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FNX vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNX vs. DBE

Last updated Jun 3, 2026

FNX (First Trust Mid Cap Core AlphaDEX Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FNX returned 11.92%/yr vs 11.78%/yr for DBE. At a 0.30 correlation, their price movements are largely independent. FNX charges 0.60%/yr vs 0.78%/yr for DBE.

Performance

FNX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Mid Cap Core AlphaDEX Fund (FNX) 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, FNX achieves a 12.02% return, which is significantly lower than DBE's 79.50% return. Both investments have delivered pretty close results over the past 10 years, with FNX having a 11.92% annualized return and DBE not far behind at 11.78%.

FNX

1D
0.82%
1M
1.97%
YTD
12.02%
6M
13.02%
1Y
28.41%
3Y*
17.06%
5Y*
8.39%
10Y*
11.92%

DBE

1D
0.80%
1M
-3.65%
YTD
79.50%
6M
72.59%
1Y
82.31%
3Y*
22.48%
5Y*
19.20%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNX vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNX
First Trust Mid Cap Core AlphaDEX Fund		12.02%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%
DBE
Invesco DB Energy Fund		79.50%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between FNX and DBE is -0.24, 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

-0.24

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

0.01

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

0.16

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

0.23

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

0.30

The correlation between FNX and DBE shifts across timeframes, from -0.24 (1 year) to 0.30 (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 Mid Cap Core AlphaDEX Fund

Invesco DB Energy Fund

Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

FNX vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNX
FNX Risk / Return Rank: 5454
Overall Rank
FNX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5353
Sortino Ratio Rank
FNX Omega Ratio Rank: 4848
Omega Ratio Rank
FNX Calmar Ratio Rank: 6060
Calmar Ratio Rank
FNX Martin Ratio Rank: 5858
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6161
Sortino Ratio Rank
DBE Omega Ratio Rank: 6464
Omega Ratio Rank
DBE Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBE Martin Ratio Rank: 6565
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.

FNX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Mid Cap Core AlphaDEX Fund (FNX) 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.

FNXDBEDifference

Sharpe ratio

Return per unit of total volatility

1.77

2.37

-0.60

Sortino ratio

Return per unit of downside risk

2.59

2.91

-0.32

Omega ratio

Gain probability vs. loss probability

1.31

1.39

-0.09

Calmar ratio

Return relative to maximum drawdown

3.06

6.10

-3.04

Martin ratio

Return relative to average drawdown

10.55

11.98

-1.43

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

FNX vs. DBE - Sharpe Ratio Comparison

The current FNX Sharpe Ratio is 1.77, which is comparable to the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FNX 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

FNXDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

2.37

-0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.66

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.42

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.09

+0.33

Drawdowns

FNX vs. DBE - Drawdown Comparison

The maximum FNX drawdown since its inception was -57.11%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FNX and DBE.

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Drawdown Indicators

FNXDBEDifference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-86.69%

+29.58%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-14.41%

+5.17%

Max Drawdown (3Y)

Largest decline over 3 years

-24.97%

-23.89%

-1.08%

Max Drawdown (5Y)

Largest decline over 5 years

-24.97%

-38.74%

+13.77%

Max Drawdown (10Y)

Largest decline over 10 years

-43.95%

-60.84%

+16.89%

Current Drawdown

Current decline from peak

-0.59%

-31.85%

+31.26%

Average Drawdown

Average peak-to-trough decline

-8.41%

-57.31%

+48.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

7.34%

-4.66%

Volatility

FNX vs. DBE - Volatility Comparison

The current volatility for First Trust Mid Cap Core AlphaDEX Fund (FNX) is 4.74%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that FNX 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

FNXDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.74%

13.47%

-8.73%

Volatility (6M)

Calculated over the trailing 6-month period

11.45%

30.80%

-19.35%

Volatility (1Y)

Calculated over the trailing 1-year period

16.11%

35.02%

-18.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.50%

29.37%

-8.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.97%

28.33%

-6.36%

FNX vs. DBE - Expense Ratio Comparison

FNX has a 0.60% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FNX vs. DBE - Dividend Comparison

FNX's dividend yield for the trailing twelve months is around 0.83%, less than DBE's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.15%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.83%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%

Frequently Asked Questions

FNX and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.47%) compared to FNX (4.74%). In terms of maximum drawdown, FNX dropped -57.11% vs DBE's -86.69%.

On 10-year performance, FNX leads with 11.92% vs 11.78% for DBE. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FNX has performed better with a 11.92% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNX is cheaper with a 0.60% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.15%, compared with 0.83% for FNX.

FNX is categorized as Mid Cap Blend Equities, while DBE is Oil & Gas. FNX tracks NASDAQ AlphaDEX Mid Cap Core Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FNX and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.37 vs 1.77), 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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