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DBE vs. XLG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBE vs. XLG

Last updated Jun 4, 2026

DBE (Invesco DB Energy Fund) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 17.27%/yr for XLG. At a 0.25 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.20%/yr for XLG.

Performance

DBE vs. XLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Energy Fund (DBE) and Invesco S&P 500 Top 50 ETF (XLG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DBE achieves a 83.68% return, which is significantly higher than XLG's 7.57% return. Over the past 10 years, DBE has underperformed XLG with an annualized return of 12.03%, while XLG has yielded a comparatively higher 17.27% 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%

XLG

1D
-1.15%
1M
4.22%
YTD
7.57%
6M
7.32%
1Y
28.54%
3Y*
24.46%
5Y*
16.24%
10Y*
17.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DBE vs. XLG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLG
Invesco S&P 500 Top 50 ETF		7.57%19.51%33.49%38.16%-24.29%30.77%24.15%32.04%-3.59%23.04%

Correlation

The correlation between DBE and XLG is -0.30, 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

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.25

The correlation between DBE and XLG shifts across timeframes, from -0.30 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB Energy Fund

Invesco S&P 500 Top 50 ETF

Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP
Often compared with XLG:
XLG vs. SPYXLG vs. QQQXLG vs. VOOXLG vs. XLKXLG vs. TOPTXLG vs. SPYGXLG vs. MGK

Return for Risk

DBE vs. XLG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
XLG
XLG Risk / Return Rank: 5656
Overall Rank
XLG Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XLG Sortino Ratio Rank: 6161
Sortino Ratio Rank
XLG Omega Ratio Rank: 6161
Omega Ratio Rank
XLG Calmar Ratio Rank: 4646
Calmar Ratio Rank
XLG Martin Ratio Rank: 5151
Martin Ratio Rank
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. XLG - 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 Top 50 ETF (XLG). 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.

DBEXLGDifference

Sharpe ratio

Return per unit of total volatility

2.43

2.15

+0.27

Sortino ratio

Return per unit of downside risk

2.96

2.92

+0.03

Omega ratio

Gain probability vs. loss probability

1.40

1.38

+0.02

Calmar ratio

Return relative to maximum drawdown

5.89

2.31

+3.58

Martin ratio

Return relative to average drawdown

11.53

8.66

+2.87

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. XLG - Sharpe Ratio Comparison

The current DBE Sharpe Ratio is 2.43, which is comparable to the XLG Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of DBE and XLG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DBEXLGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

2.15

+0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.87

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.92

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.09

0.62

-0.53

Drawdowns

DBE vs. XLG - Drawdown Comparison

The maximum DBE drawdown since its inception was -86.69%, which is greater than XLG's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for DBE and XLG.

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Drawdown Indicators

DBEXLGDifference

Max Drawdown

Largest peak-to-trough decline

-86.69%

-52.39%

-34.30%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-12.41%

-2.00%

Max Drawdown (3Y)

Largest decline over 3 years

-23.89%

-20.70%

-3.19%

Max Drawdown (5Y)

Largest decline over 5 years

-38.74%

-28.02%

-10.72%

Max Drawdown (10Y)

Largest decline over 10 years

-60.84%

-30.46%

-30.38%

Current Drawdown

Current decline from peak

-30.27%

-1.44%

-28.83%

Average Drawdown

Average peak-to-trough decline

-57.31%

-7.64%

-49.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.35%

3.30%

+4.05%

Volatility

DBE vs. XLG - Volatility Comparison

Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco S&P 500 Top 50 ETF (XLG) at 3.19%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBEXLGDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.95%

3.19%

+9.76%

Volatility (6M)

Calculated over the trailing 6-month period

30.86%

9.80%

+21.06%

Volatility (1Y)

Calculated over the trailing 1-year period

34.97%

13.33%

+21.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.39%

18.68%

+10.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.33%

18.84%

+9.49%

DBE vs. XLG - Expense Ratio Comparison

DBE has a 0.78% expense ratio, which is higher than XLG's 0.20% expense ratio.

Dividends

DBE vs. XLG - Dividend Comparison

DBE's dividend yield for the trailing twelve months is around 2.10%, more than XLG's 0.60% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLG
Invesco S&P 500 Top 50 ETF		0.60%0.64%0.72%0.97%1.34%0.94%1.25%1.58%2.00%1.85%2.00%2.09%

Frequently Asked Questions

DBE and XLG have a correlation of -0.30, 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 XLG (3.19%). In terms of maximum drawdown, DBE dropped -86.69% vs XLG's -52.39%.

On 10-year performance, XLG leads with 17.27% vs 12.03% for DBE. On fees, XLG is cheaper at 0.20% per year. On volatility, XLG has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLG has performed better with a 17.27% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLG is cheaper with a 0.20% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.60% for XLG.

DBE is categorized as Oil & Gas, while XLG is S&P 500. DBE tracks DBIQ Optimum Yield Energy Index, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.78% for DBE and 0.20% for XLG.

DBE currently has the higher Sharpe Ratio (2.43 vs 2.15), 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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