LTPZ vs. DBE
LTPZ (PIMCO 15+ Year U.S. TIPS Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, LTPZ returned -0.17%/yr vs 12.24%/yr for DBE. Their -0.11 correlation means they have often moved in opposite directions in the past. LTPZ charges 0.20%/yr vs 0.78%/yr for DBE.
Performance
LTPZ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, LTPZ achieves a -3.35% return, which is significantly lower than DBE's 71.26% return. Over the past 10 years, LTPZ has underperformed DBE with an annualized return of -0.17%, while DBE has yielded a comparatively higher 12.24% annualized return.
LTPZ
- 1D
- 0.42%
- 1M
- -3.33%
- 6M
- -2.92%
- YTD
- -3.35%
- 1Y
- -2.09%
- 3Y*
- -1.08%
- 5Y*
- -7.35%
- 10Y*
- -0.17%
- ALL TIME*
- 2.81%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $12.67M | $8.82M | $7.84M |
LTPZ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | -3.35% | 4.00% | -4.80% | 0.96% | -31.71% | 7.02% | 24.89% | 17.47% | -7.22% | 9.07% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between LTPZ and DBE is -0.35, 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. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2009 | -0.11 |
Over the past year, the inverse relationship between LTPZ and DBE has strengthened: their correlation has moved from -0.11 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LTPZ vs. DBE — Risk / Return Rank
LTPZ
DBE
LTPZ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) 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.
| LTPZ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.28 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.50 | -2.76 |
| Martin ratioReturn relative to average drawdown | -0.54 | 7.82 | -8.35 |
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Drawdowns
LTPZ vs. DBE - Drawdown Comparison
The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for LTPZ and DBE.
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Drawdown Indicators
| LTPZ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.99% | -86.69% | +45.70% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -24.72% | +16.63% |
Max Drawdown (3Y)Largest decline over 3 years | -12.64% | -24.72% | +12.08% |
Max Drawdown (5Y)Largest decline over 5 years | -40.99% | -38.74% | -2.25% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -60.84% | +19.85% |
Current DrawdownCurrent decline from peak | -35.26% | -34.98% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -12.61% | -57.13% | +44.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 7.90% | -4.01% |
Volatility
LTPZ vs. DBE - Volatility Comparison
The current volatility for PIMCO 15+ Year U.S. TIPS Index ETF (LTPZ) is 2.08%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that LTPZ 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
| LTPZ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 15.07% | -12.99% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 34.26% | -27.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 37.66% | -28.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 30.15% | -14.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 28.60% | -13.58% |
LTPZ vs. DBE - Expense Ratio Comparison
LTPZ has a 0.20% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
LTPZ vs. DBE - Dividend Comparison
LTPZ's dividend yield for the trailing twelve months is around 7.00%, more than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF | 7.00% | 4.64% | 3.71% | 3.71% | 8.38% | 3.56% | 1.42% | 1.74% | 3.05% | 2.25% | 2.32% | 0.71% |
Frequently Asked Questions
LTPZ and DBE have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.07%) compared to LTPZ (2.08%). In terms of maximum drawdown, LTPZ dropped -40.99% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.24% vs -0.17% for LTPZ. On fees, LTPZ is cheaper at 0.20% per year. On volatility, LTPZ has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 12.24% return vs -0.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTPZ is cheaper with a 0.20% expense ratio, compared with 0.78% for DBE.
LTPZ has the higher dividend yield at 7.00%, compared with 2.26% for DBE.
LTPZ is categorized as Inflation-Protected Bonds, while DBE is Oil & Gas. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.20% for LTPZ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs -0.23), 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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