SCHQ vs. DBE
SCHQ (Schwab Long-Term U.S. Treasury ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, SCHQ returned -7.19%/yr vs 17.82%/yr for DBE. Their -0.22 correlation means they have often moved in opposite directions in the past. SCHQ charges 0.03%/yr vs 0.78%/yr for DBE.
Performance
SCHQ vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.90% return, which is significantly lower than DBE's 71.26% return.
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
DBE
- 1D
- -4.26%
- 1M
- 15.98%
- 6M
- 57.84%
- YTD
- 71.26%
- 1Y
- 61.44%
- 3Y*
- 15.22%
- 5Y*
- 17.82%
- 10Y*
- 12.24%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27M | $1.08M | $1.67M | |
| $13.53M | $14.79M | $18.63M |
SCHQ vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
DBE Invesco DB Energy Fund | 71.26% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 12.40% |
Correlation
The correlation between SCHQ and DBE is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | -0.22 |
Over the past year, the inverse relationship between SCHQ and DBE has strengthened: their correlation has moved from -0.22 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SCHQ vs. DBE — Risk / Return Rank
SCHQ
DBE
SCHQ vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) 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.
| SCHQ | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.28 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.50 | -2.69 |
| Martin ratioReturn relative to average drawdown | -0.41 | 7.82 | -8.23 |
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Drawdowns
SCHQ vs. DBE - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SCHQ and DBE.
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Drawdown Indicators
| SCHQ | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -86.69% | +40.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -24.72% | +17.67% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -24.72% | +11.34% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -38.74% | -2.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -38.39% | -34.98% | -3.41% |
Average DrawdownAverage peak-to-trough decline | -26.61% | -57.13% | +30.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 7.90% | -4.67% |
Volatility
SCHQ vs. DBE - Volatility Comparison
The current volatility for Schwab Long-Term U.S. Treasury ETF (SCHQ) is 2.30%, while Invesco DB Energy Fund (DBE) has a volatility of 15.07%. This indicates that SCHQ 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
| SCHQ | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 15.07% | -12.77% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 34.26% | -27.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 37.66% | -29.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 30.15% | -15.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 28.60% | -13.40% |
SCHQ vs. DBE - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SCHQ vs. DBE - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.92%, more than DBE's 2.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.26% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% |
Frequently Asked Questions
SCHQ and DBE have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.07%) compared to SCHQ (2.30%). In terms of maximum drawdown, SCHQ dropped -46.13% vs DBE's -86.69%.
On 5-year performance, DBE leads with 17.82% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.30%. 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 17.82% return vs -7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.78% for DBE.
SCHQ has the higher dividend yield at 4.92%, compared with 2.26% for DBE.
SCHQ is categorized as Government Bonds, while DBE is Oil & Gas. SCHQ tracks Bloomberg U.S. Long Treasury Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.03% for SCHQ and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.64 vs -0.16), 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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