FLEH vs. DBE
FLEH (Franklin FTSE Europe Hedged ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FLEH is a Europe Equities fund tracking the FTSE Developed Europe RIC Capped Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, FLEH returned 12.07%/yr vs 17.82%/yr for DBE. Their 0.12 correlation means their historical movements had little consistent relationship. FLEH charges 0.09%/yr vs 0.78%/yr for DBE.
Performance
FLEH vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FLEH achieves a 10.71% return, which is significantly lower than DBE's 71.26% return.
FLEH
- 1D
- 0.63%
- 1M
- 1.03%
- 6M
- 5.55%
- YTD
- 10.71%
- 1Y
- 24.70%
- 3Y*
- 18.77%
- 5Y*
- 12.07%
- 10Y*
- —
- ALL TIME*
- 10.61%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $156.73K | $198.57K | $232.56K |
FLEH vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLEH Franklin FTSE Europe Hedged ETF | 10.71% | 41.56% | 2.26% | 16.21% | -9.14% | 23.27% | 0.95% | 26.94% | -8.54% | -1.24% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 3.86% |
Correlation
The correlation between FLEH and DBE is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.12 |
The correlation between FLEH and DBE shifts across timeframes, from -0.39 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLEH vs. DBE — Risk / Return Rank
FLEH
DBE
FLEH vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Europe Hedged ETF (FLEH) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FLEH | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.50 | -0.65 |
| Martin ratioReturn relative to average drawdown | 6.75 | 7.82 | -1.07 |
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Drawdowns
FLEH vs. DBE - Drawdown Comparison
The maximum FLEH drawdown since its inception was -33.94%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FLEH and DBE.
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Drawdown Indicators
| FLEH | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -86.69% | +52.75% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -24.72% | +11.31% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -24.72% | +9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -38.74% | +20.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | 0.00% | -34.98% | +34.98% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -57.13% | +52.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 7.90% | -4.23% |
Volatility
FLEH vs. DBE - Volatility Comparison
The current volatility for Franklin FTSE Europe Hedged ETF (FLEH) is 4.61%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that FLEH 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
| FLEH | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.61% | 15.07% | -10.46% |
Volatility (6M)Calculated over the trailing 6-month period | 15.46% | 34.26% | -18.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.73% | 37.66% | -19.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 30.15% | -13.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.24% | 28.60% | -10.36% |
FLEH vs. DBE - Expense Ratio Comparison
FLEH has a 0.09% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
FLEH vs. DBE - Dividend Comparison
FLEH's dividend yield for the trailing twelve months is around 2.65%, more than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
FLEH Franklin FTSE Europe Hedged ETF | 2.65% | 2.22% | 3.18% | 3.25% | 21.45% | 3.03% | 1.94% | 6.06% | 12.17% | 0.07% |
Frequently Asked Questions
FLEH and DBE have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.07%) compared to FLEH (4.61%). In terms of maximum drawdown, FLEH dropped -33.94% vs DBE's -86.69%.
On 5-year performance, DBE leads with 17.82% vs 12.07% for FLEH. On fees, FLEH is cheaper at 0.09% per year. On volatility, FLEH has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 17.82% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEH is cheaper with a 0.09% expense ratio, compared with 0.78% for DBE.
FLEH has the higher dividend yield at 2.65%, compared with 2.26% for DBE.
FLEH is categorized as Europe Equities, while DBE is Oil & Gas. FLEH tracks FTSE Developed Europe RIC Capped Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.09% for FLEH and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs 1.40), 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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