DNOV vs. DBE
DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DNOV is a Defined Outcome fund tracking the S&P 500, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, DNOV returned 8.25%/yr vs 17.10%/yr for DBE. At a 0.12 correlation, their price movements are largely independent. DNOV charges 0.85%/yr vs 0.78%/yr for DBE.
Performance
DNOV vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, DNOV achieves a 5.68% return, which is significantly lower than DBE's 68.39% return.
DNOV
- 1D
- -0.12%
- 1M
- 0.61%
- 6M
- 4.92%
- YTD
- 5.68%
- 1Y
- 14.82%
- 3Y*
- 12.07%
- 5Y*
- 8.25%
- 10Y*
- —
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
DNOV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DNOV FT Vest U.S. Equity Deep Buffer ETF - November | 5.68% | 13.93% | 10.71% | 18.52% | -7.50% | 6.03% | 7.49% | 1.37% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 4.15% |
Correlation
The correlation between DNOV and DBE is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | 0.12 |
The correlation between DNOV and DBE shifts across timeframes, from -0.26 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DNOV vs. DBE — Risk / Return Rank
DNOV
DBE
DNOV vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DNOV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.28 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.34 | +1.22 |
| Martin ratioReturn relative to average drawdown | 18.90 | 7.00 | +11.90 |
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Drawdowns
DNOV vs. DBE - Drawdown Comparison
The maximum DNOV drawdown since its inception was -15.03%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DNOV and DBE.
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Drawdown Indicators
| DNOV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.03% | -86.69% | +71.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -24.72% | +20.54% |
Max Drawdown (3Y)Largest decline over 3 years | -9.98% | -24.72% | +14.74% |
Max Drawdown (5Y)Largest decline over 5 years | -9.98% | -38.74% | +28.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.12% | -36.07% | +35.95% |
Average DrawdownAverage peak-to-trough decline | -1.98% | -57.19% | +55.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 8.26% | -7.47% |
Volatility
DNOV vs. DBE - Volatility Comparison
The current volatility for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) is 1.11%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that DNOV 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.
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Volatility by Period
| DNOV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 11.68% | -10.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.34% | 32.70% | -28.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 35.99% | -30.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.63% | 29.88% | -22.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.98% | 28.39% | -19.41% |
DNOV vs. DBE - Expense Ratio Comparison
DNOV has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
DNOV vs. DBE - Dividend Comparison
DNOV has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
DNOV FT Vest U.S. Equity Deep Buffer ETF - November | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DNOV and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to DNOV (1.11%). In terms of maximum drawdown, DNOV dropped -15.03% vs DBE's -86.69%.
On 5-year performance, DBE leads with 17.10% vs 8.25% for DNOV. On fees, DBE is cheaper at 0.78% per year. On volatility, DNOV has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 17.10% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for DNOV.
DBE has the higher dividend yield at 2.29%, compared with 0.00% for DNOV.
DNOV is categorized as Defined Outcome, while DBE is Oil & Gas. DNOV tracks S&P 500, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: FT Vest and Invesco. Their fees differ too: 0.85% for DNOV and 0.78% for DBE.
DNOV currently has the higher Sharpe Ratio (2.65 vs 1.61), 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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