DBE vs. XMMO
DBE (Invesco DB Energy Fund) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, DBE returned 12.03%/yr vs 19.73%/yr for XMMO. At a 0.26 correlation, their price movements are largely independent. DBE charges 0.78%/yr vs 0.35%/yr for XMMO.
Performance
DBE vs. XMMO - 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 XMMO's 23.73% return. Over the past 10 years, DBE has underperformed XMMO with an annualized return of 12.03%, while XMMO has yielded a comparatively higher 19.73% 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%
XMMO
- 1D
- 0.62%
- 1M
- 6.87%
- YTD
- 23.73%
- 6M
- 25.73%
- 1Y
- 36.97%
- 3Y*
- 32.10%
- 5Y*
- 16.69%
- 10Y*
- 19.73%
DBE vs. XMMO - 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% |
XMMO Invesco S&P MidCap Momentum ETF | 23.73% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between DBE and XMMO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
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 | 0.26 |
The correlation between DBE and XMMO shifts across timeframes, from -0.31 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBE vs. XMMO — Risk / Return Rank
DBE
XMMO
DBE vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Energy Fund (DBE) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.43 | 1.99 | +0.44 |
Sortino ratioReturn per unit of downside risk | 2.96 | 2.77 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.35 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 5.89 | 4.45 | +1.44 |
Martin ratioReturn relative to average drawdown | 11.53 | 18.21 | -6.68 |
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 | XMMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 1.99 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.78 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 0.89 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.58 | -0.48 |
Drawdowns
DBE vs. XMMO - Drawdown Comparison
The maximum DBE drawdown since its inception was -86.69%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for DBE and XMMO.
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Drawdown Indicators
| DBE | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.69% | -55.37% | -31.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -8.34% | -6.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.89% | -24.93% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -38.74% | -27.91% | -10.83% |
Max Drawdown (10Y)Largest decline over 10 years | -60.84% | -36.74% | -24.10% |
Current DrawdownCurrent decline from peak | -30.27% | 0.00% | -30.27% |
Average DrawdownAverage peak-to-trough decline | -57.31% | -9.45% | -47.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 2.04% | +5.31% |
Volatility
DBE vs. XMMO - Volatility Comparison
Invesco DB Energy Fund (DBE) has a higher volatility of 12.95% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 7.82%. This indicates that DBE's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBE | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 7.82% | +5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 15.54% | +15.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.97% | 18.71% | +16.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.39% | 21.45% | +7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.33% | 22.27% | +6.06% |
DBE vs. XMMO - Expense Ratio Comparison
DBE has a 0.78% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
DBE vs. XMMO - Dividend Comparison
DBE's dividend yield for the trailing twelve months is around 2.10%, more than XMMO's 0.60% 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.60% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
DBE and XMMO have a correlation of -0.31, 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 XMMO (7.82%). In terms of maximum drawdown, DBE dropped -86.69% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 19.73% vs 12.03% for DBE. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 19.73% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.60% for XMMO.
DBE is categorized as Oil & Gas, while XMMO is Momentum. DBE tracks DBIQ Optimum Yield Energy Index, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.78% for DBE and 0.35% for XMMO.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.99), 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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