SLON vs. DBE

Last updated Aug 4, 2026

SLON (ProShares Ultra Solana ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SLON is a Cryptocurrency fund tracking the Bloomberg Solana Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, SLON returned -90.51% vs 61.44% for DBE. Their -0.11 correlation means they have often moved in opposite directions in the past. SLON charges 2.14%/yr vs 0.78%/yr for DBE.

Performance

SLON vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Solana ETF (SLON) 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, SLON achieves a -74.87% return, which is significantly lower than DBE's 71.26% return.

SLON

• 1D: 2.15%
• 1M: -17.19%
• 6M: -61.81%
• YTD: -74.87%
• 1Y: -90.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.53%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBE Invesco DB Energy Fund	$1.27M	$1.08M	$1.67M
SLON ProShares Ultra Solana ETF	$656.95K	$744.85K	$1.18M

SLON vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-74.87%	-62.89%
DBE Invesco DB Energy Fund	71.26%	-6.60%

Correlation

The correlation between SLON and DBE is -0.12, 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.	-0.12
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.11

Return for Risk

SLON vs. DBE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLON

SLON Risk / Return Rank: 3
SLON Sharpe Ratio Rank: 4
SLON Sortino Ratio Rank: 3
SLON Omega Ratio Rank: 3
SLON Calmar Ratio Rank: 1
SLON Martin Ratio Rank: 3

DBE

DBE Risk / Return Rank: 66
DBE Sharpe Ratio Rank: 70
DBE Sortino Ratio Rank: 66
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 69
DBE Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLON vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) 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.

	SLON	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.64	-2.27
Sortino ratio: Return per unit of downside risk	-1.25	2.23	-3.48
Omega ratio: Gain probability vs. loss probability	0.86	1.28	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.94	2.50	-3.44
Martin ratio: Return relative to average drawdown	-1.17	7.82	-8.99

SLON vs. DBE - Sharpe Ratio Comparison

The current SLON Sharpe Ratio is -0.63, which is lower than the DBE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SLON 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

SLON vs. DBE - Drawdown Comparison

The maximum SLON drawdown since its inception was -96.31%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SLON and DBE.

Drawdown Indicators

	SLON	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-96.31%	-86.69%	-9.62%
Max Drawdown (1Y) Largest decline over 1 year	-96.31%	-24.72%	-71.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
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	-95.28%	-34.98%	-60.30%
Average Drawdown Average peak-to-trough decline	-68.45%	-57.13%	-11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.28%	7.90%	+69.38%

Volatility

SLON vs. DBE - Volatility Comparison

ProShares Ultra Solana ETF (SLON) has a higher volatility of 21.26% compared to Invesco DB Energy Fund (DBE) at 15.07%. This indicates that SLON'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.

Volatility by Period

	SLON	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.26%	15.07%	+6.19%
Volatility (6M) Calculated over the trailing 6-month period	101.03%	34.26%	+66.77%
Volatility (1Y) Calculated over the trailing 1-year period	144.71%	37.66%	+107.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.49%	30.15%	+114.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.49%	28.60%	+115.89%

SLON vs. DBE - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

SLON vs. DBE - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 22.84%, 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%
SLON ProShares Ultra Solana ETF	22.84%	5.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLON and DBE in my portfolio?

SLON 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.

Which is riskier, SLON or DBE?

SLON has higher volatility (21.26%) compared to DBE (15.07%). In terms of maximum drawdown, SLON dropped -96.31% vs DBE's -86.69%.

Which ETF is better, SLON or DBE?

On 1-year performance, DBE leads with 61.44% vs -90.51% for SLON. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 15.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLON or DBE?

Over the 1-year period, DBE has performed better with a 61.44% return vs -90.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLON or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 2.14% for SLON.

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

SLON has the higher dividend yield at 22.84%, compared with 2.26% for DBE.

What is the main difference between SLON and DBE?

SLON is categorized as Cryptocurrency, while DBE is Oil & Gas. SLON tracks Bloomberg Solana Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 2.14% for SLON and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.64 vs -0.63), 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.