SEPM vs. DBE

Last updated Jun 23, 2026

SEPM (FT Vest U.S. Equity Max Buffer ETF - September) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SEPM is a Defined Outcome fund actively managed by First Trust, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. SEPM is actively managed, while DBE is passively managed. Over the past year, SEPM returned 7.59% vs 36.16% for DBE. At a correlation of -0.12, they often move in opposite directions. SEPM charges 0.85%/yr vs 0.78%/yr for DBE.

Performance

SEPM vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - September (SEPM) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPM achieves a 3.08% return, which is significantly lower than DBE's 54.94% return.

SEPM

• 1D: -0.03%
• 1M: 0.35%
• YTD: 3.08%
• 6M: 3.10%
• 1Y: 7.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.50%
• 1M: -15.70%
• YTD: 54.94%
• 6M: 54.06%
• 1Y: 36.16%
• 3Y*: 17.07%
• 5Y*: 14.87%
• 10Y*: 10.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SEPM vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPM FT Vest U.S. Equity Max Buffer ETF - September	3.08%	6.61%	0.79%
DBE Invesco DB Energy Fund	54.94%	-2.17%	4.04%

Correlation

The correlation between SEPM and DBE is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024	-0.12

The correlation between SEPM and DBE shifts across timeframes, from -0.27 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SEPM vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SEPM

SEPM Risk / Return Rank: 90
SEPM Sharpe Ratio Rank: 91
SEPM Sortino Ratio Rank: 94
SEPM Omega Ratio Rank: 93
SEPM Calmar Ratio Rank: 82
SEPM Martin Ratio Rank: 91

DBE

DBE Risk / Return Rank: 32
DBE Sharpe Ratio Rank: 29
DBE Sortino Ratio Rank: 30
DBE Omega Ratio Rank: 30
DBE Calmar Ratio Rank: 36
DBE Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SEPM vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) 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.

	SEPM	DBE	Difference
Sharpe ratio: Return per unit of total volatility	3.01	1.03	+1.97
Sortino ratio: Return per unit of downside risk	4.63	1.55	+3.08
Omega ratio: Gain probability vs. loss probability	1.63	1.20	+0.44
Calmar ratio: Return relative to maximum drawdown	4.18	1.75	+2.43
Martin ratio: Return relative to average drawdown	21.06	5.77	+15.29

SEPM vs. DBE - Sharpe Ratio Comparison

The current SEPM Sharpe Ratio is 3.01, which is higher than the DBE Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of SEPM and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEPM vs. DBE - Drawdown Comparison

The maximum SEPM drawdown since its inception was -3.88%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SEPM and DBE.

Drawdown Indicators

	SEPM	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-3.88%	-86.69%	+82.81%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-20.78%	+18.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-0.07%	-41.18%	+41.11%
Average Drawdown Average peak-to-trough decline	-0.36%	-57.24%	+56.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	8.02%	-7.66%

Volatility

SEPM vs. DBE - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) is 0.65%, while Invesco DB Energy Fund (DBE) has a volatility of 9.38%. This indicates that SEPM 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.

Volatility by Period

	SEPM	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	9.38%	-8.73%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	31.50%	-29.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	35.33%	-32.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	29.58%	-26.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	28.37%	-24.89%

SEPM vs. DBE - Expense Ratio Comparison

SEPM has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

SEPM vs. DBE - Dividend Comparison

SEPM has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.49%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
SEPM FT Vest U.S. Equity Max Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SEPM and DBE in my portfolio?

SEPM and DBE have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPM or DBE?

DBE has higher volatility (9.38%) compared to SEPM (0.65%). In terms of maximum drawdown, SEPM dropped -3.88% vs DBE's -86.69%.

Which ETF is better, SEPM or DBE?

On 1-year performance, DBE leads with 36.16% vs 7.59% for SEPM. On fees, DBE is cheaper at 0.78% per year. On volatility, SEPM has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPM or DBE?

Over the 1-year period, DBE has performed better with a 36.16% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPM or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for SEPM.

Which ETF pays a higher dividend yield, SEPM or DBE?

DBE has the higher dividend yield at 2.49%, compared with 0.00% for SEPM.

What is the main difference between SEPM and DBE?

SEPM is categorized as Defined Outcome, while DBE is Oil & Gas. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for SEPM and 0.78% for DBE.

Which has better risk-adjusted returns?

SEPM currently has the higher Sharpe Ratio (3.01 vs 1.03), 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.