GSC vs. DBE
GSC (Goldman Sachs Small Cap Core Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GSC is a Small Cap Blend Equities fund actively managed by Goldman Sachs, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. GSC is actively managed, while DBE is passively managed. Over the past 10 years, GSC returned 10.81%/yr vs 12.03%/yr for DBE. A 0.51 correlation means they provide meaningful diversification when combined. GSC charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
GSC vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, GSC achieves a 15.37% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, GSC has underperformed DBE with an annualized return of 10.81%, while DBE has yielded a comparatively higher 12.03% annualized return.
GSC
- 1D
- -0.49%
- 1M
- 4.25%
- YTD
- 15.37%
- 6M
- 14.45%
- 1Y
- 27.08%
- 3Y*
- 26.13%
- 5Y*
- 21.00%
- 10Y*
- 10.81%
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%
GSC vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSC Goldman Sachs Small Cap Core Equity ETF | 15.37% | 6.29% | 13.79% | 33.52% | 28.40% | 58.09% | -33.08% | 29.69% | -19.52% | 2.90% |
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 GSC 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 | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007 | 0.51 |
The correlation between GSC and DBE shifts across timeframes, from -0.23 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSC vs. DBE — Risk / Return Rank
GSC
DBE
GSC vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) 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.
| GSC | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.07 | 2.43 | -2.36 |
Sortino ratioReturn per unit of downside risk | 3.80 | 2.96 | +0.85 |
Omega ratioGain probability vs. loss probability | 1.99 | 1.40 | +0.59 |
Calmar ratioReturn relative to maximum drawdown | 0.47 | 5.89 | -5.42 |
Martin ratioReturn relative to average drawdown | 1.61 | 11.53 | -9.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GSC | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 2.43 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.67 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.43 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.09 | -0.09 |
Drawdowns
GSC vs. DBE - Drawdown Comparison
The maximum GSC drawdown since its inception was -88.63%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GSC and DBE.
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Drawdown Indicators
| GSC | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -86.69% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -58.25% | -14.41% | -43.84% |
Max Drawdown (3Y)Largest decline over 3 years | -58.25% | -23.89% | -34.36% |
Max Drawdown (5Y)Largest decline over 5 years | -58.25% | -38.74% | -19.51% |
Max Drawdown (10Y)Largest decline over 10 years | -66.06% | -60.84% | -5.22% |
Current DrawdownCurrent decline from peak | -31.48% | -30.27% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -59.28% | -57.31% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.91% | 7.35% | +9.56% |
Volatility
GSC vs. DBE - Volatility Comparison
The current volatility for Goldman Sachs Small Cap Core Equity ETF (GSC) is 5.99%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that GSC 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
| GSC | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 12.95% | -6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 203.12% | 30.86% | +172.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 403.80% | 34.97% | +368.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 218.92% | 29.39% | +189.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 160.38% | 28.33% | +132.05% |
GSC vs. DBE - Expense Ratio Comparison
GSC has a 0.75% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
GSC vs. DBE - Dividend Comparison
GSC's dividend yield for the trailing twelve months is around 0.17%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
GSC Goldman Sachs Small Cap Core Equity ETF | 0.17% | 0.16% | 0.66% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GSC 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 GSC (5.99%). In terms of maximum drawdown, GSC dropped -88.63% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 10.81% for GSC. On fees, GSC is cheaper at 0.75% per year. On volatility, GSC has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 12.03% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSC is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.17% for GSC.
GSC is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.75% for GSC and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 0.07), 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.
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