LBO vs. DBE
LBO (WHITEWOLF Publicly Listed Private Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - LBO is a Financials Equities fund actively managed by Alpha Architect, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. LBO is actively managed, while DBE is passively managed. Over the past year, LBO returned -14.55% vs 68.62% for DBE. Their -0.03 correlation means they have often moved in opposite directions in the past. LBO charges 0.70%/yr vs 0.78%/yr for DBE.
Performance
LBO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, LBO achieves a -10.41% return, which is significantly lower than DBE's 78.87% return.
LBO
- 1D
- 0.99%
- 1M
- 3.40%
- 6M
- -7.82%
- YTD
- -10.41%
- 1Y
- -14.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.37%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $3.76K | $7.07K | $41.04K |
LBO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LBO WHITEWOLF Publicly Listed Private Equity ETF | -10.41% | -6.41% | 30.93% | 7.39% |
DBE Invesco DB Energy Fund | 78.87% | -2.17% | 2.96% | -8.43% |
Correlation
The correlation between LBO and DBE is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023 | -0.03 |
The correlation between LBO and DBE shifts across timeframes, from -0.23 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBO vs. DBE — Risk / Return Rank
LBO
DBE
LBO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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.
| LBO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.29 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.59 | -3.18 |
| Martin ratioReturn relative to average drawdown | -1.10 | 8.14 | -9.25 |
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Drawdowns
LBO vs. DBE - Drawdown Comparison
The maximum LBO drawdown since its inception was -31.40%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for LBO and DBE.
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Drawdown Indicators
| LBO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.40% | -86.69% | +55.29% |
Max Drawdown (1Y)Largest decline over 1 year | -27.32% | -24.72% | -2.60% |
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 DrawdownCurrent decline from peak | -21.24% | -32.09% | +10.85% |
Average DrawdownAverage peak-to-trough decline | -9.21% | -57.13% | +47.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.51% | 8.15% | +6.36% |
Volatility
LBO vs. DBE - Volatility Comparison
The current volatility for WHITEWOLF Publicly Listed Private Equity ETF (LBO) is 5.58%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. This indicates that LBO 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
| LBO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.58% | 14.12% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 18.33% | 33.95% | -15.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.30% | 37.47% | -15.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 30.09% | -8.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.15% | 28.58% | -7.43% |
LBO vs. DBE - Expense Ratio Comparison
LBO has a 0.70% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
LBO vs. DBE - Dividend Comparison
LBO's dividend yield for the trailing twelve months is around 6.64%, more 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% |
LBO WHITEWOLF Publicly Listed Private Equity ETF | 6.64% | 7.04% | 5.79% | 1.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LBO 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.
DBE has higher volatility (14.12%) compared to LBO (5.58%). In terms of maximum drawdown, LBO dropped -31.40% vs DBE's -86.69%.
On 1-year performance, DBE leads with 68.62% vs -14.55% for LBO. On fees, LBO is cheaper at 0.70% per year. On volatility, LBO has been the lower-risk option at 5.58%. 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 68.62% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LBO is cheaper with a 0.70% expense ratio, compared with 0.78% for DBE.
LBO has the higher dividend yield at 6.64%, compared with 2.16% for DBE.
LBO is categorized as Financials Equities, while DBE is Oil & Gas. They also come from different issuers: Alpha Architect and Invesco. Their fees differ too: 0.70% for LBO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.71 vs -0.72), 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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