FCEF vs. DBE
FCEF (First Trust CEF Income Opportunity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FCEF is a Diversified Portfolio fund actively managed by First Trust, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FCEF is actively managed, while DBE is passively managed. Over the past 5 years, FCEF returned 5.84%/yr vs 19.66%/yr for DBE. At a 0.20 correlation, their price movements are largely independent. FCEF charges 2.91%/yr vs 0.78%/yr for DBE.
Performance
FCEF vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FCEF achieves a 6.40% return, which is significantly lower than DBE's 83.68% return.
FCEF
- 1D
- -0.58%
- 1M
- 0.80%
- YTD
- 6.40%
- 6M
- 7.10%
- 1Y
- 16.10%
- 3Y*
- 15.70%
- 5Y*
- 5.84%
- 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%
FCEF vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 6.40% | 14.39% | 17.51% | 10.27% | -19.51% | 19.50% | 3.80% | 28.28% | -9.65% | 15.72% |
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 FCEF and DBE is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2016 | 0.20 |
The correlation between FCEF and DBE shifts across timeframes, from -0.28 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FCEF vs. DBE — Risk / Return Rank
FCEF
DBE
FCEF vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.
| FCEF | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.09 | 2.43 | -0.34 |
Sortino ratioReturn per unit of downside risk | 2.90 | 2.96 | -0.06 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.40 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.30 | 5.89 | -3.59 |
Martin ratioReturn relative to average drawdown | 10.40 | 11.53 | -1.13 |
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
| FCEF | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 2.43 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.67 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.09 | +0.44 |
Drawdowns
FCEF vs. DBE - Drawdown Comparison
The maximum FCEF drawdown since its inception was -44.81%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FCEF and DBE.
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Drawdown Indicators
| FCEF | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -86.69% | +41.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -14.41% | +7.38% |
Max Drawdown (3Y)Largest decline over 3 years | -12.39% | -23.89% | +11.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.32% | -38.74% | +13.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -1.13% | -30.27% | +29.14% |
Average DrawdownAverage peak-to-trough decline | -6.28% | -57.31% | +51.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 7.35% | -5.80% |
Volatility
FCEF vs. DBE - Volatility Comparison
The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 2.11%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FCEF 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
| FCEF | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 12.95% | -10.84% |
Volatility (6M)Calculated over the trailing 6-month period | 6.18% | 30.86% | -24.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.75% | 34.97% | -27.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.19% | 29.39% | -17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.42% | 28.33% | -12.91% |
FCEF vs. DBE - Expense Ratio Comparison
FCEF has a 2.91% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
FCEF vs. DBE - Dividend Comparison
FCEF's dividend yield for the trailing twelve months is around 6.86%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
FCEF First Trust CEF Income Opportunity ETF | 6.86% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% |
Frequently Asked Questions
FCEF and DBE have a correlation of -0.28, 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 FCEF (2.11%). In terms of maximum drawdown, FCEF dropped -44.81% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 5.84% for FCEF. On fees, DBE is cheaper at 0.78% per year. On volatility, FCEF has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 5.84%. 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 2.91% for FCEF.
FCEF has the higher dividend yield at 6.86%, compared with 2.10% for DBE.
FCEF is categorized as Diversified Portfolio, while DBE is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 2.91% for FCEF and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 2.09), 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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