FBL vs. DBE

Last updated Jun 3, 2026

FBL (GraniteShares 2x Long META Daily ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FBL is a Leveraged Equities fund actively managed by GraniteShares, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FBL is actively managed, while DBE is passively managed. Over the past 3 years, FBL returned 29.68%/yr vs 22.48%/yr for DBE. At a correlation of -0.04, they often move in opposite directions. FBL charges 1.15%/yr vs 0.78%/yr for DBE.

Performance

FBL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) 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, FBL achieves a -25.99% return, which is significantly lower than DBE's 79.50% return.

FBL

• 1D: -1.07%
• 1M: -4.94%
• YTD: -25.99%
• 6M: -23.80%
• 1Y: -36.08%
• 3Y*: 29.68%
• 5Y*: —
• 10Y*: —

DBE

• 1D: 0.80%
• 1M: -3.65%
• YTD: 79.50%
• 6M: 72.59%
• 1Y: 82.31%
• 3Y*: 22.48%
• 5Y*: 19.20%
• 10Y*: 11.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	-25.99%	0.50%	112.72%	341.59%	-1.22%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-12.14%	1.72%

Correlation

The correlation between FBL and DBE is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	-0.04

Over the past year, the inverse relationship between FBL and DBE has strengthened: their correlation has moved from -0.04 to -0.24, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

FBL vs. DBE — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 4
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 5
FBL Omega Ratio Rank: 5
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

FBL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) 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.

	FBL	DBE	Difference
Sharpe ratio Return per unit of total volatility	-0.52	2.37	-2.89
Sortino ratio Return per unit of downside risk	-0.42	2.91	-3.32
Omega ratio Gain probability vs. loss probability	0.95	1.39	-0.45
Calmar ratio Return relative to maximum drawdown	-0.51	6.10	-6.61
Martin ratio Return relative to average drawdown	-0.96	11.98	-12.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBL vs. DBE - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.52, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FBL 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

	FBL	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	2.37	-2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.09	+0.97

Drawdowns

FBL vs. DBE - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FBL and DBE.

Drawdown Indicators

	FBL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-86.69%	+25.54%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-14.41%	-46.62%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	-23.89%	-37.26%
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	-52.04%	-31.85%	-20.19%
Average Drawdown Average peak-to-trough decline	-16.38%	-57.31%	+40.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.62%	7.34%	+25.28%

Volatility

FBL vs. DBE - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 15.51% compared to Invesco DB Energy Fund (DBE) at 13.47%. This indicates that FBL'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

	FBL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	13.47%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	52.53%	30.80%	+21.73%
Volatility (1Y) Calculated over the trailing 1-year period	70.31%	35.02%	+35.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.96%	29.37%	+41.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	28.33%	+42.63%

FBL vs. DBE - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

FBL vs. DBE - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.80%, more than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.15%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
FBL GraniteShares 2x Long META Daily ETF	2.80%	2.07%	0.00%	51.58%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBL and DBE in my portfolio?

FBL and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBL or DBE?

FBL has higher volatility (15.51%) compared to DBE (13.47%). In terms of maximum drawdown, FBL dropped -61.15% vs DBE's -86.69%.

Which ETF is better, FBL or DBE?

On 3-year performance, FBL leads with 29.68% vs 22.48% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 13.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or DBE?

Over the 3-year period, FBL has performed better with a 29.68% return vs 22.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 2.80%, compared with 2.15% for DBE.

What is the main difference between FBL and DBE?

FBL is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 1.15% for FBL and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs -0.52), 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.