ETH vs. DBE

Last updated Aug 4, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ETH is a Cryptocurrency fund actively managed by Grayscale, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. ETH is actively managed, while DBE is passively managed. Over the past year, ETH returned -45.97% vs 61.44% for DBE. Their -0.02 correlation means they have often moved in opposite directions in the past. ETH charges 0.15%/yr vs 0.78%/yr for DBE.

Performance

ETH vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -36.49% return, which is significantly lower than DBE's 71.26% return.

ETH

• 1D: 0.11%
• 1M: 10.14%
• 6M: -18.78%
• YTD: -36.49%
• 1Y: -45.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.19%

DBE

• 1D: -4.26%
• 1M: 15.98%
• 6M: 57.84%
• YTD: 71.26%
• 1Y: 61.44%
• 3Y*: 15.22%
• 5Y*: 17.82%
• 10Y*: 12.24%
• ALL TIME*: 2.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBE Invesco DB Energy Fund	$1.27M	$1.08M	$1.67M
ETH Grayscale Ethereum Staking Mini ETF	$31.27M	$33.28M	$46.00M

ETH vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-36.49%	-10.89%	-4.58%
DBE Invesco DB Energy Fund	71.26%	-2.17%	-2.73%

Correlation

The correlation between ETH and DBE is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-0.02

Return for Risk

ETH vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETH

ETH Risk / Return Rank: 4
ETH Sharpe Ratio Rank: 4
ETH Sortino Ratio Rank: 4
ETH Omega Ratio Rank: 4
ETH Calmar Ratio Rank: 4
ETH Martin Ratio Rank: 4

DBE

DBE Risk / Return Rank: 66
DBE Sharpe Ratio Rank: 70
DBE Sortino Ratio Rank: 66
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 69
DBE Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETH vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.64	-2.33
Sortino ratio: Return per unit of downside risk	-0.82	2.23	-3.05
Omega ratio: Gain probability vs. loss probability	0.91	1.28	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.68	2.50	-3.18
Martin ratio: Return relative to average drawdown	-1.02	7.82	-8.83

ETH vs. DBE - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.69, which is lower than the DBE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ETH 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.

Drawdowns

ETH vs. DBE - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.52%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ETH and DBE.

Drawdown Indicators

	ETH	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-67.52%	-86.69%	+19.17%
Max Drawdown (1Y) Largest decline over 1 year	-67.52%	-24.72%	-42.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
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	-60.89%	-34.98%	-25.91%
Average Drawdown Average peak-to-trough decline	-35.09%	-57.13%	+22.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.23%	7.90%	+37.33%

Volatility

ETH vs. DBE - Volatility Comparison

The current volatility for Grayscale Ethereum Staking Mini ETF (ETH) is 12.23%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that ETH 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

	ETH	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.23%	15.07%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	45.64%	34.26%	+11.38%
Volatility (1Y) Calculated over the trailing 1-year period	67.03%	37.66%	+29.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.15%	30.15%	+41.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.15%	28.60%	+42.55%

ETH vs. DBE - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ETH vs. DBE - Dividend Comparison

ETH has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.26%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
ETH Grayscale Ethereum Staking Mini ETF	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 ETH and DBE in my portfolio?

ETH and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETH or DBE?

DBE has higher volatility (15.07%) compared to ETH (12.23%). In terms of maximum drawdown, ETH dropped -67.52% vs DBE's -86.69%.

Which ETF is better, ETH or DBE?

On 1-year performance, DBE leads with 61.44% vs -45.97% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, ETH has been the lower-risk option at 12.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or DBE?

Over the 1-year period, DBE has performed better with a 61.44% return vs -45.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or DBE?

ETH is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.26%, compared with 0.00% for ETH.

What is the main difference between ETH and DBE?

ETH is categorized as Cryptocurrency, while DBE is Oil & Gas. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 0.15% for ETH and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.64 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.