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FNCL vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNCL vs. DBE

Last updated Jun 4, 2026

FNCL (Fidelity MSCI Financials Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FNCL is a Financials Equities fund tracking the MSCI USA IMI Financials Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FNCL returned 12.14%/yr vs 12.03%/yr for DBE. At a 0.20 correlation, their price movements are largely independent. FNCL charges 0.08%/yr vs 0.78%/yr for DBE.

Performance

FNCL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) 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, FNCL achieves a -6.43% return, which is significantly lower than DBE's 83.68% return. Both investments have delivered pretty close results over the past 10 years, with FNCL having a 12.14% annualized return and DBE not far behind at 12.03%.

FNCL

1D
-1.42%
1M
-1.74%
YTD
-6.43%
6M
-3.99%
1Y
2.36%
3Y*
18.42%
5Y*
7.79%
10Y*
12.14%

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)

FNCL vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNCL
Fidelity MSCI Financials Index ETF		-6.43%14.94%30.44%14.10%-12.28%34.92%-2.19%31.59%-13.44%19.99%
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 FNCL and DBE is -0.23, 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

-0.23

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

-0.06

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

0.11

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

0.19

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2013

0.20

The correlation between FNCL and DBE shifts across timeframes, from -0.23 (1 year) to 0.20 (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.

Fidelity MSCI Financials Index ETF

Invesco DB Energy Fund

Often compared with FNCL:
FNCL vs. XLFFNCL vs. VFHFNCL vs. FIDSXFNCL vs. FSPCXFNCL vs. FTECFNCL vs. KBEFNCL vs. FCOM
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

FNCL vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNCL
FNCL Risk / Return Rank: 1010
Overall Rank
FNCL Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
FNCL Sortino Ratio Rank: 1010
Sortino Ratio Rank
FNCL Omega Ratio Rank: 1010
Omega Ratio Rank
FNCL Calmar Ratio Rank: 1010
Calmar Ratio Rank
FNCL Martin Ratio Rank: 1111
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.

FNCL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) 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.

FNCLDBEDifference
Sharpe ratioReturn per unit of total volatility
0.16
2.43

-2.27

Sortino ratioReturn per unit of downside risk
0.32
2.96

-2.64

Omega ratioGain probability vs. loss probability

1.04

1.40

-0.36

Calmar ratioReturn relative to maximum drawdown

0.16

5.89

-5.73

Martin ratioReturn relative to average drawdown

0.43

11.53

-11.10

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

FNCL vs. DBE - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.16, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FNCL 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

FNCLDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.16

2.43

-2.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.67

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.43

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.09

+0.43

Drawdowns

FNCL vs. DBE - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FNCL and DBE.

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Drawdown Indicators

FNCLDBEDifference

Max Drawdown

Largest peak-to-trough decline

-44.38%

-86.69%

+42.31%

Max Drawdown (1Y)

Largest decline over 1 year

-14.78%

-14.41%

-0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-23.89%

+6.60%

Max Drawdown (5Y)

Largest decline over 5 years

-25.68%

-38.74%

+13.06%

Max Drawdown (10Y)

Largest decline over 10 years

-44.38%

-60.84%

+16.46%

Current Drawdown

Current decline from peak

-9.28%

-30.27%

+20.99%

Average Drawdown

Average peak-to-trough decline

-6.90%

-57.31%

+50.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.56%

7.35%

-1.79%

Volatility

FNCL vs. DBE - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.26%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FNCL 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

FNCLDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.26%

12.95%

-9.69%

Volatility (6M)

Calculated over the trailing 6-month period

11.03%

30.86%

-19.83%

Volatility (1Y)

Calculated over the trailing 1-year period

14.76%

34.97%

-20.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.26%

29.39%

-10.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.34%

28.33%

-5.99%

FNCL vs. DBE - Expense Ratio Comparison

FNCL has a 0.08% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FNCL vs. DBE - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.70%, 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%
FNCL
Fidelity MSCI Financials Index ETF		1.70%1.45%1.52%1.91%2.29%1.75%2.26%2.17%2.37%1.60%1.81%2.17%

Frequently Asked Questions

FNCL and DBE have a correlation of -0.23, 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 FNCL (3.26%). In terms of maximum drawdown, FNCL dropped -44.38% vs DBE's -86.69%.

On 10-year performance, FNCL leads with 12.14% vs 12.03% for DBE. On fees, FNCL is cheaper at 0.08% per year. On volatility, FNCL has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FNCL has performed better with a 12.14% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNCL is cheaper with a 0.08% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 1.70% for FNCL.

FNCL is categorized as Financials Equities, while DBE is Oil & Gas. FNCL tracks MSCI USA IMI Financials Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.08% for FNCL and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 0.16), 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.

Portfolio Optimizer

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