PSP vs. DBE
PSP (Invesco Global Listed Private Equity ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, PSP returned 7.53%/yr vs 12.03%/yr for DBE. At a 0.27 correlation, their price movements are largely independent. PSP charges 1.44%/yr vs 0.78%/yr for DBE.
Performance
PSP vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -13.50% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, PSP has underperformed DBE with an annualized return of 7.53%, while DBE has yielded a comparatively higher 12.03% annualized return.
PSP
- 1D
- -4.75%
- 1M
- -5.00%
- YTD
- -13.50%
- 6M
- -10.48%
- 1Y
- -7.74%
- 3Y*
- 10.19%
- 5Y*
- -0.12%
- 10Y*
- 7.53%
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%
PSP vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -13.50% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
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 PSP and DBE is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.27 |
The correlation between PSP and DBE shifts across timeframes, from -0.34 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. DBE — Risk / Return Rank
PSP
DBE
PSP vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.40 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 5.89 | -6.24 |
| Martin ratioReturn relative to average drawdown | -0.80 | 11.53 | -12.33 |
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
| PSP | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.39 | 2.43 | -2.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.67 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | 0.43 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.09 | -0.01 |
Drawdowns
PSP vs. DBE - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for PSP and DBE.
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Drawdown Indicators
| PSP | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -86.69% | +1.29% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -14.41% | -7.96% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -23.89% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -38.74% | -8.42% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -60.84% | +13.68% |
Current DrawdownCurrent decline from peak | -17.72% | -30.27% | +12.55% |
Average DrawdownAverage peak-to-trough decline | -30.69% | -57.31% | +26.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.67% | 7.35% | +2.32% |
Volatility
PSP vs. DBE - Volatility Comparison
The current volatility for Invesco Global Listed Private Equity ETF (PSP) is 6.89%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that PSP 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
| PSP | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.89% | 12.95% | -6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.20% | 30.86% | -14.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.91% | 34.97% | -15.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.79% | 29.39% | -5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.45% | 28.33% | -5.88% |
PSP vs. DBE - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
PSP vs. DBE - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.68%, more 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% |
PSP Invesco Global Listed Private Equity ETF | 6.68% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and DBE have a correlation of -0.34, 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 PSP (6.89%). In terms of maximum drawdown, PSP dropped -85.40% vs DBE's -86.69%.
On 10-year performance, DBE leads with 12.03% vs 7.53% for PSP. On fees, DBE is cheaper at 0.78% per year. On volatility, PSP has been the lower-risk option at 6.89%. 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 12.03% return vs 7.53%. 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 1.44% for PSP.
PSP has the higher dividend yield at 6.68%, compared with 2.10% for DBE.
PSP is categorized as Global Equities, while DBE is Oil & Gas. PSP tracks Red Rocks Global Listed Private Equity Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 1.44% for PSP and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.39), 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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