PFFL vs. DBE
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, PFFL returned -6.81%/yr vs 17.10%/yr for DBE. At a 0.11 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.78%/yr for DBE.
Performance
PFFL vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.27% return, which is significantly lower than DBE's 68.39% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
PFFL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -28.98% |
Correlation
The correlation between PFFL and DBE is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.11 |
The correlation between PFFL and DBE shifts across timeframes, from -0.17 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. DBE — Risk / Return Rank
PFFL
DBE
PFFL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.34 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.06 | 7.00 | -7.06 |
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Drawdowns
PFFL vs. DBE - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PFFL and DBE.
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Drawdown Indicators
| PFFL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -86.69% | +6.01% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -24.72% | +12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -24.72% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -38.74% | -9.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -40.41% | -36.07% | -4.34% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -57.19% | +28.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 8.26% | -2.63% |
Volatility
PFFL vs. DBE - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that PFFL 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
| PFFL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 11.68% | -7.58% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 32.70% | -21.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 35.99% | -19.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 29.88% | -6.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 28.39% | +26.56% |
PFFL vs. DBE - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
PFFL vs. DBE - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.72%, more than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.72% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and DBE have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs DBE's -86.69%.
On 5-year performance, DBE leads with 17.10% vs -6.81% for PFFL. On fees, DBE is cheaper at 0.78% per year. On volatility, PFFL has been the lower-risk option at 4.10%. 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 17.10% return vs -6.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.72%, compared with 2.29% for DBE.
PFFL is categorized as Preferred Stock/Convertible Bonds, while DBE is Oil & Gas. PFFL tracks Solactive Preferred Stock ETF Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.85% for PFFL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 vs -0.02), 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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