DBE vs. SPHQ
DBE (Invesco DB Energy Fund) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 15.01%/yr for SPHQ. At a 0.26 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.15%/yr for SPHQ.
Performance
DBE vs. SPHQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than SPHQ's 15.48% return. Over the past 10 years, DBE has underperformed SPHQ with an annualized return of 12.03%, while SPHQ has yielded a comparatively higher 15.01% 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%
SPHQ
- 1D
- 0.28%
- 1M
- 7.17%
- YTD
- 15.48%
- 6M
- 16.06%
- 1Y
- 23.22%
- 3Y*
- 22.41%
- 5Y*
- 14.54%
- 10Y*
- 15.01%
DBE vs. SPHQ - 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% |
SPHQ Invesco S&P 500 Quality ETF | 15.48% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
Correlation
The correlation between DBE and SPHQ is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
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 | 0.26 |
The correlation between DBE and SPHQ shifts across timeframes, from -0.33 (1 year) to 0.26 (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.
Return for Risk
DBE vs. SPHQ — Risk / Return Rank
DBE
SPHQ
DBE vs. SPHQ - 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 Quality ETF (SPHQ). 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 | SPHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.32 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 2.62 | +3.27 |
| Martin ratioReturn relative to average drawdown | 11.53 | 11.17 | +0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DBE | SPHQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 1.85 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.89 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.84 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.53 | -0.44 |
Drawdowns
DBE vs. SPHQ - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than SPHQ's maximum drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for DBE and SPHQ.
Loading charts...
Drawdown Indicators
| DBE | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -57.83% | -28.86% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -8.90% | -5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -16.57% | -7.32% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -25.04% | -13.70% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -31.60% | -29.24% |
Current DrawdownCurrent decline from peak | -30.27% | 0.00% | -30.27% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -10.70% | -46.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 2.08% | +5.27% |
Volatility
DBE vs. SPHQ - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco S&P 500 Quality ETF (SPHQ) at 3.49%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DBE | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 3.49% | +9.46% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 10.18% | +20.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 12.62% | +22.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 16.45% | +12.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 17.86% | +10.47% |
DBE vs. SPHQ - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than SPHQ's 0.15% expense ratio.
Dividends
DBE vs. SPHQ - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, more than SPHQ's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPHQ Invesco S&P 500 Quality ETF | 1.04% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Frequently Asked Questions
DBE and SPHQ have a correlation of -0.33, 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 SPHQ (3.49%). In terms of maximum drawdown, DBE dropped -86.69% vs SPHQ's -57.83%.
On 10-year performance, SPHQ leads with 15.01% vs 12.03% for DBE. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHQ has performed better with a 15.01% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 1.04% for SPHQ.
DBE is categorized as Oil & Gas, while SPHQ is S&P 500. DBE tracks DBIQ Optimum Yield Energy Index, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.78% for DBE and 0.15% for SPHQ.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.85), 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.
Find the right allocation for DBE and SPHQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer