GTO vs. DBE
GTO (Invesco Total Return Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. GTO is actively managed, while DBE is passively managed. Over the past 10 years, GTO returned 2.93%/yr vs 12.03%/yr for DBE. At a correlation of -0.11, they often move in opposite directions. GTO charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
GTO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, GTO achieves a 0.68% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, GTO has underperformed DBE with an annualized return of 2.93%, while DBE has yielded a comparatively higher 12.03% annualized return.
GTO
- 1D
- -0.15%
- 1M
- 0.49%
- YTD
- 0.68%
- 6M
- 0.69%
- 1Y
- 6.41%
- 3Y*
- 4.86%
- 5Y*
- 0.07%
- 10Y*
- 2.93%
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%
GTO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 0.68% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
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 GTO and DBE is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2016 | -0.11 |
Over the past year, the inverse relationship between GTO and DBE has strengthened: their correlation has moved from -0.11 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GTO vs. DBE — Risk / Return Rank
GTO
DBE
GTO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.
| GTO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.40 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 5.89 | -3.54 |
| Martin ratioReturn relative to average drawdown | 7.50 | 11.53 | -4.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GTO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 2.43 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.67 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.43 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.09 | +0.43 |
Drawdowns
GTO vs. DBE - Drawdown Comparison
The maximum GTO drawdown since its inception was -20.61%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GTO and DBE.
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Drawdown Indicators
| GTO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -86.69% | +66.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -14.41% | +11.68% |
Max Drawdown (3Y)Largest decline over 3 years | -5.98% | -23.89% | +17.91% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -38.74% | +18.13% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | -60.84% | +40.23% |
Current DrawdownCurrent decline from peak | -1.62% | -30.27% | +28.65% |
Average DrawdownAverage peak-to-trough decline | -4.80% | -57.31% | +52.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 7.35% | -6.49% |
Volatility
GTO vs. DBE - Volatility Comparison
The current volatility for Invesco Total Return Bond ETF (GTO) is 1.19%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that GTO 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
| GTO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 12.95% | -11.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 30.86% | -28.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 34.97% | -31.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 29.39% | -23.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 28.33% | -22.75% |
GTO vs. DBE - Expense Ratio Comparison
GTO has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
GTO vs. DBE - Dividend Comparison
GTO's dividend yield for the trailing twelve months is around 4.76%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GTO Invesco Total Return Bond ETF | 4.76% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
Frequently Asked Questions
GTO and DBE have a correlation of -0.42, 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 GTO (1.19%). In terms of maximum drawdown, GTO dropped -20.61% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 2.93% for GTO. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 1.19%. 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 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
GTO has the higher dividend yield at 4.76%, compared with 2.10% for DBE.
GTO is categorized as Intermediate Core-Plus Bond, while DBE is Oil & Gas. Their fees differ too: 0.35% for GTO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.88), 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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