FFGX vs. DBE

Last updated Jun 3, 2026

FFGX (Fidelity Fundamental Global ex-U.S. ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FFGX is a Foreign Large Cap Equities fund actively managed by Fidelity, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FFGX is actively managed, while DBE is passively managed. Over the past year, FFGX returned 26.04% vs 82.31% for DBE. At a correlation of -0.19, they often move in opposite directions. FFGX charges 0.55%/yr vs 0.78%/yr for DBE.

Performance

FFGX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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, FFGX achieves a 15.12% return, which is significantly lower than DBE's 79.50% return.

FFGX

• 1D: 1.03%
• 1M: 5.38%
• YTD: 15.12%
• 6M: 18.14%
• 1Y: 26.04%
• 3Y*: —
• 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)

FFGX vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFGX Fidelity Fundamental Global ex-U.S. ETF	15.12%	27.85%	-2.87%
DBE Invesco DB Energy Fund	79.50%	-2.17%	1.17%

Correlation

The correlation between FFGX and DBE is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	-0.19

The correlation between FFGX and DBE shifts across timeframes, from -0.36 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFGX vs. DBE — Risk / Return Rank

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

FFGX

FFGX Risk / Return Rank: 43
FFGX Sharpe Ratio Rank: 42
FFGX Sortino Ratio Rank: 41
FFGX Omega Ratio Rank: 42
FFGX Calmar Ratio Rank: 42
FFGX Martin Ratio Rank: 49

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.

FFGX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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.

	FFGX	DBE	Difference
Sharpe ratio Return per unit of total volatility	1.48	2.37	-0.90
Sortino ratio Return per unit of downside risk	2.13	2.91	-0.78
Omega ratio Gain probability vs. loss probability	1.28	1.39	-0.12
Calmar ratio Return relative to maximum drawdown	2.12	6.10	-3.98
Martin ratio Return relative to average drawdown	8.39	11.98	-3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFGX vs. DBE - Sharpe Ratio Comparison

The current FFGX Sharpe Ratio is 1.48, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FFGX 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

	FFGX	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.37	-0.90
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	1.40	0.09	+1.31

Drawdowns

FFGX vs. DBE - Drawdown Comparison

The maximum FFGX drawdown since its inception was -14.79%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FFGX and DBE.

Drawdown Indicators

	FFGX	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-14.79%	-86.69%	+71.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-14.41%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
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	0.00%	-31.85%	+31.85%
Average Drawdown Average peak-to-trough decline	-2.12%	-57.31%	+55.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	7.34%	-4.09%

Volatility

FFGX vs. DBE - Volatility Comparison

The current volatility for Fidelity Fundamental Global ex-U.S. ETF (FFGX) is 6.81%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that FFGX 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.

Volatility by Period

	FFGX	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	13.47%	-6.66%
Volatility (6M) Calculated over the trailing 6-month period	15.60%	30.80%	-15.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	35.02%	-17.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.07%	29.37%	-10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	28.33%	-9.26%

FFGX vs. DBE - Expense Ratio Comparison

FFGX has a 0.55% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FFGX vs. DBE - Dividend Comparison

FFGX's dividend yield for the trailing twelve months is around 1.39%, less 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%
FFGX Fidelity Fundamental Global ex-U.S. ETF	1.39%	1.62%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFGX and DBE in my portfolio?

FFGX and DBE have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFGX or DBE?

DBE has higher volatility (13.47%) compared to FFGX (6.81%). In terms of maximum drawdown, FFGX dropped -14.79% vs DBE's -86.69%.

Which ETF is better, FFGX or DBE?

On 1-year performance, DBE leads with 82.31% vs 26.04% for FFGX. On fees, FFGX is cheaper at 0.55% per year. On volatility, FFGX has been the lower-risk option at 6.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFGX or DBE?

Over the 1-year period, DBE has performed better with a 82.31% return vs 26.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFGX or DBE?

FFGX is cheaper with a 0.55% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.15%, compared with 1.39% for FFGX.

What is the main difference between FFGX and DBE?

FFGX is categorized as Foreign Large Cap Equities, while DBE is Oil & Gas. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.55% for FFGX and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 1.48), 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.