ETHE vs. DBE
ETHE (Grayscale Ethereum Trust ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, ETHE returned -11.85%/yr vs 19.05%/yr for DBE. At a 0.06 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.78%/yr for DBE.
Performance
ETHE vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than DBE's 79.04% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 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%
ETHE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 10.82% |
Correlation
The correlation between ETHE and DBE is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.06 |
The correlation between ETHE and DBE shifts across timeframes, from -0.12 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. DBE — Risk / Return Rank
ETHE
DBE
ETHE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.39 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 5.67 | -6.20 |
| Martin ratioReturn relative to average drawdown | -0.88 | 11.08 | -11.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 2.33 | -2.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.65 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.09 | -0.03 |
Drawdowns
ETHE vs. DBE - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ETHE and DBE.
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Drawdown Indicators
| ETHE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -86.69% | -9.57% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | -14.41% | -49.28% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -23.89% | -42.23% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -38.74% | -51.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -77.50% | -32.03% | -45.47% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -57.30% | -14.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 7.37% | +30.82% |
Volatility
ETHE vs. DBE - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.65%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that ETHE 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
| ETHE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 13.05% | -3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 30.97% | +14.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 35.07% | +33.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 29.41% | +52.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 28.34% | +163.44% |
ETHE vs. DBE - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
ETHE vs. DBE - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, less 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% |
ETHE Grayscale Ethereum Trust ETF | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETHE 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.
DBE has higher volatility (13.05%) compared to ETHE (9.65%). In terms of maximum drawdown, ETHE dropped -96.26% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.05% vs -11.85% for ETHE. On fees, DBE is cheaper at 0.78% per year. On volatility, ETHE has been the lower-risk option at 9.65%. 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 19.05% return vs -11.85%. 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 2.50% for ETHE.
DBE has the higher dividend yield at 2.16%, compared with 1.37% for ETHE.
ETHE is categorized as Cryptocurrency, while DBE is Oil & Gas. ETHE tracks CoinDesk Ether Price Index , while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 2.50% for ETHE and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs -0.49), 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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