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 10.12%/yr vs 21.03%/yr for SPMO. At a 0.17 correlation, their price movements are largely independent. 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 53.97% return, which is significantly higher than SPMO's 29.91% return. Over the past 10 years, DBE has underperformed SPMO with an annualized return of 10.12%, while SPMO has yielded a comparatively higher 21.03% 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%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
DBE vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 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 -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 -0.22 (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 | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 3.45 | -1.37 |
| Martin ratioReturn relative to average drawdown | 6.89 | 12.97 | -6.08 |
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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 | -21.28% | -12.70% | -8.58% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -20.13% | -3.76% |
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 | -41.55% | -4.53% | -37.02% |
Average DrawdownAverage peak-to-trough decline | -57.24% | -4.59% | -52.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.42% | 3.37% | +3.05% |
Volatility
DBE vs. SPMO - Volatility Comparison
The current volatility for Invesco DB Energy Fund (DBE) is 9.37%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that DBE experiences smaller price fluctuations and is considered to be less risky 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 | 9.37% | 11.75% | -2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 31.44% | 17.78% | +13.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 20.55% | +14.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.58% | 19.88% | +9.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.34% | 20.60% | +7.74% |
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 2.51%, more than SPMO's 0.68% 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 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 -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to DBE (9.37%). In terms of maximum drawdown, DBE dropped -86.69% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 10.12% for DBE. On fees, SPMO is cheaper at 0.13% per year. On volatility, DBE has been the lower-risk option at 9.37%. 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 21.03% return vs 10.12%. 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 2.51%, compared with 0.68% 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.
SPMO currently has the higher Sharpe Ratio (2.13 vs 1.27), 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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