OPTZ vs. DBE

Last updated Jul 14, 2026

OPTZ (Optimize Strategy Index ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - OPTZ is a Mid Cap Blend Equities fund tracking the Optimize Strategy Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, OPTZ returned 49.80% vs 53.22% for DBE. At a correlation of -0.08, they often move in opposite directions. OPTZ charges 0.25%/yr vs 0.78%/yr for DBE.

Performance

OPTZ vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Optimize Strategy Index ETF (OPTZ) 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, OPTZ achieves a 29.14% return, which is significantly lower than DBE's 66.08% return.

OPTZ

• 1D: -1.92%
• 1M: -1.80%
• 6M: 24.29%
• YTD: 29.14%
• 1Y: 49.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 6.87%
• 1M: -1.18%
• 6M: 62.18%
• YTD: 66.08%
• 1Y: 53.22%
• 3Y*: 17.13%
• 5Y*: 16.54%
• 10Y*: 11.15%

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

OPTZ vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OPTZ Optimize Strategy Index ETF	29.14%	22.83%	16.41%
DBE Invesco DB Energy Fund	66.08%	-2.17%	-5.06%

Correlation

The correlation between OPTZ 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 Apr 23, 2024	-0.08

The correlation between OPTZ and DBE shifts across timeframes, from -0.22 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OPTZ vs. DBE — Risk / Return Rank

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

OPTZ

OPTZ Risk / Return Rank: 89
OPTZ Sharpe Ratio Rank: 90
OPTZ Sortino Ratio Rank: 86
OPTZ Omega Ratio Rank: 85
OPTZ Calmar Ratio Rank: 92
OPTZ Martin Ratio Rank: 93

DBE

DBE Risk / Return Rank: 53
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 53
DBE Omega Ratio Rank: 52
DBE Calmar Ratio Rank: 54
DBE Martin Ratio Rank: 49

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.

OPTZ vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Optimize Strategy Index ETF (OPTZ) 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.

	OPTZ	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.49	+0.90
Sortino ratio: Return per unit of downside risk	3.10	2.09	+1.01
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	4.71	2.16	+2.55
Martin ratio: Return relative to average drawdown	18.97	6.57	+12.40

OPTZ vs. DBE - Sharpe Ratio Comparison

The current OPTZ Sharpe Ratio is 2.39, which is higher than the DBE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of OPTZ 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

OPTZ vs. DBE - Drawdown Comparison

The maximum OPTZ drawdown since its inception was -25.75%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for OPTZ and DBE.

Drawdown Indicators

	OPTZ	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-25.75%	-86.69%	+60.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-24.72%	+14.09%
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	-6.46%	-36.95%	+30.49%
Average Drawdown Average peak-to-trough decline	-3.37%	-57.20%	+53.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	8.13%	-5.50%

Volatility

OPTZ vs. DBE - Volatility Comparison

The current volatility for Optimize Strategy Index ETF (OPTZ) is 10.38%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that OPTZ 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

	OPTZ	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.38%	12.49%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	32.73%	-15.13%
Volatility (1Y) Calculated over the trailing 1-year period	20.97%	36.03%	-15.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.64%	29.89%	-8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	28.40%	-6.76%

OPTZ vs. DBE - Expense Ratio Comparison

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

Dividends

OPTZ vs. DBE - Dividend Comparison

OPTZ's dividend yield for the trailing twelve months is around 0.45%, less than DBE's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.33%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
OPTZ Optimize Strategy Index ETF	0.45%	0.58%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OPTZ and DBE in my portfolio?

OPTZ 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, OPTZ or DBE?

DBE has higher volatility (12.49%) compared to OPTZ (10.38%). In terms of maximum drawdown, OPTZ dropped -25.75% vs DBE's -86.69%.

Which ETF is better, OPTZ or DBE?

On 1-year performance, DBE leads with 53.22% vs 49.80% for OPTZ. On fees, OPTZ is cheaper at 0.25% per year. On volatility, OPTZ has been the lower-risk option at 10.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPTZ or DBE?

Over the 1-year period, DBE has performed better with a 53.22% return vs 49.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPTZ or DBE?

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

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

DBE has the higher dividend yield at 2.33%, compared with 0.45% for OPTZ.

What is the main difference between OPTZ and DBE?

OPTZ is categorized as Mid Cap Blend Equities, while DBE is Oil & Gas. OPTZ tracks Optimize Strategy Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Optimize and Invesco. Their fees differ too: 0.25% for OPTZ and 0.78% for DBE.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (2.39 vs 1.49), 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.