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MDYG vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MDYG vs. DBE

Last updated Jun 5, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, MDYG returned 11.58%/yr vs 11.58%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. MDYG charges 0.15%/yr vs 0.78%/yr for DBE.

Performance

MDYG vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 400 Mid Cap Growth ETF (MDYG) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MDYG achieves a 19.44% return, which is significantly lower than DBE's 79.04% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: MDYG at 11.58% and DBE at 11.58%.

MDYG

1D
0.27%
1M
4.57%
YTD
19.44%
6M
18.73%
1Y
30.20%
3Y*
18.49%
5Y*
8.66%
10Y*
11.58%

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

MDYG vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MDYG
SPDR S&P 400 Mid Cap Growth ETF		19.44%7.22%15.84%17.30%-18.92%18.46%22.57%26.10%-10.46%19.61%
DBE
Invesco DB Energy Fund		79.04%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between MDYG and DBE is -0.31, 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

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jan 8, 2007

0.27

The correlation between MDYG and DBE shifts across timeframes, from -0.31 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P 400 Mid Cap Growth ETF

Invesco DB Energy Fund

Often compared with MDYG:
MDYG vs. IMCGMDYG vs. VOMDYG vs. IVOVMDYG vs. SPYGMDYG vs. VOTMDYG vs. XMVMMDYG vs. SCHD
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. XLKDBE vs. COMTDBE vs. GLDDBE vs. TIP

Return for Risk

MDYG vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MDYG
MDYG Risk / Return Rank: 5858
Overall Rank
MDYG Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
MDYG Sortino Ratio Rank: 5454
Sortino Ratio Rank
MDYG Omega Ratio Rank: 5151
Omega Ratio Rank
MDYG Calmar Ratio Rank: 6363
Calmar Ratio Rank
MDYG Martin Ratio Rank: 6868
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6262
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6262
Martin Ratio Rank
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.

MDYG vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Growth ETF (MDYG) 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.

MDYGDBEDifference
Sharpe ratioReturn per unit of total volatility
1.78
2.33

-0.55

Sortino ratioReturn per unit of downside risk
2.56
2.87

-0.31

Omega ratioGain probability vs. loss probability

1.31

1.39

-0.07

Calmar ratioReturn relative to maximum drawdown

3.06

5.67

-2.61

Martin ratioReturn relative to average drawdown

12.24

11.08

+1.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDYG vs. DBE - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.78, which is comparable to the DBE Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of MDYG and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MDYGDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.78

2.33

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.65

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.41

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.09

+0.39

Drawdowns

MDYG vs. DBE - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MDYG and DBE.

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Drawdown Indicators

MDYGDBEDifference

Max Drawdown

Largest peak-to-trough decline

-58.44%

-86.69%

+28.25%

Max Drawdown (1Y)

Largest decline over 1 year

-9.91%

-14.41%

+4.50%

Max Drawdown (3Y)

Largest decline over 3 years

-25.45%

-23.89%

-1.56%

Max Drawdown (5Y)

Largest decline over 5 years

-29.26%

-38.74%

+9.48%

Max Drawdown (10Y)

Largest decline over 10 years

-39.27%

-60.84%

+21.57%

Current Drawdown

Current decline from peak

0.00%

-32.03%

+32.03%

Average Drawdown

Average peak-to-trough decline

-8.03%

-57.30%

+49.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.47%

7.37%

-4.90%

Volatility

MDYG vs. DBE - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Growth ETF (MDYG) is 5.08%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that MDYG 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

MDYGDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

13.05%

-7.97%

Volatility (6M)

Calculated over the trailing 6-month period

13.21%

30.97%

-17.76%

Volatility (1Y)

Calculated over the trailing 1-year period

17.01%

35.07%

-18.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.62%

29.41%

-8.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.05%

28.34%

-7.29%

MDYG vs. DBE - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

MDYG vs. DBE - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.61%, less than DBE's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.16%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
MDYG
SPDR S&P 400 Mid Cap Growth ETF		0.61%0.75%0.87%1.20%1.16%0.69%0.71%1.21%1.36%2.23%1.25%2.51%

Frequently Asked Questions

MDYG and DBE have a correlation of -0.31, 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 MDYG (5.08%). In terms of maximum drawdown, MDYG dropped -58.44% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.58% vs 11.58% for MDYG. On fees, MDYG is cheaper at 0.15% per year. On volatility, MDYG has been the lower-risk option at 5.08%. 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 11.58% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MDYG is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.16%, compared with 0.61% for MDYG.

MDYG is categorized as Mid Cap Growth Equities, while DBE is Oil & Gas. MDYG tracks S&P MidCap 400 Growth Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.15% for MDYG and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.33 vs 1.78), 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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