EUAD vs. DBE

Last updated Jun 4, 2026

EUAD (Select STOXX Europe Aerospace & Defense ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EUAD is a Aerospace & Defense fund tracking the STOXX Europe Total Market Aerospace & Defense Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, EUAD returned -3.68% vs 84.41% for DBE. At a correlation of -0.15, they often move in opposite directions. EUAD charges 0.50%/yr vs 0.78%/yr for DBE.

Performance

EUAD vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Select STOXX Europe Aerospace & Defense ETF (EUAD) 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, EUAD achieves a -5.41% return, which is significantly lower than DBE's 83.68% return.

EUAD

• 1D: -1.53%
• 1M: -1.14%
• YTD: -5.41%
• 6M: -1.74%
• 1Y: -3.68%
• 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)

EUAD vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EUAD Select STOXX Europe Aerospace & Defense ETF	-5.41%	74.51%	-3.62%
DBE Invesco DB Energy Fund	83.68%	-2.17%	1.69%

Correlation

The correlation between EUAD and DBE is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	-0.15

Return for Risk

EUAD vs. DBE — Risk / Return Rank

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

EUAD

EUAD Risk / Return Rank: 7
EUAD Sharpe Ratio Rank: 7
EUAD Sortino Ratio Rank: 7
EUAD Omega Ratio Rank: 7
EUAD Calmar Ratio Rank: 7
EUAD Martin Ratio Rank: 7

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.

EUAD vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Select STOXX Europe Aerospace & Defense ETF (EUAD) 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.

	EUAD	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	2.43	-2.55
Sortino ratio: Return per unit of downside risk	0.02	2.96	-2.93
Omega ratio: Gain probability vs. loss probability	1.00	1.40	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.17	5.89	-6.06
Martin ratio: Return relative to average drawdown	-0.41	11.53	-11.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUAD vs. DBE - Sharpe Ratio Comparison

The current EUAD Sharpe Ratio is -0.13, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EUAD 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

	EUAD	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	2.43	-2.55
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	1.13	0.09	+1.04

Drawdowns

EUAD vs. DBE - Drawdown Comparison

The maximum EUAD drawdown since its inception was -22.04%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EUAD and DBE.

Drawdown Indicators

	EUAD	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-86.69%	+64.65%
Max Drawdown (1Y) Largest decline over 1 year	-22.04%	-14.41%	-7.63%
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	-17.46%	-30.27%	+12.81%
Average Drawdown Average peak-to-trough decline	-5.62%	-57.31%	+51.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.99%	7.35%	+1.64%

Volatility

EUAD vs. DBE - Volatility Comparison

The current volatility for Select STOXX Europe Aerospace & Defense ETF (EUAD) is 11.32%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that EUAD 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

	EUAD	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	12.95%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	30.86%	-6.66%
Volatility (1Y) Calculated over the trailing 1-year period	29.14%	34.97%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.84%	29.39%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.84%	28.33%	+1.51%

EUAD vs. DBE - Expense Ratio Comparison

EUAD has a 0.50% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

EUAD vs. DBE - Dividend Comparison

EUAD's dividend yield for the trailing twelve months is around 0.42%, less 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%
EUAD Select STOXX Europe Aerospace & Defense ETF	0.42%	0.40%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUAD and DBE in my portfolio?

EUAD and DBE have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUAD or DBE?

DBE has higher volatility (12.95%) compared to EUAD (11.32%). In terms of maximum drawdown, EUAD dropped -22.04% vs DBE's -86.69%.

Which ETF is better, EUAD or DBE?

On 1-year performance, DBE leads with 84.41% vs -3.68% for EUAD. On fees, EUAD is cheaper at 0.50% per year. On volatility, EUAD has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUAD or DBE?

Over the 1-year period, DBE has performed better with a 84.41% return vs -3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUAD or DBE?

EUAD is cheaper with a 0.50% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.10%, compared with 0.42% for EUAD.

What is the main difference between EUAD and DBE?

EUAD is categorized as Aerospace & Defense, while DBE is Oil & Gas. EUAD tracks STOXX Europe Total Market Aerospace & Defense Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Select Funds and Invesco. Their fees differ too: 0.50% for EUAD and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.43 vs -0.13), 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.