ETCO vs. DBE

Last updated Jun 5, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ETCO is a Cryptocurrency fund actively managed by Grayscale, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. ETCO is actively managed, while DBE is passively managed. At a correlation of -0.10, they often move in opposite directions. ETCO charges 0.66%/yr vs 0.78%/yr for DBE.

Performance

ETCO vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) 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, ETCO achieves a -34.48% return, which is significantly lower than DBE's 79.04% return.

ETCO

• 1D: -1.66%
• 1M: -22.34%
• YTD: -34.48%
• 6M: -36.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -2.52%
• 1M: -6.01%
• YTD: 79.04%
• 6M: 69.31%
• 1Y: 81.31%
• 3Y*: 22.41%
• 5Y*: 19.05%
• 10Y*: 11.58%

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

ETCO vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.48%	-24.78%
DBE Invesco DB Energy Fund	79.04%	-4.44%

Correlation

The correlation between ETCO and DBE is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	-0.10

Return for Risk

ETCO vs. DBE — Risk / Return Rank

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

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 73
DBE Sortino Ratio Rank: 62
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 62

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.

ETCO vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ETCO	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.33	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.17	0.09	-1.26

Drawdowns

ETCO vs. DBE - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ETCO and DBE.

Drawdown Indicators

	ETCO	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-86.69%	+29.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.41%	—
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	-55.08%	-32.03%	-23.05%
Average Drawdown Average peak-to-trough decline	-34.54%	-57.30%	+22.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.37%	—

Volatility

Volatility by Period

	ETCO	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.38%	35.07%	+17.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	29.41%	+22.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.38%	28.34%	+24.04%

ETCO vs. DBE - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ETCO vs. DBE - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 129.56%, more than DBE's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.16%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
ETCO Grayscale Ethereum Covered Call ETF	129.56%	42.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and DBE in my portfolio?

ETCO and DBE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCO or DBE?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or DBE?

ETCO is cheaper with a 0.66% expense ratio, compared with 0.78% for DBE.

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

ETCO has the higher dividend yield at 129.56%, compared with 2.16% for DBE.

What is the main difference between ETCO and DBE?

ETCO is categorized as Cryptocurrency, while DBE is Oil & Gas. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 0.66% for ETCO and 0.78% for DBE.