FEP vs. DBE
FEP (First Trust Europe AlphaDEX Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FEP returned 10.27%/yr vs 12.03%/yr for DBE. At a 0.23 correlation, their price movements are largely independent. FEP charges 0.80%/yr vs 0.78%/yr for DBE.
Performance
FEP vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FEP achieves a 9.99% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, FEP has underperformed DBE with an annualized return of 10.27%, while DBE has yielded a comparatively higher 12.03% annualized return.
FEP
- 1D
- -0.92%
- 1M
- 3.14%
- YTD
- 9.99%
- 6M
- 15.27%
- 1Y
- 30.19%
- 3Y*
- 24.76%
- 5Y*
- 9.41%
- 10Y*
- 10.27%
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%
FEP vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 9.99% | 55.72% | 3.38% | 16.85% | -22.97% | 17.03% | 4.12% | 24.83% | -19.00% | 36.27% |
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 FEP and DBE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2011 | 0.23 |
The correlation between FEP and DBE shifts across timeframes, from -0.32 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FEP vs. DBE — Risk / Return Rank
FEP
DBE
FEP vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) 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.
| FEP | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.81 | 2.43 | -0.61 |
Sortino ratioReturn per unit of downside risk | 2.48 | 2.96 | -0.47 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.40 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 2.50 | 5.89 | -3.39 |
Martin ratioReturn relative to average drawdown | 9.71 | 11.53 | -1.81 |
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
| FEP | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 2.43 | -0.61 |
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 | 0.50 | 0.43 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.09 | +0.24 |
Drawdowns
FEP vs. DBE - Drawdown Comparison
The maximum FEP drawdown since its inception was -46.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FEP and DBE.
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Drawdown Indicators
| FEP | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.05% | -86.69% | +40.64% |
Max Drawdown (1Y)Largest decline over 1 year | -12.13% | -14.41% | +2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -15.83% | -23.89% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -38.99% | -38.74% | -0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -60.84% | +14.79% |
Current DrawdownCurrent decline from peak | -1.47% | -30.27% | +28.80% |
Average DrawdownAverage peak-to-trough decline | -12.02% | -57.31% | +45.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 7.35% | -4.23% |
Volatility
FEP vs. DBE - Volatility Comparison
The current volatility for First Trust Europe AlphaDEX Fund (FEP) is 5.75%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FEP 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
| FEP | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 12.95% | -7.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.95% | 30.86% | -16.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 34.97% | -18.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 29.39% | -9.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 28.33% | -7.60% |
FEP vs. DBE - Expense Ratio Comparison
FEP has a 0.80% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
FEP vs. DBE - Dividend Comparison
FEP's dividend yield for the trailing twelve months is around 2.97%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FEP First Trust Europe AlphaDEX Fund | 2.97% | 3.33% | 4.94% | 3.27% | 3.00% | 3.49% | 2.32% | 2.63% | 2.62% | 1.65% | 2.14% | 2.20% |
Frequently Asked Questions
FEP and DBE have a correlation of -0.32, 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 FEP (5.75%). In terms of maximum drawdown, FEP dropped -46.05% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 10.27% for FEP. On fees, DBE is cheaper at 0.78% per year. On volatility, FEP has been the lower-risk option at 5.75%. 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 10.27%. 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 0.80% for FEP.
FEP has the higher dividend yield at 2.97%, compared with 2.10% for DBE.
FEP is categorized as Europe Equities, while DBE is Oil & Gas. FEP tracks Defined Europe Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for FEP and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.81), 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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