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FLM vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLM vs. DBE

Last updated Jun 4, 2026

FLM (First Trust Global Engineering and Construction ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FLM is a Building & Construction fund tracking the ISE Global Engineering & Construction Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FLM returned 8.40%/yr vs 12.03%/yr for DBE. At a 0.34 correlation, their price movements are largely independent. FLM charges 0.70%/yr vs 0.78%/yr for DBE.

Performance

FLM vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Global Engineering and Construction ETF (FLM) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FLM achieves a 19.89% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, FLM has underperformed DBE with an annualized return of 8.40%, while DBE has yielded a comparatively higher 12.03% annualized return.

FLM

1D
-0.36%
1M
0.95%
YTD
19.89%
6M
18.51%
1Y
28.68%
3Y*
22.72%
5Y*
10.76%
10Y*
8.40%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLM vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLM
First Trust Global Engineering and Construction ETF		19.89%13.99%17.94%19.36%-9.87%12.98%0.51%12.81%-21.72%22.95%
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 FLM and DBE is -0.20, 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

-0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2008

0.34

The correlation between FLM and DBE shifts across timeframes, from -0.20 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Global Engineering and Construction ETF

Invesco DB Energy Fund

Often compared with FLM:
FLM vs. VOOFLM vs. AIRRFLM vs. XHBFLM vs. PKBFLM vs. ITBFLM vs. FDLFLM vs. IGLD
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

FLM vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLM
FLM Risk / Return Rank: 6868
Overall Rank
FLM Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
FLM Sortino Ratio Rank: 6363
Sortino Ratio Rank
FLM Omega Ratio Rank: 6060
Omega Ratio Rank
FLM Calmar Ratio Rank: 7979
Calmar Ratio Rank
FLM Martin Ratio Rank: 7373
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

FLM vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Engineering and Construction ETF (FLM) 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.

FLMDBEDifference
Sharpe ratioReturn per unit of total volatility
2.15
2.43

-0.28

Sortino ratioReturn per unit of downside risk
2.93
2.96

-0.03

Omega ratioGain probability vs. loss probability

1.37

1.40

-0.03

Calmar ratioReturn relative to maximum drawdown

4.01

5.89

-1.88

Martin ratioReturn relative to average drawdown

13.80

11.53

+2.27

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLM vs. DBE - Sharpe Ratio Comparison

The current FLM Sharpe Ratio is 2.15, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FLM 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.

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Sharpe Ratios by Period

FLMDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

2.43

-0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.67

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.43

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.09

+0.29

Drawdowns

FLM vs. DBE - Drawdown Comparison

The maximum FLM drawdown since its inception was -50.07%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FLM and DBE.

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Drawdown Indicators

FLMDBEDifference

Max Drawdown

Largest peak-to-trough decline

-50.07%

-86.69%

+36.62%

Max Drawdown (1Y)

Largest decline over 1 year

-7.19%

-14.41%

+7.22%

Max Drawdown (3Y)

Largest decline over 3 years

-19.14%

-23.89%

+4.75%

Max Drawdown (5Y)

Largest decline over 5 years

-23.71%

-38.74%

+15.03%

Max Drawdown (10Y)

Largest decline over 10 years

-50.07%

-60.84%

+10.77%

Current Drawdown

Current decline from peak

-0.71%

-30.27%

+29.56%

Average Drawdown

Average peak-to-trough decline

-10.84%

-57.31%

+46.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

7.35%

-5.27%

Volatility

FLM vs. DBE - Volatility Comparison

The current volatility for First Trust Global Engineering and Construction ETF (FLM) is 4.27%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FLM 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

FLMDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.27%

12.95%

-8.68%

Volatility (6M)

Calculated over the trailing 6-month period

10.39%

30.86%

-20.47%

Volatility (1Y)

Calculated over the trailing 1-year period

13.45%

34.97%

-21.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.82%

29.39%

-12.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.73%

28.33%

-9.60%

FLM vs. DBE - Expense Ratio Comparison

FLM has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FLM vs. DBE - Dividend Comparison

FLM's dividend yield for the trailing twelve months is around 1.01%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FLM
First Trust Global Engineering and Construction ETF		1.01%1.19%1.31%1.16%2.10%1.45%2.88%1.84%1.74%1.49%2.01%1.17%

Frequently Asked Questions

FLM and DBE have a correlation of -0.20, 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 FLM (4.27%). In terms of maximum drawdown, FLM dropped -50.07% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs 8.40% for FLM. On fees, FLM is cheaper at 0.70% per year. On volatility, FLM has been the lower-risk option at 4.27%. 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 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLM is cheaper with a 0.70% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 1.01% for FLM.

FLM is categorized as Building & Construction, while DBE is Oil & Gas. FLM tracks ISE Global Engineering & Construction Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for FLM and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 2.15), 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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