HSMV vs. DBE
HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - HSMV is a Small Cap Blend Equities fund actively managed by First Trust, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. HSMV is actively managed, while DBE is passively managed. Over the past 5 years, HSMV returned 3.79%/yr vs 19.05%/yr for DBE. At a 0.13 correlation, their price movements are largely independent. HSMV charges 0.80%/yr vs 0.78%/yr for DBE.
Performance
HSMV vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, HSMV achieves a 3.62% return, which is significantly lower than DBE's 79.04% return.
HSMV
- 1D
- 0.49%
- 1M
- -2.16%
- YTD
- 3.62%
- 6M
- 4.04%
- 1Y
- 5.27%
- 3Y*
- 9.10%
- 5Y*
- 3.79%
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
HSMV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 3.62% | 1.57% | 13.17% | 5.01% | -9.44% | 23.72% | 34.70% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 26.64% |
Correlation
The correlation between HSMV and DBE is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2020 | 0.13 |
The correlation between HSMV and DBE shifts across timeframes, from -0.24 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HSMV vs. DBE — Risk / Return Rank
HSMV
DBE
HSMV vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) 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.
| HSMV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.39 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 5.67 | -5.00 |
| Martin ratioReturn relative to average drawdown | 2.03 | 11.08 | -9.04 |
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
| HSMV | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 2.33 | -1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.65 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.09 | +0.59 |
Drawdowns
HSMV vs. DBE - Drawdown Comparison
The maximum HSMV drawdown since its inception was -19.16%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for HSMV and DBE.
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Drawdown Indicators
| HSMV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -86.69% | +67.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -14.41% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -15.45% | -23.89% | +8.44% |
Max Drawdown (5Y)Largest decline over 5 years | -19.16% | -38.74% | +19.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -3.89% | -32.03% | +28.14% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -57.30% | +51.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 7.37% | -4.77% |
Volatility
HSMV vs. DBE - Volatility Comparison
The current volatility for First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) is 2.83%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that HSMV 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
| HSMV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 13.05% | -10.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.27% | 30.97% | -23.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 35.07% | -24.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 29.41% | -14.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 28.34% | -12.29% |
HSMV vs. DBE - Expense Ratio Comparison
HSMV has a 0.80% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
HSMV vs. DBE - Dividend Comparison
HSMV's dividend yield for the trailing twelve months is around 1.99%, less than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 1.99% | 2.01% | 1.43% | 1.43% | 1.26% | 0.76% | 0.80% | 0.00% | 0.00% |
Frequently Asked Questions
HSMV and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to HSMV (2.83%). In terms of maximum drawdown, HSMV dropped -19.16% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.05% vs 3.79% for HSMV. On fees, DBE is cheaper at 0.78% per year. On volatility, HSMV has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.05% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.80% for HSMV.
DBE has the higher dividend yield at 2.16%, compared with 1.99% for HSMV.
HSMV is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for HSMV and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 0.51), 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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