DOL vs. DBE

Last updated Jun 4, 2026

DOL (WisdomTree International LargeCap Dividend Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DOL is a Foreign Large Cap Equities fund tracking the WisdomTree International LargeCap Dividend Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, DOL returned 9.61%/yr vs 12.03%/yr for DBE. At a 0.32 correlation, their price movements are largely independent. DOL charges 0.48%/yr vs 0.78%/yr for DBE.

Performance

DOL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International LargeCap Dividend Fund (DOL) 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, DOL achieves a 14.27% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, DOL has underperformed DBE with an annualized return of 9.61%, while DBE has yielded a comparatively higher 12.03% annualized return.

DOL

• 1D: -0.42%
• 1M: 5.12%
• YTD: 14.27%
• 6M: 18.14%
• 1Y: 29.70%
• 3Y*: 20.90%
• 5Y*: 12.14%
• 10Y*: 9.61%

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%

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

DOL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOL WisdomTree International LargeCap Dividend Fund	14.27%	37.35%	4.08%	16.77%	-6.72%	11.54%	-3.22%	19.47%	-12.93%	22.25%
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%

Correlation

The correlation between DOL and DBE is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007	0.32

The correlation between DOL and DBE shifts across timeframes, from -0.37 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DOL vs. DBE — Risk / Return Rank

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

DOL

DOL Risk / Return Rank: 57
DOL Sharpe Ratio Rank: 58
DOL Sortino Ratio Rank: 57
DOL Omega Ratio Rank: 59
DOL Calmar Ratio Rank: 53
DOL Martin Ratio Rank: 57

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

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.

DOL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International LargeCap Dividend Fund (DOL) 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.

	DOL	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.43	-0.44
Sortino ratio: Return per unit of downside risk	2.74	2.96	-0.22
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	2.63	5.89	-3.26
Martin ratio: Return relative to average drawdown	9.90	11.53	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DOL vs. DBE - Sharpe Ratio Comparison

The current DOL Sharpe Ratio is 1.99, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of DOL 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

	DOL	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.43	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.67	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.43	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.09	+0.18

Drawdowns

DOL vs. DBE - Drawdown Comparison

The maximum DOL drawdown since its inception was -60.79%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DOL and DBE.

Drawdown Indicators

	DOL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-60.79%	-86.69%	+25.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-14.41%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-23.89%	+11.45%
Max Drawdown (5Y) Largest decline over 5 years	-24.57%	-38.74%	+14.17%
Max Drawdown (10Y) Largest decline over 10 years	-35.99%	-60.84%	+24.85%
Current Drawdown Current decline from peak	-0.42%	-30.27%	+29.85%
Average Drawdown Average peak-to-trough decline	-13.63%	-57.31%	+43.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	7.35%	-4.34%

Volatility

DOL vs. DBE - Volatility Comparison

The current volatility for WisdomTree International LargeCap Dividend Fund (DOL) is 5.28%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that DOL 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

	DOL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	12.95%	-7.67%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	30.86%	-18.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	34.97%	-19.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	29.39%	-14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	28.33%	-11.63%

DOL vs. DBE - Expense Ratio Comparison

DOL has a 0.48% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

DOL vs. DBE - Dividend Comparison

DOL's dividend yield for the trailing twelve months is around 2.45%, more than DBE's 2.10% 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%
DOL WisdomTree International LargeCap Dividend Fund	2.45%	2.83%	3.78%	4.02%	4.47%	3.58%	2.82%	3.50%	4.03%	3.17%	3.58%	3.66%

Frequently Asked Questions

Can I hold both DOL and DBE in my portfolio?

DOL and DBE have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOL or DBE?

DBE has higher volatility (12.95%) compared to DOL (5.28%). In terms of maximum drawdown, DOL dropped -60.79% vs DBE's -86.69%.

Which ETF is better, DOL or DBE?

On 10-year performance, DBE leads with 12.03% vs 9.61% for DOL. On fees, DOL is cheaper at 0.48% per year. On volatility, DOL has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOL or DBE?

Over the 10-year period, DBE has performed better with a 12.03% return vs 9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOL or DBE?

DOL is cheaper with a 0.48% expense ratio, compared with 0.78% for DBE.

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

DOL has the higher dividend yield at 2.45%, compared with 2.10% for DBE.

What is the main difference between DOL and DBE?

DOL is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. DOL tracks WisdomTree International LargeCap Dividend Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.48% for DOL and 0.78% for DBE.

Which has better risk-adjusted returns?

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.