DBE vs. XLE
DBE (Invesco DB Energy Fund) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, DBE returned 11.78%/yr vs 10.08%/yr for XLE. A 0.63 correlation means they provide meaningful diversification when combined. DBE charges 0.78%/yr vs 0.08%/yr for XLE.
Performance
DBE vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, DBE achieves a 79.50% return, which is significantly higher than XLE's 30.48% return. Over the past 10 years, DBE has outperformed XLE with an annualized return of 11.78%, while XLE has yielded a comparatively lower 10.08% annualized 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%
XLE
- 1D
- 1.15%
- 1M
- -1.51%
- YTD
- 30.48%
- 6M
- 30.54%
- 1Y
- 44.84%
- 3Y*
- 16.95%
- 5Y*
- 20.29%
- 10Y*
- 10.08%
DBE vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 79.50% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
XLE State Street Energy Select Sector SPDR ETF | 30.48% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between DBE and XLE is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.63 |
The correlation between DBE and XLE has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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Return for Risk
DBE vs. XLE — Risk / Return Rank
DBE
XLE
DBE vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and State Street Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.37 | 2.20 | +0.17 |
Sortino ratioReturn per unit of downside risk | 2.91 | 2.83 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 6.10 | 3.88 | +2.22 |
Martin ratioReturn relative to average drawdown | 11.98 | 11.35 | +0.63 |
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 | XLE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.20 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.78 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.34 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.31 | -0.22 |
Drawdowns
DBE vs. XLE - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for DBE and XLE.
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Drawdown Indicators
| DBE | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -71.26% | -15.43% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -12.05% | -2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -20.14% | -3.75% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -26.04% | -12.70% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -66.81% | +5.97% |
Current DrawdownCurrent decline from peak | -31.85% | -7.35% | -24.50% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -17.98% | -39.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.34% | 4.12% | +3.22% |
Volatility
DBE vs. XLE - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 13.47% compared to State Street Energy Select Sector SPDR ETF (XLE) at 8.19%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.47% | 8.19% | +5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 30.80% | 16.56% | +14.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.02% | 20.53% | +14.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.37% | 26.01% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 29.59% | -1.26% |
DBE vs. XLE - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
DBE vs. XLE - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.15%, less than XLE's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.15% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
XLE State Street Energy Select Sector SPDR ETF | 2.57% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
DBE and XLE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.47%) compared to XLE (8.19%). In terms of maximum drawdown, DBE dropped -86.69% vs XLE's -71.26%.
On 10-year performance, DBE leads with 11.78% vs 10.08% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 8.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.78% return vs 10.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.78% for DBE.
XLE has the higher dividend yield at 2.57%, compared with 2.15% for DBE.
DBE is categorized as Oil & Gas, while XLE is Energy Equities. DBE tracks DBIQ Optimum Yield Energy Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.78% for DBE and 0.08% for XLE.
DBE currently has the higher Sharpe Ratio (2.37 vs 2.20), 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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