NCIQ vs. DBE

Last updated Aug 5, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, NCIQ returned -47.45% vs 55.67% for DBE. Their -0.01 correlation means they have often moved in opposite directions in the past. NCIQ charges 0.25%/yr vs 0.78%/yr for DBE.

Performance

NCIQ vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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, NCIQ achieves a -29.52% return, which is significantly lower than DBE's 63.93% return.

NCIQ

• 1D: 0.48%
• 1M: 4.64%
• 6M: -17.65%
• YTD: -29.52%
• 1Y: -47.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.66%

DBE

• 1D: -4.28%
• 1M: 11.01%
• 6M: 47.49%
• YTD: 63.93%
• 1Y: 55.67%
• 3Y*: 13.55%
• 5Y*: 16.46%
• 10Y*: 11.75%
• ALL TIME*: 2.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBE Invesco DB Energy Fund	$1.35M	$1.09M	$1.64M
NCIQ Hashdex Nasdaq Crypto Index US ETF	$707.17K	$681.79K	$819.25K

NCIQ vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-29.52%	-13.57%
DBE Invesco DB Energy Fund	63.93%	-5.97%

Correlation

The correlation between NCIQ and DBE is -0.10, 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.	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.01

Return for Risk

NCIQ vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NCIQ

NCIQ Risk / Return Rank: 2
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 2
NCIQ Omega Ratio Rank: 2
NCIQ Calmar Ratio Rank: 2
NCIQ Martin Ratio Rank: 3

DBE

DBE Risk / Return Rank: 53
DBE Sharpe Ratio Rank: 54
DBE Sortino Ratio Rank: 52
DBE Omega Ratio Rank: 50
DBE Calmar Ratio Rank: 57
DBE Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCIQ vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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.

	NCIQ	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.48	-2.47
Sortino ratio: Return per unit of downside risk	-1.48	2.06	-3.54
Omega ratio: Gain probability vs. loss probability	0.84	1.26	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.83	2.26	-3.10
Martin ratio: Return relative to average drawdown	-1.25	7.03	-8.29

NCIQ vs. DBE - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.99, which is lower than the DBE Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of NCIQ 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

NCIQ vs. DBE - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for NCIQ and DBE.

Drawdown Indicators

	NCIQ	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-86.69%	+29.64%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-24.72%	-32.33%
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	-52.87%	-37.77%	-15.10%
Average Drawdown Average peak-to-trough decline	-25.80%	-57.12%	+31.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.92%	7.95%	+29.97%

Volatility

NCIQ vs. DBE - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 8.72%, while Invesco DB Energy Fund (DBE) has a volatility of 15.88%. This indicates that NCIQ 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

	NCIQ	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	15.88%	-7.16%
Volatility (6M) Calculated over the trailing 6-month period	34.81%	33.82%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	48.06%	37.86%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.12%	30.19%	+16.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.12%	28.64%	+18.48%

NCIQ vs. DBE - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

NCIQ vs. DBE - Dividend Comparison

NCIQ has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.36%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
NCIQ Hashdex Nasdaq Crypto Index US 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 NCIQ and DBE in my portfolio?

NCIQ and DBE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIQ or DBE?

DBE has higher volatility (15.88%) compared to NCIQ (8.72%). In terms of maximum drawdown, NCIQ dropped -57.05% vs DBE's -86.69%.

Which ETF is better, NCIQ or DBE?

On 1-year performance, DBE leads with 55.67% vs -47.45% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, NCIQ has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or DBE?

Over the 1-year period, DBE has performed better with a 55.67% return vs -47.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or DBE?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.36%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and DBE?

NCIQ is categorized as Cryptocurrency, while DBE is Oil & Gas. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Hashdex and Invesco. Their fees differ too: 0.25% for NCIQ and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.48 vs -0.99), 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.