FAS vs. DBE
FAS (Direxion Daily Financial Bull 3X Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FAS returned 18.36%/yr vs 12.03%/yr for DBE. At a 0.28 correlation, their price movements are largely independent. FAS charges 1.00%/yr vs 0.78%/yr for DBE.
Performance
FAS vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -24.46% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, FAS has outperformed DBE with an annualized return of 18.36%, while DBE has yielded a comparatively lower 12.03% annualized return.
FAS
- 1D
- -3.47%
- 1M
- -5.15%
- YTD
- -24.46%
- 6M
- -18.86%
- 1Y
- -12.36%
- 3Y*
- 34.13%
- 5Y*
- 3.01%
- 10Y*
- 18.36%
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%
FAS vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -24.46% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between FAS and DBE is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.28 |
The correlation between FAS and DBE shifts across timeframes, from -0.21 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FAS vs. DBE — Risk / Return Rank
FAS
DBE
FAS vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.
| FAS | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.40 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 5.89 | -6.19 |
| Martin ratioReturn relative to average drawdown | -0.71 | 11.53 | -12.24 |
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
| FAS | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | 2.43 | -2.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.67 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.43 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.09 | +0.10 |
Drawdowns
FAS vs. DBE - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FAS and DBE.
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Drawdown Indicators
| FAS | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -86.69% | -4.92% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -14.41% | -26.47% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -23.89% | -19.21% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -38.74% | -28.14% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -60.84% | -25.15% |
Current DrawdownCurrent decline from peak | -30.69% | -30.27% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -31.11% | -57.31% | +26.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.51% | 7.35% | +10.16% |
Volatility
FAS vs. DBE - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 9.50%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FAS 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
| FAS | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 12.95% | -3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 32.51% | 30.86% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.76% | 34.97% | +7.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.49% | 29.39% | +26.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.29% | 28.33% | +32.96% |
FAS vs. DBE - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
FAS vs. DBE - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 11.04%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
FAS Direxion Daily Financial Bull 3X Shares | 11.04% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
Frequently Asked Questions
FAS and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to FAS (9.50%). In terms of maximum drawdown, FAS dropped -91.61% vs DBE's -86.69%.
On 10-year performance, FAS leads with 18.36% vs 12.03% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, FAS has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 18.36% return vs 12.03%. 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 1.00% for FAS.
FAS has the higher dividend yield at 11.04%, compared with 2.10% for DBE.
FAS is categorized as Leveraged Equities, while DBE is Oil & Gas. FAS tracks Russell 1000 Financial Services Index (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.00% for FAS and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.29), 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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