KSPY vs. DBE
KSPY (Kraneshares Hedgeye Hedged Equity Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KSPY is a Equity Hedged fund tracking the Hedgeye Hedged Equity Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, KSPY returned 18.08% vs 76.30% for DBE. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.78% expense ratio.
Performance
KSPY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, KSPY achieves a 5.54% return, which is significantly lower than DBE's 75.49% return.
KSPY
- 1D
- 0.10%
- 1M
- 1.61%
- YTD
- 5.54%
- 6M
- 5.98%
- 1Y
- 18.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -1.98%
- 1M
- -1.03%
- YTD
- 75.49%
- 6M
- 64.58%
- 1Y
- 76.30%
- 3Y*
- 21.68%
- 5Y*
- 18.57%
- 10Y*
- 11.19%
KSPY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 5.54% | 13.89% | 3.43% |
DBE Invesco DB Energy Fund | 75.49% | -2.17% | -3.90% |
Correlation
The correlation between KSPY 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 (All Time) Calculated using the full available price history since Jul 17, 2024 | -0.08 |
The correlation between KSPY and DBE shifts across timeframes, from -0.25 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KSPY vs. DBE — Risk / Return Rank
KSPY
DBE
KSPY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) 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.
| KSPY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.37 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.07 | 5.32 | -1.25 |
| Martin ratioReturn relative to average drawdown | 21.74 | 10.35 | +11.38 |
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
| KSPY | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.60 | 2.18 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.63 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 0.09 | +1.08 |
Drawdowns
KSPY vs. DBE - Drawdown Comparison
The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KSPY and DBE.
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Drawdown Indicators
| KSPY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.67% | -86.69% | +75.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -14.41% | +9.95% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.89% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.17% | -33.38% | +33.21% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -57.30% | +56.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 7.39% | -6.56% |
Volatility
KSPY vs. DBE - Volatility Comparison
The current volatility for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) is 0.66%, while Invesco DB Energy Fund (DBE) has a volatility of 11.07%. This indicates that KSPY 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
| KSPY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 11.07% | -10.41% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 31.06% | -25.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.99% | 35.12% | -28.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.52% | 29.41% | -18.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.52% | 28.34% | -17.82% |
KSPY vs. DBE - Expense Ratio Comparison
Both KSPY and DBE have an expense ratio of 0.78%.
Dividends
KSPY vs. DBE - Dividend Comparison
KSPY's dividend yield for the trailing twelve months is around 5.84%, more than DBE's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.20% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 5.84% | 6.16% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KSPY 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 (11.07%) compared to KSPY (0.66%). In terms of maximum drawdown, KSPY dropped -11.67% vs DBE's -86.69%.
On 1-year performance, DBE leads with 76.30% vs 18.08% for KSPY. Both ETFs have the same 0.78% expense ratio. On volatility, KSPY has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 76.30% return vs 18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KSPY and DBE have the same expense ratio: 0.78% per year.
KSPY has the higher dividend yield at 5.84%, compared with 2.20% for DBE.
KSPY is categorized as Equity Hedged, while DBE is Oil & Gas. KSPY tracks Hedgeye Hedged Equity Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: KraneShares and Invesco.
KSPY currently has the higher Sharpe Ratio (2.60 vs 2.18), 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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