HCOW vs. DBE

Last updated Jul 17, 2026

HCOW (Amplify Cash Flow High Income ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. HCOW is actively managed, while DBE is passively managed. Over the past year, HCOW returned 18.38% vs 57.64% for DBE. At a 0.07 correlation, their price movements are largely independent. HCOW charges 0.65%/yr vs 0.78%/yr for DBE.

Performance

HCOW vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) 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, HCOW achieves a 7.21% return, which is significantly lower than DBE's 68.39% return.

HCOW

• 1D: 1.14%
• 1M: 1.01%
• 6M: 5.64%
• YTD: 7.21%
• 1Y: 18.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

HCOW vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCOW Amplify Cash Flow High Income ETF	7.21%	5.76%	7.63%	4.66%
DBE Invesco DB Energy Fund	68.39%	-2.17%	2.96%	-17.66%

Correlation

The correlation between HCOW 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 (All Time) Calculated using the full available price history since Sep 20, 2023	0.07

The correlation between HCOW and DBE shifts across timeframes, from -0.23 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HCOW vs. DBE — Risk / Return Rank

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

HCOW

HCOW Risk / Return Rank: 57
HCOW Sharpe Ratio Rank: 48
HCOW Sortino Ratio Rank: 50
HCOW Omega Ratio Rank: 46
HCOW Calmar Ratio Rank: 73
HCOW Martin Ratio Rank: 66

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

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.

HCOW vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) 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.

	HCOW	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.61	-0.25
Sortino ratio: Return per unit of downside risk	2.02	2.21	-0.20
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	2.93	2.34	+0.59
Martin ratio: Return relative to average drawdown	9.38	7.00	+2.39

HCOW vs. DBE - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.36, which is comparable to the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HCOW 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.

Drawdowns

HCOW vs. DBE - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HCOW and DBE.

Drawdown Indicators

	HCOW	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-86.69%	+62.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-24.72%	+18.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
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	0.00%	-36.07%	+36.07%
Average Drawdown Average peak-to-trough decline	-4.79%	-57.19%	+52.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	8.26%	-6.30%

Volatility

HCOW vs. DBE - Volatility Comparison

The current volatility for Amplify Cash Flow High Income ETF (HCOW) is 2.89%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that HCOW 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.

Volatility by Period

	HCOW	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	11.68%	-8.79%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	32.70%	-23.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	35.99%	-22.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	29.88%	-12.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	28.39%	-11.00%

HCOW vs. DBE - Expense Ratio Comparison

HCOW has a 0.65% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

HCOW vs. DBE - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.76%, more than DBE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
HCOW Amplify Cash Flow High Income ETF	11.76%	10.88%	8.13%	1.99%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCOW and DBE in my portfolio?

HCOW 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.

Which is riskier, HCOW or DBE?

DBE has higher volatility (11.68%) compared to HCOW (2.89%). In terms of maximum drawdown, HCOW dropped -24.15% vs DBE's -86.69%.

Which ETF is better, HCOW or DBE?

On 1-year performance, DBE leads with 57.64% vs 18.38% for HCOW. On fees, HCOW is cheaper at 0.65% per year. On volatility, HCOW has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCOW or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs 18.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or DBE?

HCOW is cheaper with a 0.65% expense ratio, compared with 0.78% for DBE.

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

HCOW has the higher dividend yield at 11.76%, compared with 2.29% for DBE.

What is the main difference between HCOW and DBE?

HCOW is categorized as Large Cap Value Equities, while DBE is Oil & Gas. They also come from different issuers: Amplify and Invesco. Their fees differ too: 0.65% for HCOW and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.61 vs 1.36), 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.