PSLV vs. DBE
PSLV (Sprott Physical Silver Trust) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PSLV returned 9.38%/yr vs 11.34%/yr for DBE. At a 0.18 correlation, their price movements are largely independent. PSLV charges 0.51%/yr vs 0.78%/yr for DBE.
Performance
PSLV vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -20.30% return, which is significantly lower than DBE's 69.05% return. Over the past 10 years, PSLV has underperformed DBE with an annualized return of 9.38%, while DBE has yielded a comparatively higher 11.34% annualized return.
PSLV
- 1D
- 1.67%
- 1M
- -12.57%
- 6M
- -34.43%
- YTD
- -20.30%
- 1Y
- 47.04%
- 3Y*
- 30.41%
- 5Y*
- 15.28%
- 10Y*
- 9.38%
DBE
- 1D
- 1.79%
- 1M
- 0.60%
- 6M
- 61.38%
- YTD
- 69.05%
- 1Y
- 57.89%
- 3Y*
- 17.83%
- 5Y*
- 17.23%
- 10Y*
- 11.34%
PSLV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -20.30% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
DBE Invesco DB Energy Fund | 69.05% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between PSLV and DBE is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | 0.18 |
The correlation between PSLV and DBE shifts across timeframes, from -0.15 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSLV vs. DBE — Risk / Return Rank
PSLV
DBE
PSLV vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.
| PSLV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 2.35 | -1.41 |
| Martin ratioReturn relative to average drawdown | 2.01 | 7.10 | -5.09 |
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Drawdowns
PSLV vs. DBE - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PSLV and DBE.
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Drawdown Indicators
| PSLV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -86.69% | +7.31% |
Max Drawdown (1Y)Largest decline over 1 year | -50.17% | -24.72% | -25.45% |
Max Drawdown (3Y)Largest decline over 3 years | -50.17% | -24.72% | -25.45% |
Max Drawdown (5Y)Largest decline over 5 years | -50.17% | -38.74% | -11.43% |
Max Drawdown (10Y)Largest decline over 10 years | -50.17% | -60.84% | +10.67% |
Current DrawdownCurrent decline from peak | -48.16% | -35.82% | -12.34% |
Average DrawdownAverage peak-to-trough decline | -58.05% | -57.19% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.45% | 8.17% | +15.28% |
Volatility
PSLV vs. DBE - Volatility Comparison
Sprott Physical Silver Trust (PSLV) has a higher volatility of 13.75% compared to Invesco DB Energy Fund (DBE) at 12.20%. This indicates that PSLV's price experiences larger fluctuations and is considered to be riskier 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
| PSLV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.75% | 12.20% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 56.82% | 32.74% | +24.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.82% | 35.99% | +24.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.42% | 29.88% | +6.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.50% | 28.40% | +3.10% |
PSLV vs. DBE - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
PSLV vs. DBE - Dividend Comparison
PSLV has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.
| 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% |
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PSLV and DBE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSLV has higher volatility (13.75%) compared to DBE (12.20%). In terms of maximum drawdown, PSLV dropped -79.38% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.34% vs 9.38% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, DBE has been the lower-risk option at 12.20%. 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 11.34% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 0.00% for PSLV.
PSLV is categorized as Silver, while DBE is Oil & Gas. PSLV tracks No Index (Physical Silver), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Sprott and Invesco. Their fees differ too: 0.51% for PSLV and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.62 vs 0.78), 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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