FIAX vs. DBE
FIAX (Nicholas Fixed Income Alternative ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. FIAX is actively managed, while DBE is passively managed. Over the past 3 years, FIAX returned 3.47%/yr vs 22.41%/yr for DBE. At a correlation of -0.09, they often move in opposite directions. FIAX charges 1.04%/yr vs 0.78%/yr for DBE.
Performance
FIAX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FIAX achieves a 1.25% return, which is significantly lower than DBE's 79.04% return.
FIAX
- 1D
- 0.03%
- 1M
- 0.35%
- YTD
- 1.25%
- 6M
- 1.33%
- 1Y
- 4.57%
- 3Y*
- 3.47%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
FIAX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 1.25% | 2.33% | 4.67% | 3.44% | -0.30% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | -5.35% |
Correlation
The correlation between FIAX and DBE is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022 | -0.09 |
Over the past year, the inverse relationship between FIAX and DBE has strengthened: their correlation has moved from -0.09 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FIAX vs. DBE — Risk / Return Rank
FIAX
DBE
FIAX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) 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.
| FIAX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.39 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 5.67 | -3.76 |
| Martin ratioReturn relative to average drawdown | 6.98 | 11.08 | -4.10 |
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
| FIAX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 2.33 | -1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.09 | +0.72 |
Drawdowns
FIAX vs. DBE - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FIAX and DBE.
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Drawdown Indicators
| FIAX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -86.69% | +80.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -14.41% | +12.01% |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | -23.89% | +17.63% |
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 | -0.30% | -32.03% | +31.73% |
Average DrawdownAverage peak-to-trough decline | -0.85% | -57.30% | +56.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 7.37% | -6.71% |
Volatility
FIAX vs. DBE - Volatility Comparison
The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 1.42%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that FIAX 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
| FIAX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 13.05% | -11.63% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 30.97% | -27.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 35.07% | -30.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.04% | 29.41% | -25.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.04% | 28.34% | -24.30% |
FIAX vs. DBE - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
FIAX vs. DBE - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.19%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
FIAX Nicholas Fixed Income Alternative ETF | 8.19% | 8.17% | 8.11% | 4.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIAX and DBE have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to FIAX (1.42%). In terms of maximum drawdown, FIAX dropped -6.26% vs DBE's -86.69%.
On 3-year performance, DBE leads with 22.41% vs 3.47% for FIAX. On fees, DBE is cheaper at 0.78% per year. On volatility, FIAX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 22.41% return vs 3.47%. 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 1.04% for FIAX.
FIAX has the higher dividend yield at 8.19%, compared with 2.16% for DBE.
FIAX is categorized as Nontraditional Bonds, while DBE is Oil & Gas. They also come from different issuers: Nicholas and Invesco. Their fees differ too: 1.04% for FIAX and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 1.11), 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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