DBE vs. XDTE

Last updated Jun 3, 2026

DBE (Invesco DB Energy Fund) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while XDTE is a Derivative Income fund actively managed by Roundhill. DBE is passively managed, while XDTE is actively managed. Over the past year, DBE returned 82.31% vs 27.01% for XDTE. At a correlation of -0.11, they often move in opposite directions. DBE charges 0.78%/yr vs 0.97%/yr for XDTE.

Performance

DBE vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBE achieves a 79.50% return, which is significantly higher than XDTE's 9.55% return.

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

XDTE

• 1D: 0.20%
• 1M: 4.46%
• YTD: 9.55%
• 6M: 10.13%
• 1Y: 27.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBE vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DBE Invesco DB Energy Fund	79.50%	-2.17%	-1.51%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.55%	12.60%	16.39%

Correlation

The correlation between DBE and XDTE is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	-0.11

Over the past year, the inverse relationship between DBE and XDTE has strengthened: their correlation has moved from -0.11 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DBE vs. XDTE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

XDTE

XDTE Risk / Return Rank: 75
XDTE Sharpe Ratio Rank: 75
XDTE Sortino Ratio Rank: 72
XDTE Omega Ratio Rank: 75
XDTE Calmar Ratio Rank: 71
XDTE Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBE vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio Return per unit of total volatility	2.37	2.47	-0.10
Sortino ratio Return per unit of downside risk	2.91	3.30	-0.40
Omega ratio Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio Return relative to maximum drawdown	6.10	3.56	+2.54
Martin ratio Return relative to average drawdown	11.98	16.32	-4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBE vs. XDTE - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.37, which is comparable to the XDTE Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of DBE and XDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBE	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.47	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.28	-1.19

Drawdowns

DBE vs. XDTE - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for DBE and XDTE.

Drawdown Indicators

	DBE	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-86.69%	-19.09%	-67.60%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-7.68%	-6.73%
Max Drawdown (3Y) Largest decline over 3 years	-23.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.84%	—	—
Current Drawdown Current decline from peak	-31.85%	0.00%	-31.85%
Average Drawdown Average peak-to-trough decline	-57.31%	-2.32%	-54.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	1.68%	+5.66%

Volatility

DBE vs. XDTE - Volatility Comparison

Invesco DB Energy Fund (DBE) has a higher volatility of 13.47% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 2.44%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBE	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.47%	2.44%	+11.03%
Volatility (6M) Calculated over the trailing 6-month period	30.80%	8.26%	+22.54%
Volatility (1Y) Calculated over the trailing 1-year period	35.02%	10.97%	+24.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.37%	13.85%	+15.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.33%	13.85%	+14.48%

DBE vs. XDTE - Expense Ratio Comparison

DBE has a 0.78% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

DBE vs. XDTE - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.15%, less than XDTE's 32.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	32.78%	39.16%	20.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBE and XDTE in my portfolio?

DBE and XDTE have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBE or XDTE?

DBE has higher volatility (13.47%) compared to XDTE (2.44%). In terms of maximum drawdown, DBE dropped -86.69% vs XDTE's -19.09%.

Which ETF is better, DBE or XDTE?

On 1-year performance, DBE leads with 82.31% vs 27.01% for XDTE. On fees, DBE is cheaper at 0.78% per year. On volatility, XDTE has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBE or XDTE?

Over the 1-year period, DBE has performed better with a 82.31% return vs 27.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBE or XDTE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.97% for XDTE.

Which ETF pays a higher dividend yield, DBE or XDTE?

XDTE has the higher dividend yield at 32.78%, compared with 2.15% for DBE.

What is the main difference between DBE and XDTE?

DBE is categorized as Oil & Gas, while XDTE is Derivative Income. They also come from different issuers: Invesco and Roundhill. Their fees differ too: 0.78% for DBE and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.47 vs 2.37), 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.