DBE vs. SPMO
DBE (Invesco DB Energy Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, DBE returned 11.75%/yr vs 20.17%/yr for SPMO. Their 0.17 correlation means their historical movements had little consistent relationship. DBE charges 0.78%/yr vs 0.13%/yr for SPMO.
Performance
DBE vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 63.93% return, which is significantly higher than SPMO's 27.25% return. Over the past 10 years, DBE has underperformed SPMO with an annualized return of 11.75%, while SPMO has yielded a comparatively higher 20.17% annualized return.
DBE
- 1D
- -4.28%
- 1M
- 11.01%
- 6M
- 47.49%
- YTD
- 63.93%
- 1Y
- 55.67%
- 3Y*
- 13.55%
- 5Y*
- 16.46%
- 10Y*
- 11.75%
- ALL TIME*
- 2.06%
SPMO
- 1D
- 4.00%
- 1M
- 0.23%
- 6M
- 27.03%
- YTD
- 27.25%
- 1Y
- 32.27%
- 3Y*
- 39.98%
- 5Y*
- 20.99%
- 10Y*
- 20.17%
- ALL TIME*
- 19.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35M | $1.09M | $1.64M | |
| $336.43M | $343.89M | $352.54M |
DBE vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 63.93% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
SPMO Invesco S&P 500 Momentum ETF | 27.25% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between DBE and SPMO is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.17 |
The correlation between DBE and SPMO shifts across timeframes, from -0.17 (1 year) to 0.17 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
DBE vs. SPMO — Risk / Return Rank
DBE
SPMO
DBE vs. SPMO - 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 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.07 | +0.19 |
| Martin ratioReturn relative to average drawdown | 7.03 | 7.44 | -0.40 |
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Drawdowns
DBE vs. SPMO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for DBE and SPMO.
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Drawdown Indicators
| DBE | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -30.95% | -55.74% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -15.64% | -9.08% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -20.13% | -4.59% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -22.74% | -16.00% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -30.95% | -29.89% |
Current DrawdownCurrent decline from peak | -37.77% | -6.49% | -31.28% |
Average DrawdownAverage peak-to-trough decline | -57.12% | -4.62% | -52.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.95% | 4.35% | +3.60% |
Volatility
DBE vs. SPMO - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 15.88% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.95%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.88% | 10.95% | +4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 33.82% | 21.85% | +11.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.86% | 24.13% | +13.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.19% | 20.69% | +9.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.64% | 20.97% | +7.67% |
DBE vs. SPMO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
DBE vs. SPMO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.36%, more than SPMO's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
SPMO Invesco S&P 500 Momentum ETF | 0.69% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
DBE and SPMO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.88%) compared to SPMO (10.95%). In terms of maximum drawdown, DBE dropped -86.69% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.17% vs 11.75% for DBE. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.17% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.36%, compared with 0.69% for SPMO.
DBE is categorized as Oil & Gas, while SPMO is Momentum. DBE tracks DBIQ Optimum Yield Energy Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.78% for DBE and 0.13% for SPMO.
DBE currently has the higher Sharpe Ratio (1.48 vs 1.35), 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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