NAUG vs. DBE

Last updated Jul 17, 2026

NAUG (Innovator Growth-100 Power Buffer ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - NAUG is a Defined Outcome fund actively managed by Innovator, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. NAUG is actively managed, while DBE is passively managed. Over the past year, NAUG returned 14.33% vs 57.64% for DBE. At a correlation of -0.09, they often move in opposite directions. NAUG charges 0.79%/yr vs 0.78%/yr for DBE.

Performance

NAUG vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF (NAUG) 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, NAUG achieves a 7.36% return, which is significantly lower than DBE's 68.39% return.

NAUG

• 1D: -0.02%
• 1M: 0.55%
• 6M: 6.96%
• YTD: 7.36%
• 1Y: 14.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.09%
• 1M: 6.25%
• 6M: 65.69%
• YTD: 68.39%
• 1Y: 57.64%
• 3Y*: 17.96%
• 5Y*: 17.10%
• 10Y*: 11.45%

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

NAUG vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NAUG Innovator Growth-100 Power Buffer ETF	7.36%	14.81%	5.68%
DBE Invesco DB Energy Fund	68.39%	-2.17%	-2.91%

Correlation

The correlation between NAUG and DBE is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	-0.09

The correlation between NAUG and DBE shifts across timeframes, from -0.22 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NAUG vs. DBE — Risk / Return Rank

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

NAUG

NAUG Risk / Return Rank: 79
NAUG Sharpe Ratio Rank: 79
NAUG Sortino Ratio Rank: 79
NAUG Omega Ratio Rank: 83
NAUG Calmar Ratio Rank: 70
NAUG Martin Ratio Rank: 85

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

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.

NAUG vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF (NAUG) 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.

	NAUG	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.61	+0.39
Sortino ratio: Return per unit of downside risk	2.83	2.21	+0.62
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	2.82	2.34	+0.48
Martin ratio: Return relative to average drawdown	13.75	7.00	+6.75

NAUG vs. DBE - Sharpe Ratio Comparison

The current NAUG Sharpe Ratio is 2.00, which is comparable to the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of NAUG 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

NAUG vs. DBE - Drawdown Comparison

The maximum NAUG drawdown since its inception was -12.88%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for NAUG and DBE.

Drawdown Indicators

	NAUG	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-12.88%	-86.69%	+73.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.10%	-24.72%	+19.62%
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 Drawdown Current decline from peak	-0.09%	-36.07%	+35.98%
Average Drawdown Average peak-to-trough decline	-1.17%	-57.19%	+56.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	8.26%	-7.22%

Volatility

NAUG vs. DBE - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF (NAUG) is 0.91%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that NAUG 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.

Volatility by Period

	NAUG	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	11.68%	-10.77%
Volatility (6M) Calculated over the trailing 6-month period	5.42%	32.70%	-27.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.19%	35.99%	-28.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	29.88%	-18.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	28.39%	-17.42%

NAUG vs. DBE - Expense Ratio Comparison

NAUG has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

NAUG vs. DBE - Dividend Comparison

NAUG has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
NAUG Innovator Growth-100 Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NAUG and DBE in my portfolio?

NAUG and DBE have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAUG or DBE?

DBE has higher volatility (11.68%) compared to NAUG (0.91%). In terms of maximum drawdown, NAUG dropped -12.88% vs DBE's -86.69%.

Which ETF is better, NAUG or DBE?

On 1-year performance, DBE leads with 57.64% vs 14.33% for NAUG. On fees, DBE is cheaper at 0.78% per year. On volatility, NAUG has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NAUG or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs 14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NAUG or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for NAUG.

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

DBE has the higher dividend yield at 2.29%, compared with 0.00% for NAUG.

What is the main difference between NAUG and DBE?

NAUG is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for NAUG and 0.78% for DBE.

Which has better risk-adjusted returns?

NAUG currently has the higher Sharpe Ratio (2.00 vs 1.61), 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.