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SMDV vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMDV vs. DBE

Last updated Jun 3, 2026

SMDV (ProShares Russell 2000 Dividend Growers ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SMDV is a Small Cap Blend Equities fund tracking the Russell 2000 Dividend Growth Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SMDV returned 7.25%/yr vs 11.78%/yr for DBE. At a 0.14 correlation, their price movements are largely independent. SMDV charges 0.40%/yr vs 0.78%/yr for DBE.

Performance

SMDV vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dividend Growers ETF (SMDV) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMDV achieves a 10.55% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, SMDV has underperformed DBE with an annualized return of 7.25%, while DBE has yielded a comparatively higher 11.78% annualized return.

SMDV

1D
1.28%
1M
-0.15%
YTD
10.55%
6M
10.49%
1Y
16.84%
3Y*
9.71%
5Y*
4.23%
10Y*
7.25%

DBE

1D
0.80%
1M
-3.65%
YTD
79.50%
6M
72.59%
1Y
82.31%
3Y*
22.48%
5Y*
19.20%
10Y*
11.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMDV vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMDV
ProShares Russell 2000 Dividend Growers ETF		10.55%0.26%7.03%8.99%-5.90%18.98%-4.74%17.23%-0.58%4.63%
DBE
Invesco DB Energy Fund		79.50%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between SMDV and DBE is -0.28, 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

-0.28

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2015

0.14

The correlation between SMDV and DBE shifts across timeframes, from -0.28 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Russell 2000 Dividend Growers ETF

Invesco DB Energy Fund

Often compared with SMDV:
SMDV vs. SCHDSMDV vs. REGLSMDV vs. TDVSMDV vs. RWJSMDV vs. NOBLSMDV vs. SPYSMDV vs. VBR
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

SMDV vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMDV
SMDV Risk / Return Rank: 3131
Overall Rank
SMDV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
SMDV Sortino Ratio Rank: 3232
Sortino Ratio Rank
SMDV Omega Ratio Rank: 2828
Omega Ratio Rank
SMDV Calmar Ratio Rank: 3333
Calmar Ratio Rank
SMDV Martin Ratio Rank: 3232
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6161
Sortino Ratio Rank
DBE Omega Ratio Rank: 6464
Omega Ratio Rank
DBE Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBE Martin Ratio Rank: 6565
Martin Ratio Rank
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.

SMDV vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dividend Growers ETF (SMDV) 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.

SMDVDBEDifference

Sharpe ratio

Return per unit of total volatility

1.07

2.37

-1.30

Sortino ratio

Return per unit of downside risk

1.71

2.91

-1.19

Omega ratio

Gain probability vs. loss probability

1.19

1.39

-0.20

Calmar ratio

Return relative to maximum drawdown

1.63

6.10

-4.47

Martin ratio

Return relative to average drawdown

4.92

11.98

-7.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDV vs. DBE - Sharpe Ratio Comparison

The current SMDV Sharpe Ratio is 1.07, which is lower than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of SMDV 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.

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Sharpe Ratios by Period

SMDVDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.07

2.37

-1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.66

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.42

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.09

+0.30

Drawdowns

SMDV vs. DBE - Drawdown Comparison

The maximum SMDV drawdown since its inception was -34.12%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SMDV and DBE.

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Drawdown Indicators

SMDVDBEDifference

Max Drawdown

Largest peak-to-trough decline

-34.12%

-86.69%

+52.57%

Max Drawdown (1Y)

Largest decline over 1 year

-9.79%

-14.41%

+4.62%

Max Drawdown (3Y)

Largest decline over 3 years

-21.23%

-23.89%

+2.66%

Max Drawdown (5Y)

Largest decline over 5 years

-21.23%

-38.74%

+17.51%

Max Drawdown (10Y)

Largest decline over 10 years

-34.12%

-60.84%

+26.72%

Current Drawdown

Current decline from peak

-1.20%

-31.85%

+30.65%

Average Drawdown

Average peak-to-trough decline

-5.94%

-57.31%

+51.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

7.34%

-4.10%

Volatility

SMDV vs. DBE - Volatility Comparison

The current volatility for ProShares Russell 2000 Dividend Growers ETF (SMDV) is 4.33%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that SMDV 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

SMDVDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.33%

13.47%

-9.14%

Volatility (6M)

Calculated over the trailing 6-month period

10.42%

30.80%

-20.38%

Volatility (1Y)

Calculated over the trailing 1-year period

15.79%

35.02%

-19.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.68%

29.37%

-10.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.73%

28.33%

-7.60%

SMDV vs. DBE - Expense Ratio Comparison

SMDV has a 0.40% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

SMDV vs. DBE - Dividend Comparison

SMDV's dividend yield for the trailing twelve months is around 2.38%, more than DBE's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.15%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
SMDV
ProShares Russell 2000 Dividend Growers ETF		2.38%2.67%2.68%2.69%2.51%2.02%2.13%2.03%1.97%1.84%1.35%1.81%

Frequently Asked Questions

SMDV and DBE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBE has higher volatility (13.47%) compared to SMDV (4.33%). In terms of maximum drawdown, SMDV dropped -34.12% vs DBE's -86.69%.

On 10-year performance, DBE leads with 11.78% vs 7.25% for SMDV. On fees, SMDV is cheaper at 0.40% per year. On volatility, SMDV has been the lower-risk option at 4.33%. 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 11.78% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMDV is cheaper with a 0.40% expense ratio, compared with 0.78% for DBE.

SMDV has the higher dividend yield at 2.38%, compared with 2.15% for DBE.

SMDV is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. SMDV tracks Russell 2000 Dividend Growth Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.40% for SMDV and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.37 vs 1.07), 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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