ETHV vs. DBE

Last updated Aug 4, 2026

ETHV (VanEck Ethereum ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - ETHV is a Cryptocurrency fund tracking the MarketVector Ethereum Benchmark Rate, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, ETHV returned -46.88% vs 61.44% for DBE. Their -0.03 correlation means they have often moved in opposite directions in the past. ETHV charges 0.20%/yr vs 0.78%/yr for DBE.

Performance

ETHV vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Ethereum ETF (ETHV) 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, ETHV achieves a -37.18% return, which is significantly lower than DBE's 71.26% return.

ETHV

• 1D: 0.07%
• 1M: 9.95%
• 6M: -19.62%
• YTD: -37.18%
• 1Y: -46.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.99%

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
ETHV VanEck Ethereum ETF	$515.18K	$688.78K	$1.40M

ETHV vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-37.18%	-11.02%	-5.50%
DBE Invesco DB Energy Fund	71.26%	-2.17%	-2.73%

Correlation

The correlation between ETHV 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	-0.03

Return for Risk

ETHV vs. DBE — Risk / Return Rank

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

ETHV

ETHV Risk / Return Rank: 4
ETHV Sharpe Ratio Rank: 3
ETHV Sortino Ratio Rank: 4
ETHV Omega Ratio Rank: 4
ETHV Calmar Ratio Rank: 4
ETHV 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.

ETHV vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.64	-2.35
Sortino ratio: Return per unit of downside risk	-0.86	2.23	-3.09
Omega ratio: Gain probability vs. loss probability	0.90	1.28	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.69	2.50	-3.19
Martin ratio: Return relative to average drawdown	-1.03	7.82	-8.85

ETHV vs. DBE - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.70, which is lower than the DBE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ETHV 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

ETHV vs. DBE - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for ETHV and DBE.

Drawdown Indicators

	ETHV	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-86.69%	+18.81%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-24.72%	-43.16%
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	-61.49%	-34.98%	-26.51%
Average Drawdown Average peak-to-trough decline	-35.33%	-57.13%	+21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.53%	7.90%	+37.63%

Volatility

ETHV vs. DBE - Volatility Comparison

The current volatility for VanEck Ethereum ETF (ETHV) is 12.12%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that ETHV 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

	ETHV	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.12%	15.07%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	45.60%	34.26%	+11.34%
Volatility (1Y) Calculated over the trailing 1-year period	66.95%	37.66%	+29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.17%	30.15%	+41.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.17%	28.60%	+42.57%

ETHV vs. DBE - Expense Ratio Comparison

ETHV has a 0.20% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

ETHV vs. DBE - Dividend Comparison

ETHV 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%
ETHV VanEck Ethereum 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 ETHV and DBE in my portfolio?

ETHV 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, ETHV or DBE?

DBE has higher volatility (15.07%) compared to ETHV (12.12%). In terms of maximum drawdown, ETHV dropped -67.88% vs DBE's -86.69%.

Which ETF is better, ETHV or DBE?

On 1-year performance, DBE leads with 61.44% vs -46.88% for ETHV. On fees, ETHV is cheaper at 0.20% per year. On volatility, ETHV has been the lower-risk option at 12.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or DBE?

Over the 1-year period, DBE has performed better with a 61.44% return vs -46.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or DBE?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.78% for DBE.

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

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

What is the main difference between ETHV and DBE?

ETHV is categorized as Cryptocurrency, while DBE is Oil & Gas. ETHV tracks MarketVector Ethereum Benchmark Rate, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.20% for ETHV and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.64 vs -0.70), 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.