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FDM vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDM vs. DBE

Last updated Jun 4, 2026

FDM (First Trust Dow Jones Select MicroCap Index Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FDM is a Small Cap Blend Equities fund tracking the Dow Jones Select Microcap Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FDM returned 11.42%/yr vs 12.03%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. FDM charges 0.60%/yr vs 0.78%/yr for DBE.

Performance

FDM vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Select MicroCap Index Fund (FDM) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDM achieves a 7.48% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, FDM has underperformed DBE with an annualized return of 11.42%, while DBE has yielded a comparatively higher 12.03% annualized return.

FDM

1D
-2.13%
1M
-2.89%
YTD
7.48%
6M
7.77%
1Y
27.59%
3Y*
18.03%
5Y*
8.37%
10Y*
11.42%

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)

FDM vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDM
First Trust Dow Jones Select MicroCap Index Fund		7.48%18.64%13.00%12.76%-11.61%35.08%-4.04%27.45%-13.53%8.72%
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 FDM and DBE is -0.26, 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

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.26

The correlation between FDM and DBE shifts across timeframes, from -0.26 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Dow Jones Select MicroCap Index Fund

Invesco DB Energy Fund

Often compared with FDM:
FDM vs. IWCFDM vs. PVIVXFDM vs. DFSCXFDM vs. JMCRXFDM vs. VBFDM vs. SPYFDM vs. SCHD
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

FDM vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDM
FDM Risk / Return Rank: 4747
Overall Rank
FDM Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
FDM Sortino Ratio Rank: 4343
Sortino Ratio Rank
FDM Omega Ratio Rank: 3939
Omega Ratio Rank
FDM Calmar Ratio Rank: 6060
Calmar Ratio Rank
FDM Martin Ratio Rank: 5252
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

FDM vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Select MicroCap Index Fund (FDM) 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.

FDMDBEDifference
Sharpe ratioReturn per unit of total volatility
1.47
2.43

-0.96

Sortino ratioReturn per unit of downside risk
2.18
2.96

-0.78

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

2.98

5.89

-2.91

Martin ratioReturn relative to average drawdown

9.04

11.53

-2.49

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDM vs. DBE - Sharpe Ratio Comparison

The current FDM Sharpe Ratio is 1.47, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FDM 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.

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Sharpe Ratios by Period

FDMDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.47

2.43

-0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.67

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.43

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.09

+0.25

Drawdowns

FDM vs. DBE - Drawdown Comparison

The maximum FDM drawdown since its inception was -63.45%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FDM and DBE.

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Drawdown Indicators

FDMDBEDifference

Max Drawdown

Largest peak-to-trough decline

-63.45%

-86.69%

+23.24%

Max Drawdown (1Y)

Largest decline over 1 year

-9.30%

-14.41%

+5.11%

Max Drawdown (3Y)

Largest decline over 3 years

-23.47%

-23.89%

+0.42%

Max Drawdown (5Y)

Largest decline over 5 years

-23.74%

-38.74%

+15.00%

Max Drawdown (10Y)

Largest decline over 10 years

-47.76%

-60.84%

+13.08%

Current Drawdown

Current decline from peak

-4.31%

-30.27%

+25.96%

Average Drawdown

Average peak-to-trough decline

-11.35%

-57.31%

+45.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

7.35%

-4.29%

Volatility

FDM vs. DBE - Volatility Comparison

The current volatility for First Trust Dow Jones Select MicroCap Index Fund (FDM) is 4.50%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FDM 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

FDMDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

12.95%

-8.45%

Volatility (6M)

Calculated over the trailing 6-month period

13.22%

30.86%

-17.64%

Volatility (1Y)

Calculated over the trailing 1-year period

18.90%

34.97%

-16.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.39%

29.39%

-8.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.36%

28.33%

-4.97%

FDM vs. DBE - Expense Ratio Comparison

FDM has a 0.60% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FDM vs. DBE - Dividend Comparison

FDM's dividend yield for the trailing twelve months is around 1.28%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
FDM
First Trust Dow Jones Select MicroCap Index Fund		1.28%1.43%1.56%1.81%1.80%1.08%1.68%1.37%1.26%0.97%1.13%1.45%

Frequently Asked Questions

FDM and DBE have a correlation of -0.26, 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 FDM (4.50%). In terms of maximum drawdown, FDM dropped -63.45% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 11.42% for FDM. On fees, FDM is cheaper at 0.60% per year. On volatility, FDM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBE has performed better with a 12.03% return vs 11.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FDM is cheaper with a 0.60% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 1.28% for FDM.

FDM is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. FDM tracks Dow Jones Select Microcap Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FDM and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.47), 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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