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DBE vs. SPHD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBE vs. SPHD

Last updated Jun 4, 2026

DBE (Invesco DB Energy Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while SPHD is a S&P 500 fund tracking the S&P Low Volatility High Dividend index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 7.08%/yr for SPHD. At a 0.23 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.30%/yr for SPHD.

Performance

DBE vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than SPHD's 4.38% return. Over the past 10 years, DBE has outperformed SPHD with an annualized return of 12.03%, while SPHD has yielded a comparatively lower 7.08% 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%

SPHD

1D
-0.89%
1M
-0.82%
YTD
4.38%
6M
4.63%
1Y
8.12%
3Y*
11.42%
5Y*
5.48%
10Y*
7.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBE vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.38%3.41%18.08%1.32%0.58%24.98%-9.98%20.26%-6.17%11.90%

Correlation

The correlation between DBE and SPHD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.15

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Oct 31, 2012

0.23

The correlation between DBE and SPHD shifts across timeframes, from -0.08 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Energy Fund

Invesco S&P 500® High Dividend Low Volatility ETF

Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

Return for Risk

DBE vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 2121
Overall Rank
SPHD Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 2121
Sortino Ratio Rank
SPHD Omega Ratio Rank: 1919
Omega Ratio Rank
SPHD Calmar Ratio Rank: 2323
Calmar Ratio Rank
SPHD Martin Ratio Rank: 2222
Martin Ratio Rank
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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.

DBESPHDDifference

Sharpe ratio

Return per unit of total volatility

2.43

0.74

+1.69

Sortino ratio

Return per unit of downside risk

2.96

1.15

+1.81

Omega ratio

Gain probability vs. loss probability

1.40

1.13

+0.27

Calmar ratio

Return relative to maximum drawdown

5.89

1.11

+4.78

Martin ratio

Return relative to average drawdown

11.53

2.78

+8.75

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. SPHD - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.43, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of DBE and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBESPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

0.74

+1.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.39

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.40

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.58

-0.48

Drawdowns

DBE vs. SPHD - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DBE and SPHD.

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Drawdown Indicators

DBESPHDDifference

Max Drawdown

Largest peak-to-trough decline

-86.69%

-41.39%

-45.30%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-7.33%

-7.08%

Max Drawdown (3Y)

Largest decline over 3 years

-23.89%

-13.29%

-10.60%

Max Drawdown (5Y)

Largest decline over 5 years

-38.74%

-19.50%

-19.24%

Max Drawdown (10Y)

Largest decline over 10 years

-60.84%

-41.39%

-19.45%

Current Drawdown

Current decline from peak

-30.27%

-5.37%

-24.90%

Average Drawdown

Average peak-to-trough decline

-57.31%

-4.70%

-52.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.35%

2.93%

+4.42%

Volatility

DBE vs. SPHD - Volatility Comparison

Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 2.99%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBESPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.95%

2.99%

+9.96%

Volatility (6M)

Calculated over the trailing 6-month period

30.86%

7.55%

+23.31%

Volatility (1Y)

Calculated over the trailing 1-year period

34.97%

11.04%

+23.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.39%

14.16%

+15.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.33%

17.64%

+10.69%

DBE vs. SPHD - Expense Ratio Comparison

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

Dividends

DBE vs. SPHD - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.10%, less than SPHD's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.62%4.02%3.41%4.48%3.89%3.45%4.89%4.07%4.40%3.14%3.83%3.49%

Frequently Asked Questions

DBE and SPHD have a correlation of -0.08, 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 SPHD (2.99%). In terms of maximum drawdown, DBE dropped -86.69% vs SPHD's -41.39%.

On 10-year performance, DBE leads with 12.03% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 2.99%. 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 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPHD has the higher dividend yield at 4.62%, compared with 2.10% for DBE.

DBE is categorized as Oil & Gas, while SPHD is S&P 500. DBE tracks DBIQ Optimum Yield Energy Index, while SPHD tracks S&P Low Volatility High Dividend index. Their fees differ too: 0.78% for DBE and 0.30% for SPHD.

DBE currently has the higher Sharpe Ratio (2.43 vs 0.74), 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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