PBJL vs. DBE

Last updated Jul 2, 2026

PBJL (PGIM S&P 500 Buffer 20 ETF - July) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PBJL is a Defined Outcome fund actively managed by PGIM, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. PBJL is actively managed, while DBE is passively managed. Over the past year, PBJL returned 10.02% vs 41.84% for DBE. At a correlation of -0.08, they often move in opposite directions. PBJL charges 0.50%/yr vs 0.78%/yr for DBE.

Performance

PBJL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - July (PBJL) 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, PBJL achieves a 4.38% return, which is significantly lower than DBE's 47.23% return.

PBJL

• 1D: -0.03%
• 1M: 0.32%
• 6M: 4.38%
• YTD: 4.38%
• 1Y: 10.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.93%
• 1M: -17.32%
• 6M: 47.23%
• YTD: 47.23%
• 1Y: 41.84%
• 3Y*: 14.27%
• 5Y*: 13.32%
• 10Y*: 9.14%

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

PBJL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBJL PGIM S&P 500 Buffer 20 ETF - July	4.38%	11.82%	7.13%
DBE Invesco DB Energy Fund	47.23%	-2.17%	-2.57%

Correlation

The correlation between PBJL 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 May 8, 2024	-0.08

The correlation between PBJL 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

PBJL vs. DBE — Risk / Return Rank

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

PBJL

PBJL Risk / Return Rank: 88
PBJL Sharpe Ratio Rank: 87
PBJL Sortino Ratio Rank: 91
PBJL Omega Ratio Rank: 92
PBJL Calmar Ratio Rank: 79
PBJL Martin Ratio Rank: 92

DBE

DBE Risk / Return Rank: 38
DBE Sharpe Ratio Rank: 38
DBE Sortino Ratio Rank: 38
DBE Omega Ratio Rank: 37
DBE Calmar Ratio Rank: 38
DBE Martin Ratio Rank: 41

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.

PBJL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - July (PBJL) 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.

	PBJL	DBE	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.20	+1.23
Sortino ratio: Return per unit of downside risk	3.68	1.76	+1.92
Omega ratio: Gain probability vs. loss probability	1.52	1.22	+0.30
Calmar ratio: Return relative to maximum drawdown	3.50	1.70	+1.80
Martin ratio: Return relative to average drawdown	19.57	5.70	+13.87

PBJL vs. DBE - Sharpe Ratio Comparison

The current PBJL Sharpe Ratio is 2.43, which is higher than the DBE Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of PBJL 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

PBJL vs. DBE - Drawdown Comparison

The maximum PBJL drawdown since its inception was -9.02%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PBJL and DBE.

Drawdown Indicators

	PBJL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-86.69%	+77.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-24.72%	+21.84%
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	-0.03%	-44.11%	+44.08%
Average Drawdown Average peak-to-trough decline	-0.69%	-57.22%	+56.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	7.36%	-6.85%

Volatility

PBJL vs. DBE - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - July (PBJL) is 0.42%, while Invesco DB Energy Fund (DBE) has a volatility of 9.19%. This indicates that PBJL 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

	PBJL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	9.19%	-8.77%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	31.87%	-28.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	35.01%	-30.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	29.68%	-22.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.19%	28.36%	-21.17%

PBJL vs. DBE - Expense Ratio Comparison

PBJL has a 0.50% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

PBJL vs. DBE - Dividend Comparison

PBJL has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.62%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
PBJL PGIM S&P 500 Buffer 20 ETF - July	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 PBJL and DBE in my portfolio?

PBJL 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, PBJL or DBE?

DBE has higher volatility (9.19%) compared to PBJL (0.42%). In terms of maximum drawdown, PBJL dropped -9.02% vs DBE's -86.69%.

Which ETF is better, PBJL or DBE?

On 1-year performance, DBE leads with 41.84% vs 10.02% for PBJL. On fees, PBJL is cheaper at 0.50% per year. On volatility, PBJL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJL or DBE?

Over the 1-year period, DBE has performed better with a 41.84% return vs 10.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJL or DBE?

PBJL is cheaper with a 0.50% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.62%, compared with 0.00% for PBJL.

What is the main difference between PBJL and DBE?

PBJL is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for PBJL and 0.78% for DBE.

Which has better risk-adjusted returns?

PBJL currently has the higher Sharpe Ratio (2.43 vs 1.20), 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.