PEPS vs. DBE

Last updated Jul 14, 2026

PEPS (Parametric Equity Plus ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PEPS is a Derivative Income fund actively managed by Parametric, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. PEPS is actively managed, while DBE is passively managed. Over the past year, PEPS returned 24.89% vs 53.22% for DBE. At a correlation of -0.12, they often move in opposite directions. PEPS charges 0.10%/yr vs 0.78%/yr for DBE.

Performance

PEPS vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Plus ETF (PEPS) 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, PEPS achieves a 10.36% return, which is significantly lower than DBE's 66.08% return.

PEPS

• 1D: -0.73%
• 1M: 1.90%
• 6M: 7.86%
• YTD: 10.36%
• 1Y: 24.89%
• 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)

PEPS vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEPS Parametric Equity Plus ETF	10.36%	20.32%	-1.42%
DBE Invesco DB Energy Fund	66.08%	-2.17%	1.27%

Correlation

The correlation between PEPS and DBE is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	-0.12

The correlation between PEPS and DBE shifts across timeframes, from -0.26 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEPS vs. DBE — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 71
PEPS Sortino Ratio Rank: 66
PEPS Omega Ratio Rank: 70
PEPS Calmar Ratio Rank: 65
PEPS Martin Ratio Rank: 76

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.

PEPS vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) 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.

	PEPS	DBE	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.49	+0.32
Sortino ratio: Return per unit of downside risk	2.42	2.09	+0.33
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.55	2.16	+0.39
Martin ratio: Return relative to average drawdown	11.27	6.57	+4.70

PEPS vs. DBE - Sharpe Ratio Comparison

The current PEPS Sharpe Ratio is 1.81, which is comparable to the DBE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PEPS 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

PEPS vs. DBE - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PEPS and DBE.

Drawdown Indicators

	PEPS	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-86.69%	+65.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-24.72%	+14.92%
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	-0.79%	-36.95%	+36.16%
Average Drawdown Average peak-to-trough decline	-2.71%	-57.20%	+54.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	8.13%	-5.92%

Volatility

PEPS vs. DBE - Volatility Comparison

The current volatility for Parametric Equity Plus ETF (PEPS) is 4.20%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that PEPS 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

	PEPS	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	12.49%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	32.73%	-21.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	36.03%	-22.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	29.89%	-11.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	28.40%	-10.19%

PEPS vs. DBE - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

PEPS vs. DBE - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.92%, 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%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PEPS and DBE in my portfolio?

PEPS and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEPS or DBE?

DBE has higher volatility (12.49%) compared to PEPS (4.20%). In terms of maximum drawdown, PEPS dropped -21.26% vs DBE's -86.69%.

Which ETF is better, PEPS or DBE?

On 1-year performance, DBE leads with 53.22% vs 24.89% for PEPS. On fees, PEPS is cheaper at 0.10% per year. On volatility, PEPS has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEPS or DBE?

Over the 1-year period, DBE has performed better with a 53.22% return vs 24.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEPS or DBE?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.33%, compared with 0.92% for PEPS.

What is the main difference between PEPS and DBE?

PEPS is categorized as Derivative Income, while DBE is Oil & Gas. They also come from different issuers: Parametric and Invesco. Their fees differ too: 0.10% for PEPS and 0.78% for DBE.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (1.81 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.