GBTC vs. DBE
GBTC (Grayscale Bitcoin Trust ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, GBTC returned 49.21%/yr vs 11.58%/yr for DBE. At a 0.06 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.78%/yr for DBE.
Performance
GBTC vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -27.82% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, GBTC has outperformed DBE with an annualized return of 49.21%, while DBE has yielded a comparatively lower 11.58% annualized return.
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
GBTC vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between GBTC and DBE is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.06 |
The correlation between GBTC and DBE shifts across timeframes, from -0.10 (1 year) to 0.06 (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.
Return for Risk
GBTC vs. DBE — Risk / Return Rank
GBTC
DBE
GBTC vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.39 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 5.67 | -6.49 |
| Martin ratioReturn relative to average drawdown | -1.40 | 11.08 | -12.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBTC | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.93 | 2.33 | -3.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.65 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.41 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.09 | +0.56 |
Drawdowns
GBTC vs. DBE - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GBTC and DBE.
Loading charts...
Drawdown Indicators
| GBTC | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -86.69% | -3.22% |
Max Drawdown (1Y)Largest decline over 1 year | -49.87% | -14.41% | -35.46% |
Max Drawdown (3Y)Largest decline over 3 years | -49.87% | -23.89% | -25.98% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -38.74% | -46.68% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | -60.84% | -29.07% |
Current DrawdownCurrent decline from peak | -49.87% | -32.03% | -17.84% |
Average DrawdownAverage peak-to-trough decline | -43.43% | -57.30% | +13.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.81% | 7.37% | +21.44% |
Volatility
GBTC vs. DBE - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that GBTC 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.
Loading charts...
Volatility by Period
| GBTC | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 13.05% | -3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 33.86% | 30.97% | +2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.69% | 35.07% | +8.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 29.41% | +33.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.20% | 28.34% | +53.86% |
GBTC vs. DBE - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
GBTC vs. DBE - Dividend Comparison
GBTC has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
GBTC and DBE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs DBE's -86.69%.
On 10-year performance, GBTC leads with 49.21% vs 11.58% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.21% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.50% for GBTC.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while DBE is Oil & Gas. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 1.50% for GBTC and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs -0.93), 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.
Find the right allocation for GBTC and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer