FFLS vs. DBE
FFLS (The Future Fund Long/Short ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FFLS is a Long-Short fund actively managed by The Future Fund, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FFLS is actively managed, while DBE is passively managed. Over the past year, FFLS returned -0.45% vs 84.41% for DBE. At a correlation of -0.02, they often move in opposite directions. FFLS charges 1.75%/yr vs 0.78%/yr for DBE.
Performance
FFLS vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FFLS achieves a -0.26% return, which is significantly lower than DBE's 83.68% return.
FFLS
- 1D
- -0.63%
- 1M
- 2.89%
- YTD
- -0.26%
- 6M
- -0.66%
- 1Y
- -0.45%
- 3Y*
- —
- 5Y*
- —
- 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%
FFLS vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FFLS The Future Fund Long/Short ETF | -0.26% | 7.49% | 17.71% | 2.03% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -0.41% |
Correlation
The correlation between FFLS and DBE is -0.27, 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 | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.02 |
Over the past year, the inverse relationship between FFLS and DBE has strengthened: their correlation has moved from -0.02 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FFLS vs. DBE — Risk / Return Rank
FFLS
DBE
FFLS vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.
| FFLS | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.40 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 5.89 | -5.93 |
| Martin ratioReturn relative to average drawdown | -0.09 | 11.53 | -11.62 |
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
| FFLS | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.05 | 2.43 | -2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.09 | +0.71 |
Drawdowns
FFLS vs. DBE - Drawdown Comparison
The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FFLS and DBE.
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Drawdown Indicators
| FFLS | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.05% | -86.69% | +75.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -14.41% | +3.36% |
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 DrawdownCurrent decline from peak | -4.96% | -30.27% | +25.31% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -57.31% | +54.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 7.35% | -2.28% |
Volatility
FFLS vs. DBE - Volatility Comparison
The current volatility for The Future Fund Long/Short ETF (FFLS) is 3.54%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FFLS 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
| FFLS | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 12.95% | -9.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 30.86% | -23.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.94% | 34.97% | -26.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 29.39% | -18.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 28.33% | -17.10% |
FFLS vs. DBE - Expense Ratio Comparison
FFLS has a 1.75% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
FFLS vs. DBE - Dividend Comparison
FFLS's dividend yield for the trailing twelve months is around 6.59%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
FFLS The Future Fund Long/Short ETF | 6.59% | 6.58% | 3.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FFLS and DBE have a correlation of -0.27, 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 FFLS (3.54%). In terms of maximum drawdown, FFLS dropped -11.05% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs -0.45% for FFLS. On fees, DBE is cheaper at 0.78% per year. On volatility, FFLS has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs -0.45%. 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 1.75% for FFLS.
FFLS has the higher dividend yield at 6.59%, compared with 2.10% for DBE.
FFLS is categorized as Long-Short, while DBE is Oil & Gas. They also come from different issuers: The Future Fund and Invesco. Their fees differ too: 1.75% for FFLS and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.05), 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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