ENPH vs. DBC

Last updated Jun 4, 2026

ENPH (Enphase Energy, Inc.) is a stock, while DBC (Invesco DB Commodity Index Tracking Fund) is Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over the past 10 years, ENPH returned 42.42%/yr vs 9.10%/yr for DBC. At a 0.13 correlation, their price movements are largely independent.

Performance

ENPH vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Enphase Energy, Inc. (ENPH) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENPH achieves a 115.35% return, which is significantly higher than DBC's 35.47% return. Over the past 10 years, ENPH has outperformed DBC with an annualized return of 42.42%, while DBC has yielded a comparatively lower 9.10% annualized return.

ENPH

• 1D: -4.58%
• 1M: 112.11%
• YTD: 115.35%
• 6M: 134.84%
• 1Y: 57.76%
• 3Y*: -27.60%
• 5Y*: -12.52%
• 10Y*: 42.42%

DBC

• 1D: 0.56%
• 1M: -3.32%
• YTD: 35.47%
• 6M: 35.36%
• 1Y: 45.90%
• 3Y*: 15.09%
• 5Y*: 12.78%
• 10Y*: 9.10%

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

ENPH vs. DBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENPH Enphase Energy, Inc.	115.35%	-53.33%	-48.02%	-50.13%	44.83%	4.26%	571.53%	452.43%	96.27%	138.61%
DBC Invesco DB Commodity Index Tracking Fund	35.47%	8.10%	2.18%	-6.19%	19.34%	41.36%	-7.84%	11.84%	-11.63%	4.86%

Correlation

The correlation between ENPH and DBC is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Apr 2, 2012	0.13

The correlation between ENPH and DBC shifts across timeframes, from -0.15 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENPH vs. DBC — Risk / Return Rank

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

ENPH

ENPH Risk / Return Rank: 65
ENPH Sharpe Ratio Rank: 63
ENPH Sortino Ratio Rank: 67
ENPH Omega Ratio Rank: 66
ENPH Calmar Ratio Rank: 66
ENPH Martin Ratio Rank: 62

DBC

DBC Risk / Return Rank: 75
DBC Sharpe Ratio Rank: 74
DBC Sortino Ratio Rank: 67
DBC Omega Ratio Rank: 70
DBC Calmar Ratio Rank: 92
DBC Martin Ratio Rank: 72

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.

ENPH vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enphase Energy, Inc. (ENPH) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	ENPH	DBC	Difference
Sharpe ratio: Return per unit of total volatility	0.69	2.47	-1.78
Sortino ratio: Return per unit of downside risk	1.59	3.16	-1.57
Omega ratio: Gain probability vs. loss probability	1.20	1.43	-0.23
Calmar ratio: Return relative to maximum drawdown	1.35	6.54	-5.20
Martin ratio: Return relative to average drawdown	2.43	13.91	-11.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENPH vs. DBC - Sharpe Ratio Comparison

The current ENPH Sharpe Ratio is 0.69, which is lower than the DBC Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of ENPH and DBC, 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

	ENPH	DBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	2.47	-1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.67	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.51	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.12	+0.10

Drawdowns

ENPH vs. DBC - Drawdown Comparison

The maximum ENPH drawdown since its inception was -95.97%, which is greater than DBC's maximum drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for ENPH and DBC.

Drawdown Indicators

	ENPH	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-95.97%	-76.36%	-19.61%
Max Drawdown (1Y) Largest decline over 1 year	-43.13%	-7.05%	-36.08%
Max Drawdown (3Y) Largest decline over 3 years	-86.23%	-13.82%	-72.41%
Max Drawdown (5Y) Largest decline over 5 years	-92.23%	-27.34%	-64.89%
Max Drawdown (10Y) Largest decline over 10 years	-92.23%	-41.71%	-50.52%
Current Drawdown Current decline from peak	-79.46%	-21.64%	-57.82%
Average Drawdown Average peak-to-trough decline	-50.52%	-46.22%	-4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.79%	3.31%	+20.48%

Volatility

ENPH vs. DBC - Volatility Comparison

Enphase Energy, Inc. (ENPH) has a higher volatility of 32.97% compared to Invesco DB Commodity Index Tracking Fund (DBC) at 6.45%. This indicates that ENPH's price experiences larger fluctuations and is considered to be riskier than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENPH	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.97%	6.45%	+26.52%
Volatility (6M) Calculated over the trailing 6-month period	62.13%	15.75%	+46.38%
Volatility (1Y) Calculated over the trailing 1-year period	84.59%	18.68%	+65.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.64%	19.18%	+50.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.14%	17.81%	+60.33%

Dividends

ENPH vs. DBC - Dividend Comparison

ENPH has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.46%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
ENPH Enphase Energy, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENPH and DBC in my portfolio?

ENPH and DBC have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENPH or DBC?

ENPH has higher volatility (32.97%) compared to DBC (6.45%). In terms of maximum drawdown, ENPH dropped -95.97% vs DBC's -76.36%.

Which has better risk-adjusted returns?

DBC currently has the higher Sharpe Ratio (2.47 vs 0.69), 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.