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FPX vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPX vs. DBE

Last updated Jun 4, 2026

FPX (First Trust US Equity Opportunities ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FPX returned 14.65%/yr vs 12.03%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. FPX charges 0.57%/yr vs 0.78%/yr for DBE.

Performance

FPX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) 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, FPX achieves a 18.28% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, FPX has outperformed DBE with an annualized return of 14.65%, while DBE has yielded a comparatively lower 12.03% annualized return.

FPX

1D
-0.55%
1M
4.63%
YTD
18.28%
6M
18.02%
1Y
39.24%
3Y*
32.32%
5Y*
10.31%
10Y*
14.65%

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)

FPX vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FPX
First Trust US Equity Opportunities ETF		18.28%37.62%24.75%22.26%-35.11%3.69%47.89%30.37%-8.35%27.03%
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 FPX and DBE is -0.22, 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

-0.22

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

-0.02

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

0.10

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

0.16

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.24

The correlation between FPX and DBE shifts across timeframes, from -0.22 (1 year) to 0.24 (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 US Equity Opportunities ETF

Invesco DB Energy Fund

Often compared with FPX:
FPX vs. IPOFPX vs. SPYFPX vs. MSOSFPX vs. MJFPX vs. IBUYFPX vs. IUSGFPX vs. VOO
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

FPX vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPX
FPX Risk / Return Rank: 5252
Overall Rank
FPX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
FPX Sortino Ratio Rank: 4444
Sortino Ratio Rank
FPX Omega Ratio Rank: 4343
Omega Ratio Rank
FPX Calmar Ratio Rank: 6464
Calmar Ratio Rank
FPX Martin Ratio Rank: 5858
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.

FPX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.

FPXDBEDifference
Sharpe ratioReturn per unit of total volatility
1.71
2.43

-0.72

Sortino ratioReturn per unit of downside risk
2.24
2.96

-0.72

Omega ratioGain probability vs. loss probability

1.28

1.40

-0.12

Calmar ratioReturn relative to maximum drawdown

3.21

5.89

-2.68

Martin ratioReturn relative to average drawdown

10.40

11.53

-1.13

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

FPX vs. DBE - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.71, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FPX 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

FPXDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.71

2.43

-0.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.67

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.43

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.09

+0.47

Drawdowns

FPX vs. DBE - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FPX and DBE.

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Drawdown Indicators

FPXDBEDifference

Max Drawdown

Largest peak-to-trough decline

-56.29%

-86.69%

+30.40%

Max Drawdown (1Y)

Largest decline over 1 year

-12.28%

-14.41%

+2.13%

Max Drawdown (3Y)

Largest decline over 3 years

-30.88%

-23.89%

-6.99%

Max Drawdown (5Y)

Largest decline over 5 years

-43.14%

-38.74%

-4.40%

Max Drawdown (10Y)

Largest decline over 10 years

-43.14%

-60.84%

+17.70%

Current Drawdown

Current decline from peak

-0.83%

-30.27%

+29.44%

Average Drawdown

Average peak-to-trough decline

-11.34%

-57.31%

+45.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.78%

7.35%

-3.57%

Volatility

FPX vs. DBE - Volatility Comparison

The current volatility for First Trust US Equity Opportunities ETF (FPX) is 6.22%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that FPX 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

FPXDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.22%

12.95%

-6.73%

Volatility (6M)

Calculated over the trailing 6-month period

17.11%

30.86%

-13.75%

Volatility (1Y)

Calculated over the trailing 1-year period

23.10%

34.97%

-11.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.49%

29.39%

-2.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.28%

28.33%

-4.05%

FPX vs. DBE - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

FPX vs. DBE - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.49%, 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%
FPX
First Trust US Equity Opportunities ETF		0.49%0.53%0.09%0.27%1.08%0.14%0.28%0.67%0.88%0.68%0.77%0.62%

Frequently Asked Questions

FPX and DBE have a correlation of -0.22, 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 FPX (6.22%). In terms of maximum drawdown, FPX dropped -56.29% vs DBE's -86.69%.

On 10-year performance, FPX leads with 14.65% vs 12.03% for DBE. On fees, FPX is cheaper at 0.57% per year. On volatility, FPX has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FPX has performed better with a 14.65% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FPX is cheaper with a 0.57% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.49% for FPX.

FPX is categorized as Large Cap Growth Equities, while DBE is Oil & Gas. FPX tracks IPOX-100 U.S. Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.57% for FPX and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 1.71), 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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