PPA vs. DBE
PPA (Invesco Aerospace & Defense ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PPA is a Aerospace & Defense fund tracking the SPADE Defense Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PPA returned 17.38%/yr vs 12.03%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. PPA charges 0.58%/yr vs 0.78%/yr for DBE.
Performance
PPA vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PPA achieves a 8.54% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, PPA has outperformed DBE with an annualized return of 17.38%, while DBE has yielded a comparatively lower 12.03% annualized return.
PPA
- 1D
- -1.74%
- 1M
- 3.19%
- YTD
- 8.54%
- 6M
- 13.46%
- 1Y
- 26.57%
- 3Y*
- 28.92%
- 5Y*
- 17.82%
- 10Y*
- 17.38%
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
PPA vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPA Invesco Aerospace & Defense ETF | 8.54% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between PPA and DBE is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.24 |
The correlation between PPA and DBE shifts across timeframes, from -0.12 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PPA vs. DBE — Risk / Return Rank
PPA
DBE
PPA vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Aerospace & Defense ETF (PPA) 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.
| PPA | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.40 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 5.89 | -3.94 |
| Martin ratioReturn relative to average drawdown | 5.68 | 11.53 | -5.84 |
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
| PPA | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 2.43 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 0.67 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.43 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.09 | +0.56 |
Drawdowns
PPA vs. DBE - Drawdown Comparison
The maximum PPA drawdown since its inception was -57.37%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PPA and DBE.
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Drawdown Indicators
| PPA | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.37% | -86.69% | +29.32% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -14.41% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -15.24% | -23.89% | +8.65% |
Max Drawdown (5Y)Largest decline over 5 years | -18.37% | -38.74% | +20.37% |
Max Drawdown (10Y)Largest decline over 10 years | -43.92% | -60.84% | +16.92% |
Current DrawdownCurrent decline from peak | -8.40% | -30.27% | +21.87% |
Average DrawdownAverage peak-to-trough decline | -9.18% | -57.31% | +48.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.69% | 7.35% | -2.66% |
Volatility
PPA vs. DBE - Volatility Comparison
The current volatility for Invesco Aerospace & Defense ETF (PPA) is 6.73%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PPA 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
| PPA | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 12.95% | -6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.95% | 30.86% | -14.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.03% | 34.97% | -15.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 29.39% | -10.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 28.33% | -7.69% |
PPA vs. DBE - Expense Ratio Comparison
PPA has a 0.58% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PPA vs. DBE - Dividend Comparison
PPA's dividend yield for the trailing twelve months is around 0.39%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.39% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
PPA and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to PPA (6.73%). In terms of maximum drawdown, PPA dropped -57.37% vs DBE's -86.69%.
On 10-year performance, PPA leads with 17.38% vs 12.03% for DBE. On fees, PPA is cheaper at 0.58% per year. On volatility, PPA has been the lower-risk option at 6.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.38% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.58% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.39% for PPA.
PPA is categorized as Aerospace & Defense, while DBE is Oil & Gas. PPA tracks SPADE Defense Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.58% for PPA and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.40), 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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