ETHT vs. DBE

Last updated Jun 4, 2026

ETHT (ProShares Ultra Ether ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, ETHT returned -76.37% vs 84.41% for DBE. At a correlation of -0.03, they often move in opposite directions. ETHT charges 0.94%/yr vs 0.78%/yr for DBE.

Performance

ETHT vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -72.39% return, which is significantly lower than DBE's 83.68% return.

ETHT

• 1D: -11.32%
• 1M: -43.48%
• YTD: -72.39%
• 6M: -76.21%
• 1Y: -76.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ETHT vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-72.39%	-64.86%	-41.68%
DBE Invesco DB Energy Fund	83.68%	-2.17%	-0.22%

Correlation

The correlation between ETHT 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 (All Time) Calculated using the full available price history since Jun 10, 2024	-0.03

Return for Risk

ETHT vs. DBE — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 3
ETHT Sharpe Ratio Rank: 4
ETHT Sortino Ratio Rank: 4
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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.

ETHT vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	2.43	-2.99
Sortino ratio: Return per unit of downside risk	-0.54	2.96	-3.49
Omega ratio: Gain probability vs. loss probability	0.94	1.40	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.83	5.89	-6.72
Martin ratio: Return relative to average drawdown	-1.22	11.53	-12.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHT vs. DBE - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.56, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ETHT 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

	ETHT	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	2.43	-2.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.09	-0.63

Drawdowns

ETHT vs. DBE - Drawdown Comparison

The maximum ETHT drawdown since its inception was -94.34%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ETHT and DBE.

Drawdown Indicators

	ETHT	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-94.34%	-86.69%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	-91.91%	-14.41%	-77.50%
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	-94.34%	-30.27%	-64.07%
Average Drawdown Average peak-to-trough decline	-64.82%	-57.31%	-7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.48%	7.35%	+55.13%

Volatility

ETHT vs. DBE - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 20.43% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.43%	12.95%	+7.48%
Volatility (6M) Calculated over the trailing 6-month period	92.88%	30.86%	+62.02%
Volatility (1Y) Calculated over the trailing 1-year period	136.57%	34.97%	+101.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.90%	29.39%	+113.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.90%	28.33%	+114.57%

ETHT vs. DBE - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

ETHT vs. DBE - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 17.20%, more than DBE's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.10%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
ETHT ProShares Ultra Ether ETF	17.20%	4.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETHT and DBE in my portfolio?

ETHT 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, ETHT or DBE?

ETHT has higher volatility (20.43%) compared to DBE (12.95%). In terms of maximum drawdown, ETHT dropped -94.34% vs DBE's -86.69%.

Which ETF is better, ETHT or DBE?

On 1-year performance, DBE leads with 84.41% vs -76.37% for ETHT. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or DBE?

Over the 1-year period, DBE has performed better with a 84.41% return vs -76.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.94% for ETHT.

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

ETHT has the higher dividend yield at 17.20%, compared with 2.10% for DBE.

What is the main difference between ETHT and DBE?

ETHT is categorized as Cryptocurrency, while DBE is Oil & Gas. ETHT tracks Bloomberg Ethereum Index (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.94% for ETHT and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.43 vs -0.56), 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.