MVPL vs. DBE

Last updated Jun 23, 2026

MVPL (Miller Value Partners Leverage ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MVPL is a Leveraged Equities fund actively managed by Miller, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. MVPL is actively managed, while DBE is passively managed. Over the past year, MVPL returned 44.75% vs 36.16% for DBE. At a correlation of -0.07, they often move in opposite directions. MVPL charges 1.72%/yr vs 0.78%/yr for DBE.

Performance

MVPL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Value Partners Leverage ETF (MVPL) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVPL achieves a 16.19% return, which is significantly lower than DBE's 54.94% return.

MVPL

• 1D: -0.92%
• 1M: -0.55%
• YTD: 16.19%
• 6M: 15.20%
• 1Y: 44.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.50%
• 1M: -15.70%
• YTD: 54.94%
• 6M: 54.06%
• 1Y: 36.16%
• 3Y*: 17.07%
• 5Y*: 14.87%
• 10Y*: 10.19%

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

MVPL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MVPL Miller Value Partners Leverage ETF	16.19%	25.67%	24.41%
DBE Invesco DB Energy Fund	54.94%	-2.17%	-1.31%

Correlation

The correlation between MVPL and DBE is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	-0.07

The correlation between MVPL and DBE shifts across timeframes, from -0.27 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MVPL vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MVPL

MVPL Risk / Return Rank: 62
MVPL Sharpe Ratio Rank: 62
MVPL Sortino Ratio Rank: 56
MVPL Omega Ratio Rank: 57
MVPL Calmar Ratio Rank: 72
MVPL Martin Ratio Rank: 65

DBE

DBE Risk / Return Rank: 32
DBE Sharpe Ratio Rank: 29
DBE Sortino Ratio Rank: 30
DBE Omega Ratio Rank: 30
DBE Calmar Ratio Rank: 36
DBE Martin Ratio Rank: 38

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.

MVPL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Value Partners Leverage ETF (MVPL) 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.

	MVPL	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.03	+0.98
Sortino ratio: Return per unit of downside risk	2.59	1.55	+1.03
Omega ratio: Gain probability vs. loss probability	1.34	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	3.55	1.75	+1.80
Martin ratio: Return relative to average drawdown	11.46	5.77	+5.69

MVPL vs. DBE - Sharpe Ratio Comparison

The current MVPL Sharpe Ratio is 2.01, which is higher than the DBE Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of MVPL 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.

Drawdowns

MVPL vs. DBE - Drawdown Comparison

The maximum MVPL drawdown since its inception was -25.68%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MVPL and DBE.

Drawdown Indicators

	MVPL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-25.68%	-86.69%	+61.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-20.78%	+8.10%
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 Drawdown Current decline from peak	-3.97%	-41.18%	+37.21%
Average Drawdown Average peak-to-trough decline	-4.26%	-57.24%	+52.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	8.02%	-4.10%

Volatility

MVPL vs. DBE - Volatility Comparison

Miller Value Partners Leverage ETF (MVPL) and Invesco DB Energy Fund (DBE) have volatilities of 8.93% and 9.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVPL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	9.38%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	16.86%	31.50%	-14.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	35.33%	-12.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.37%	29.58%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	28.37%	-3.00%

MVPL vs. DBE - Expense Ratio Comparison

MVPL has a 1.72% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

MVPL vs. DBE - Dividend Comparison

MVPL's dividend yield for the trailing twelve months is around 0.94%, less than DBE's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.49%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
MVPL Miller Value Partners Leverage ETF	0.94%	1.10%	7.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MVPL and DBE in my portfolio?

MVPL and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVPL or DBE?

DBE has higher volatility (9.38%) compared to MVPL (8.93%). In terms of maximum drawdown, MVPL dropped -25.68% vs DBE's -86.69%.

Which ETF is better, MVPL or DBE?

On 1-year performance, MVPL leads with 44.75% vs 36.16% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, MVPL has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVPL or DBE?

Over the 1-year period, MVPL has performed better with a 44.75% return vs 36.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVPL or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.72% for MVPL.

Which ETF pays a higher dividend yield, MVPL or DBE?

DBE has the higher dividend yield at 2.49%, compared with 0.94% for MVPL.

What is the main difference between MVPL and DBE?

MVPL is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: Miller and Invesco. Their fees differ too: 1.72% for MVPL and 0.78% for DBE.

Which has better risk-adjusted returns?

MVPL currently has the higher Sharpe Ratio (2.01 vs 1.03), 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.