DFGP vs. DBE

Last updated Jun 3, 2026

DFGP (Dimensional Global Core Plus Fixed Income ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DFGP is a Global Bonds fund actively managed by Dimensional, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. DFGP is actively managed, while DBE is passively managed. Over the past year, DFGP returned 5.48% vs 82.31% for DBE. At a correlation of -0.26, they often move in opposite directions. DFGP charges 0.22%/yr vs 0.78%/yr for DBE.

Performance

DFGP vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Core Plus Fixed Income ETF (DFGP) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGP achieves a 1.35% return, which is significantly lower than DBE's 79.50% return.

DFGP

• 1D: 0.08%
• 1M: 0.72%
• YTD: 1.35%
• 6M: 1.17%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

DFGP vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFGP Dimensional Global Core Plus Fixed Income ETF	1.35%	5.89%	3.71%	6.24%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-6.32%

Correlation

The correlation between DFGP and DBE is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	-0.26

Over the past year, the inverse relationship between DFGP and DBE has strengthened: their correlation has moved from -0.26 to -0.46, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DFGP vs. DBE — Risk / Return Rank

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

DFGP

DFGP Risk / Return Rank: 37
DFGP Sharpe Ratio Rank: 39
DFGP Sortino Ratio Rank: 39
DFGP Omega Ratio Rank: 38
DFGP Calmar Ratio Rank: 33
DFGP Martin Ratio Rank: 36

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

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.

DFGP vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Core Plus Fixed Income ETF (DFGP) and Invesco DB Energy Fund (DBE). 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.

	DFGP	DBE	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.37	-0.98
Sortino ratio Return per unit of downside risk	2.01	2.91	-0.90
Omega ratio Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio Return relative to maximum drawdown	1.66	6.10	-4.44
Martin ratio Return relative to average drawdown	5.68	11.98	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFGP vs. DBE - Sharpe Ratio Comparison

The current DFGP Sharpe Ratio is 1.39, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DFGP and DBE, 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

	DFGP	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.37	-0.98
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	1.46	0.09	+1.37

Drawdowns

DFGP vs. DBE - Drawdown Comparison

The maximum DFGP drawdown since its inception was -3.24%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DFGP and DBE.

Drawdown Indicators

	DFGP	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-3.24%	-86.69%	+83.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.24%	-14.41%	+11.17%
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	-0.71%	-31.85%	+31.14%
Average Drawdown Average peak-to-trough decline	-0.78%	-57.31%	+56.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	7.34%	-6.39%

Volatility

DFGP vs. DBE - Volatility Comparison

The current volatility for Dimensional Global Core Plus Fixed Income ETF (DFGP) is 1.66%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that DFGP experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGP	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	13.47%	-11.81%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	30.80%	-27.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	35.02%	-31.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	29.37%	-24.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	28.33%	-23.67%

DFGP vs. DBE - Expense Ratio Comparison

DFGP has a 0.22% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

DFGP vs. DBE - Dividend Comparison

DFGP's dividend yield for the trailing twelve months is around 3.64%, more than DBE's 2.15% 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%
DFGP Dimensional Global Core Plus Fixed Income ETF	3.64%	3.45%	4.51%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFGP and DBE in my portfolio?

DFGP and DBE have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGP or DBE?

DBE has higher volatility (13.47%) compared to DFGP (1.66%). In terms of maximum drawdown, DFGP dropped -3.24% vs DBE's -86.69%.

Which ETF is better, DFGP or DBE?

On 1-year performance, DBE leads with 82.31% vs 5.48% for DFGP. On fees, DFGP is cheaper at 0.22% per year. On volatility, DFGP has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFGP or DBE?

Over the 1-year period, DBE has performed better with a 82.31% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFGP or DBE?

DFGP is cheaper with a 0.22% expense ratio, compared with 0.78% for DBE.

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

DFGP has the higher dividend yield at 3.64%, compared with 2.15% for DBE.

What is the main difference between DFGP and DBE?

DFGP is categorized as Global Bonds, while DBE is Oil & Gas. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.22% for DFGP and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 1.39), 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.