DBE vs. SPY
Compare and contrast key facts about Invesco DB Energy Fund (DBE) and State Street SPDR S&P 500 ETF (SPY).
DBE and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DBE is a passively managed fund by Invesco that tracks the performance of the DBIQ Optimum Yield Energy Index. It was launched on Jan 5, 2007. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both DBE and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DBE vs. SPY - Performance Comparison
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DBE vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 68.74% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, DBE achieves a 68.74% return, which is significantly higher than SPY's -4.37% return. Both investments have delivered pretty close results over the past 10 years, with DBE having a 13.36% annualized return and SPY not far ahead at 13.98%.
DBE
- 1D
- -3.79%
- 1M
- 43.62%
- YTD
- 68.74%
- 6M
- 60.99%
- 1Y
- 56.23%
- 3Y*
- 18.11%
- 5Y*
- 19.81%
- 10Y*
- 13.36%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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DBE vs. SPY - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
DBE vs. SPY — Risk / Return Rank
DBE
SPY
DBE vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.79 | 0.93 | +0.86 |
Sortino ratioReturn per unit of downside risk | 2.42 | 1.45 | +0.97 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.22 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 4.08 | 1.53 | +2.56 |
Martin ratioReturn relative to average drawdown | 7.27 | 7.30 | -0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DBE | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 0.93 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.69 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.78 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.56 | -0.48 |
Correlation
The correlation between DBE and SPY is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DBE vs. SPY - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.29%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
DBE vs. SPY - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DBE and SPY.
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Drawdown Indicators
| DBE | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -55.19% | -31.50% |
Max Drawdown (1Y)Largest decline over 1 year | -14.70% | -12.05% | -2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -24.50% | -14.24% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -33.72% | -27.12% |
Current DrawdownCurrent decline from peak | -35.94% | -6.24% | -29.70% |
Average DrawdownAverage peak-to-trough decline | -57.53% | -9.09% | -48.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.26% | 2.52% | +5.74% |
Volatility
DBE vs. SPY - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 17.01% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.01% | 5.31% | +11.70% |
Volatility (6M)Calculated over the trailing 6-month period | 25.33% | 9.47% | +15.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.66% | 19.05% | +12.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.66% | 17.06% | +11.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.87% | 17.92% | +9.95% |