DBE vs. SPHD
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 Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, DBE returned 10.12%/yr vs 7.55%/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
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Returns By Period
In the year-to-date period, DBE achieves a 53.97% return, which is significantly higher than SPHD's 8.20% return. Over the past 10 years, DBE has outperformed SPHD with an annualized return of 10.12%, while SPHD has yielded a comparatively lower 7.55% annualized return.
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
DBE vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 53.97% | -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 | 8.20% | 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 -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.23 |
The correlation between DBE and SPHD shifts across timeframes, from -0.07 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBE vs. SPHD — Risk / Return Rank
DBE
SPHD
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.
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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.18 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.66 | +0.42 |
| Martin ratioReturn relative to average drawdown | 6.89 | 4.06 | +2.83 |
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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
| DBE | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -41.39% | -45.30% |
Max Drawdown (1Y)Largest decline over 1 year | -21.28% | -7.33% | -13.95% |
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 DrawdownCurrent decline from peak | -41.55% | -1.91% | -39.64% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -4.69% | -52.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 2.98% | +3.44% |
Volatility
DBE vs. SPHD - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 9.37% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.26%. 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
| DBE | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.37% | 4.26% | +5.11% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 8.13% | +23.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 11.48% | +23.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 14.16% | +15.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 17.65% | +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 2.51%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.51% | 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 | 4.60% | 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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (9.37%) compared to SPHD (4.26%). In terms of maximum drawdown, DBE dropped -86.69% vs SPHD's -41.39%.
On 10-year performance, DBE leads with 10.12% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. 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 10.12% return vs 7.55%. 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 4.60%, compared with 2.51% for DBE.
DBE is categorized as Oil & Gas, while SPHD is Dividend. DBE tracks DBIQ Optimum Yield Energy Index, while SPHD tracks S&P 500 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 (1.27 vs 1.06), 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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