PHO vs. DBE
PHO (Invesco Water Resources ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PHO returned 11.46%/yr vs 11.58%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. PHO charges 0.60%/yr vs 0.78%/yr for DBE.
Performance
PHO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -5.33% return, which is significantly lower than DBE's 79.04% return. Both investments have delivered pretty close results over the past 10 years, with PHO having a 11.46% annualized return and DBE not far ahead at 11.58%.
PHO
- 1D
- 0.08%
- 1M
- -2.73%
- YTD
- -5.33%
- 6M
- -7.58%
- 1Y
- -3.52%
- 3Y*
- 7.94%
- 5Y*
- 5.23%
- 10Y*
- 11.46%
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%
PHO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -5.33% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between PHO and DBE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.26 |
The correlation between PHO and DBE shifts across timeframes, from -0.32 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. DBE — Risk / Return Rank
PHO
DBE
PHO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.
| PHO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.39 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 5.67 | -5.93 |
| Martin ratioReturn relative to average drawdown | -0.66 | 11.08 | -11.74 |
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
| PHO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 2.33 | -2.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.65 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.41 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.09 | +0.25 |
Drawdowns
PHO vs. DBE - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PHO and DBE.
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Drawdown Indicators
| PHO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -86.69% | +31.07% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -14.41% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -23.89% | +4.70% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -38.74% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -60.84% | +25.92% |
Current DrawdownCurrent decline from peak | -10.56% | -32.03% | +21.47% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -57.30% | +47.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.35% | 7.37% | -2.02% |
Volatility
PHO vs. DBE - Volatility Comparison
The current volatility for Invesco Water Resources ETF (PHO) is 3.70%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that PHO 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
| PHO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 13.05% | -9.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.92% | 30.97% | -20.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.76% | 35.07% | -20.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 29.41% | -11.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.45% | 28.34% | -8.89% |
PHO vs. DBE - Expense Ratio Comparison
PHO has a 0.60% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PHO vs. DBE - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.58%, less than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
PHO Invesco Water Resources ETF | 0.58% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
Frequently Asked Questions
PHO and DBE have a correlation of -0.32, 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 PHO (3.70%). In terms of maximum drawdown, PHO dropped -55.62% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.58% vs 11.46% for PHO. On fees, PHO is cheaper at 0.60% per year. On volatility, PHO has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.58% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHO is cheaper with a 0.60% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 0.58% for PHO.
PHO is categorized as Water Equities, while DBE is Oil & Gas. PHO tracks NASDAQ OMX US Water Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.60% for PHO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs -0.24), 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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