5.89	33.47	-27.58
Martin ratio: Return relative to average drawdown	11.53	114.79	-103.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBE vs. SOXL - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.43, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of DBE and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBE	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	14.28	-11.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.46	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.66	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.52	-0.42

Drawdowns

DBE vs. SOXL - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, roughly equal to the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for DBE and SOXL.

Drawdown Indicators

	DBE	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-86.69%	-90.46%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-43.47%	+29.06%
Max Drawdown (3Y) Largest decline over 3 years	-23.89%	-87.88%	+63.99%
Max Drawdown (5Y) Largest decline over 5 years	-38.74%	-90.46%	+51.72%
Max Drawdown (10Y) Largest decline over 10 years	-60.84%	-90.46%	+29.62%
Current Drawdown Current decline from peak	-30.27%	0.00%	-30.27%
Average Drawdown Average peak-to-trough decline	-57.31%	-35.01%	-22.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	12.65%	-5.30%

Volatility

DBE vs. SOXL - Volatility Comparison

The current volatility for Invesco DB Energy Fund (DBE) is 12.95%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that DBE experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBE	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	40.82%	-27.87%
Volatility (6M) Calculated over the trailing 6-month period	30.86%	81.29%	-50.43%
Volatility (1Y) Calculated over the trailing 1-year period	34.97%	102.11%	-67.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.39%	107.25%	-77.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.33%	99.04%	-70.71%

DBE vs. SOXL - Expense Ratio Comparison

DBE has a 0.78% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

DBE vs. SOXL - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.10%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both DBE and SOXL in my portfolio?

DBE and SOXL have a correlation of -0.21, 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 SOXL?

SOXL has higher volatility (40.82%) compared to DBE (12.95%). In terms of maximum drawdown, DBE dropped -86.69% vs SOXL's -90.46%.

Which ETF is better, DBE or SOXL?

On 10-year performance, SOXL leads with 65.39% vs 12.03% for DBE. On fees, SOXL is cheaper at 0.75% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or SOXL?

Over the 10-year period, SOXL has performed better with a 65.39% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.10%, compared with 0.03% for SOXL.

What is the main difference between DBE and SOXL?

DBE is categorized as Oil & Gas, while SOXL is Leveraged Equities. DBE tracks DBIQ Optimum Yield Energy Index, while SOXL tracks ICE Semiconductor Index. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.78% for DBE and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 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.