HFEQ vs. DBE

Last updated Jul 18, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. HFEQ is actively managed, while DBE is passively managed. At a correlation of -0.28, they often move in opposite directions. HFEQ charges 1.00%/yr vs 0.78%/yr for DBE.

Performance

HFEQ vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 3.03%
• 1M: 10.58%
• 6M: 68.61%
• YTD: 73.49%
• 1Y: 60.38%
• 3Y*: 18.58%
• 5Y*: 17.80%
• 10Y*: 11.80%

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

HFEQ vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
DBE Invesco DB Energy Fund	73.49%	-6.60%

Correlation

The correlation between HFEQ and DBE is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.28

Return for Risk

HFEQ vs. DBE — Risk / Return Rank

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

HFEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DBE

DBE Risk / Return Rank: 60
DBE Sharpe Ratio Rank: 64
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 59
DBE Calmar Ratio Rank: 62
DBE Martin Ratio Rank: 54

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.

HFEQ vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	DBE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.68	—
Sortino ratio: Return per unit of downside risk	—	2.29	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.45	—
Martin ratio: Return relative to average drawdown	—	7.31	—

Drawdowns

Drawdown Indicators

	HFEQ	DBE	Difference
Max Drawdown Largest peak-to-trough decline	—	-86.69%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-24.72%	—
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	—	-34.14%	—
Average Drawdown Average peak-to-trough decline	—	-57.18%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.29%	—

Volatility

Volatility by Period

	HFEQ	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	32.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	36.10%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	29.90%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	28.41%	—

HFEQ vs. DBE - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

HFEQ vs. DBE - Dividend Comparison

HFEQ has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.23%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.23%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and DBE in my portfolio?

HFEQ and DBE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or DBE?

On fees, DBE is cheaper at 0.78% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.59%, compared with 2.23% for DBE.

What is the main difference between HFEQ and DBE?

HFEQ is categorized as Long-Short, while DBE is Oil & Gas. They also come from different issuers: Unlimited and Invesco. Their fees differ too: 1.00% for HFEQ and 0.78% for DBE.