GBUG vs. DBE

Last updated Jun 5, 2026

GBUG (Sprott Active Gold & Silver Miners ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GBUG is a Gold fund actively managed by Sprott, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. GBUG is actively managed, while DBE is passively managed. Over the past year, GBUG returned 63.04% vs 81.31% for DBE. At a correlation of -0.13, they often move in opposite directions. GBUG charges 0.89%/yr vs 0.78%/yr for DBE.

Performance

GBUG vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Active Gold & Silver Miners ETF (GBUG) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBUG achieves a -1.44% return, which is significantly lower than DBE's 79.04% return.

GBUG

• 1D: 1.17%
• 1M: 0.96%
• YTD: -1.44%
• 6M: 7.57%
• 1Y: 63.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

GBUG vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
GBUG Sprott Active Gold & Silver Miners ETF	-1.44%	119.00%
DBE Invesco DB Energy Fund	79.04%	-8.81%

Correlation

The correlation between GBUG and DBE is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.13

Return for Risk

GBUG vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GBUG

GBUG Risk / Return Rank: 37
GBUG Sharpe Ratio Rank: 38
GBUG Sortino Ratio Rank: 33
GBUG Omega Ratio Rank: 38
GBUG Calmar Ratio Rank: 41
GBUG Martin Ratio Rank: 34

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 73
DBE Sortino Ratio Rank: 62
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 62

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.

GBUG vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Active Gold & Silver Miners ETF (GBUG) 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.

	GBUG	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.33	-1.00
Sortino ratio: Return per unit of downside risk	1.74	2.87	-1.13
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.97	5.67	-3.70
Martin ratio: Return relative to average drawdown	5.05	11.08	-6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBUG vs. DBE - Sharpe Ratio Comparison

The current GBUG Sharpe Ratio is 1.33, which is lower than the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of GBUG 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.

Sharpe Ratios by Period

	GBUG	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.33	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.09	+1.65

Drawdowns

GBUG vs. DBE - Drawdown Comparison

The maximum GBUG drawdown since its inception was -32.10%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GBUG and DBE.

Drawdown Indicators

	GBUG	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-86.69%	+54.59%
Max Drawdown (1Y) Largest decline over 1 year	-32.10%	-14.41%	-17.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-25.98%	-32.03%	+6.05%
Average Drawdown Average peak-to-trough decline	-7.68%	-57.30%	+49.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.52%	7.37%	+5.15%

Volatility

GBUG vs. DBE - Volatility Comparison

Sprott Active Gold & Silver Miners ETF (GBUG) has a higher volatility of 15.44% compared to Invesco DB Energy Fund (DBE) at 13.05%. This indicates that GBUG's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBUG	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.44%	13.05%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	39.41%	30.97%	+8.44%
Volatility (1Y) Calculated over the trailing 1-year period	47.62%	35.07%	+12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.31%	29.41%	+17.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.31%	28.34%	+18.97%

GBUG vs. DBE - Expense Ratio Comparison

GBUG has a 0.89% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

GBUG vs. DBE - Dividend Comparison

GBUG's dividend yield for the trailing twelve months is around 1.58%, less than DBE's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.16%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
GBUG Sprott Active Gold & Silver Miners ETF	1.58%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBUG and DBE in my portfolio?

GBUG and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBUG or DBE?

GBUG has higher volatility (15.44%) compared to DBE (13.05%). In terms of maximum drawdown, GBUG dropped -32.10% vs DBE's -86.69%.

Which ETF is better, GBUG or DBE?

On 1-year performance, DBE leads with 81.31% vs 63.04% for GBUG. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBUG or DBE?

Over the 1-year period, DBE has performed better with a 81.31% return vs 63.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBUG or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.89% for GBUG.

Which ETF pays a higher dividend yield, GBUG or DBE?

DBE has the higher dividend yield at 2.16%, compared with 1.58% for GBUG.

What is the main difference between GBUG and DBE?

GBUG is categorized as Gold, while DBE is Oil & Gas. They also come from different issuers: Sprott and Invesco. Their fees differ too: 0.89% for GBUG and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.33 vs 1.33), 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.