DBE vs. VOO
DBE (Invesco DB Energy Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 15.56%/yr for VOO. At a 0.26 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.03%/yr for VOO.
Performance
DBE vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, DBE has underperformed VOO with an annualized return of 12.03%, while VOO has yielded a comparatively higher 15.56% 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%
VOO
- 1D
- -0.70%
- 1M
- 5.04%
- YTD
- 10.91%
- 6M
- 10.93%
- 1Y
- 28.04%
- 3Y*
- 22.44%
- 5Y*
- 13.90%
- 10Y*
- 15.56%
DBE vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 10.91% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between DBE and VOO 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 | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | 0.26 |
The correlation between DBE and VOO shifts across timeframes, from -0.33 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBE vs. VOO — Risk / Return Rank
DBE
VOO
DBE vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.43 | 2.39 | +0.04 |
Sortino ratioReturn per unit of downside risk | 2.96 | 3.25 | -0.30 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.43 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 5.89 | 3.16 | +2.73 |
Martin ratioReturn relative to average drawdown | 11.53 | 14.73 | -3.20 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 2.39 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.83 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.87 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.89 | -0.79 |
Drawdowns
DBE vs. VOO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DBE and VOO.
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Drawdown Indicators
| DBE | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -33.99% | -52.70% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -8.90% | -5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -18.69% | -5.20% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -24.52% | -14.22% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -33.99% | -26.85% |
Current DrawdownCurrent decline from peak | -30.27% | -0.70% | -29.57% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -3.69% | -53.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 1.91% | +5.44% |
Volatility
DBE vs. VOO - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 2.84% | +10.11% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 8.90% | +21.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 11.80% | +23.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 16.81% | +12.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 18.01% | +10.32% |
DBE vs. VOO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
DBE vs. VOO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, more than VOO's 1.03% 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% |
VOO Vanguard S&P 500 ETF | 1.03% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
DBE and VOO 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 VOO (2.84%). In terms of maximum drawdown, DBE dropped -86.69% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.56% vs 12.03% for DBE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.56% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 1.03% for VOO.
DBE is categorized as Oil & Gas, while VOO is S&P 500. DBE tracks DBIQ Optimum Yield Energy Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.78% for DBE and 0.03% for VOO.
DBE currently has the higher Sharpe Ratio (2.43 vs 2.39), 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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