OBTC vs. DBE
OBTC (Osprey Bitcoin Trust) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, OBTC returned 7.86%/yr vs 19.05%/yr for DBE. At a 0.03 correlation, their price movements are largely independent. OBTC charges 0.49%/yr vs 0.78%/yr for DBE.
Performance
OBTC vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, OBTC achieves a -27.42% return, which is significantly lower than DBE's 79.04% return.
OBTC
- 1D
- -2.64%
- 1M
- -22.08%
- YTD
- -27.42%
- 6M
- -26.99%
- 1Y
- -30.40%
- 3Y*
- 55.47%
- 5Y*
- 7.86%
- 10Y*
- —
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%
OBTC vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBTC Osprey Bitcoin Trust | -27.42% | -1.87% | 130.89% | 277.81% | -73.93% | -74.76% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 33.86% |
Correlation
The correlation between OBTC and DBE is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2021 | 0.03 |
The correlation between OBTC and DBE shifts across timeframes, from -0.13 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OBTC vs. DBE — Risk / Return Rank
OBTC
DBE
OBTC vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.
| OBTC | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.70 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.39 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 5.67 | -6.35 |
| Martin ratioReturn relative to average drawdown | -1.21 | 11.08 | -12.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OBTC | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.33 | -3.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.65 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 0.09 | -0.31 |
Drawdowns
OBTC vs. DBE - Drawdown Comparison
The maximum OBTC drawdown since its inception was -94.50%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for OBTC and DBE.
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Drawdown Indicators
| OBTC | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -86.69% | -7.81% |
Max Drawdown (1Y)Largest decline over 1 year | -45.41% | -14.41% | -31.00% |
Max Drawdown (3Y)Largest decline over 3 years | -45.41% | -23.89% | -21.52% |
Max Drawdown (5Y)Largest decline over 5 years | -83.76% | -38.74% | -45.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -63.75% | -32.03% | -31.72% |
Average DrawdownAverage peak-to-trough decline | -69.63% | -57.30% | -12.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.22% | 7.37% | +17.85% |
Volatility
OBTC vs. DBE - Volatility Comparison
The current volatility for Osprey Bitcoin Trust (OBTC) is 9.14%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that OBTC 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
| OBTC | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 13.05% | -3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 34.13% | 30.97% | +3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.29% | 35.07% | +9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.12% | 29.41% | +28.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.54% | 28.34% | +43.20% |
OBTC vs. DBE - Expense Ratio Comparison
OBTC has a 0.49% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
OBTC vs. DBE - Dividend Comparison
OBTC has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
OBTC Osprey Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBTC and DBE have a correlation of -0.13, 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 OBTC (9.14%). In terms of maximum drawdown, OBTC dropped -94.50% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.05% vs 7.86% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 9.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.05% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBTC is cheaper with a 0.49% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for OBTC.
OBTC is categorized as Cryptocurrency, while DBE is Oil & Gas. OBTC tracks Bitcoin (BTC), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Osprey Funds and Invesco. Their fees differ too: 0.49% for OBTC and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs -0.69), 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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