GVAL vs. DBE
GVAL (Cambria Global Value ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. GVAL is actively managed, while DBE is passively managed. Over the past 10 years, GVAL returned 11.07%/yr vs 11.45%/yr for DBE. At a 0.28 correlation, their price movements are largely independent. GVAL charges 0.64%/yr vs 0.78%/yr for DBE.
Performance
GVAL vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, GVAL achieves a 18.69% return, which is significantly lower than DBE's 68.39% return. Both investments have delivered pretty close results over the past 10 years, with GVAL having a 11.07% annualized return and DBE not far ahead at 11.45%.
GVAL
- 1D
- -0.51%
- 1M
- -0.73%
- 6M
- 12.57%
- YTD
- 18.69%
- 1Y
- 38.28%
- 3Y*
- 25.77%
- 5Y*
- 15.34%
- 10Y*
- 11.07%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
GVAL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVAL Cambria Global Value ETF | 18.69% | 55.87% | 2.59% | 13.30% | -7.98% | 10.70% | -8.51% | 17.24% | -14.30% | 29.50% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between GVAL and DBE is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014 | 0.28 |
The correlation between GVAL and DBE shifts across timeframes, from -0.25 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GVAL vs. DBE — Risk / Return Rank
GVAL
DBE
GVAL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GVAL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.28 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 2.34 | +1.00 |
| Martin ratioReturn relative to average drawdown | 12.37 | 7.00 | +5.37 |
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Drawdowns
GVAL vs. DBE - Drawdown Comparison
The maximum GVAL drawdown since its inception was -46.82%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GVAL and DBE.
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Drawdown Indicators
| GVAL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.82% | -86.69% | +39.87% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -24.72% | +13.22% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -24.72% | +9.00% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -38.74% | +7.91% |
Max Drawdown (10Y)Largest decline over 10 years | -46.82% | -60.84% | +14.02% |
Current DrawdownCurrent decline from peak | -1.23% | -36.07% | +34.84% |
Average DrawdownAverage peak-to-trough decline | -13.77% | -57.19% | +43.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 8.26% | -5.16% |
Volatility
GVAL vs. DBE - Volatility Comparison
The current volatility for Cambria Global Value ETF (GVAL) is 4.44%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that GVAL 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
| GVAL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 11.68% | -7.24% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 32.70% | -18.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 35.99% | -20.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 29.88% | -11.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.97% | 28.39% | -9.42% |
GVAL vs. DBE - Expense Ratio Comparison
GVAL has a 0.64% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
GVAL vs. DBE - Dividend Comparison
GVAL's dividend yield for the trailing twelve months is around 2.41%, more than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
GVAL Cambria Global Value ETF | 2.41% | 2.93% | 4.75% | 6.12% | 5.05% | 2.97% | 1.90% | 2.84% | 4.65% | 2.00% | 2.54% | 2.11% |
Frequently Asked Questions
GVAL and DBE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to GVAL (4.44%). In terms of maximum drawdown, GVAL dropped -46.82% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs 11.07% for GVAL. On fees, GVAL is cheaper at 0.64% per year. On volatility, GVAL has been the lower-risk option at 4.44%. 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 11.45% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVAL is cheaper with a 0.64% expense ratio, compared with 0.78% for DBE.
GVAL has the higher dividend yield at 2.41%, compared with 2.29% for DBE.
GVAL is categorized as Global Equities, while DBE is Oil & Gas. They also come from different issuers: Cambria and Invesco. Their fees differ too: 0.64% for GVAL and 0.78% for DBE.
GVAL currently has the higher Sharpe Ratio (2.45 vs 1.61), 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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