SMDX vs. DBE
SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SMDX is a Small Cap Blend Equities fund actively managed by Intech, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. SMDX is actively managed, while DBE is passively managed. Over the past year, SMDX returned 28.25% vs 84.41% for DBE. At a correlation of -0.16, they often move in opposite directions. SMDX charges 0.35%/yr vs 0.78%/yr for DBE.
Performance
SMDX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SMDX achieves a 13.72% return, which is significantly lower than DBE's 83.68% return.
SMDX
- 1D
- -0.32%
- 1M
- 2.07%
- YTD
- 13.72%
- 6M
- 13.55%
- 1Y
- 28.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SMDX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 13.72% | 14.21% |
DBE Invesco DB Energy Fund | 83.68% | -4.64% |
Correlation
The correlation between SMDX and DBE is -0.31, 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 | -0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.16 |
The correlation between SMDX and DBE shifts across timeframes, from -0.31 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMDX vs. DBE — Risk / Return Rank
SMDX
DBE
SMDX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) 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.
| SMDX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 5.89 | -2.61 |
| Martin ratioReturn relative to average drawdown | 11.40 | 11.53 | -0.13 |
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
| SMDX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.72 | 2.43 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.09 | +1.00 |
Drawdowns
SMDX vs. DBE - Drawdown Comparison
The maximum SMDX drawdown since its inception was -14.52%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SMDX and DBE.
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Drawdown Indicators
| SMDX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.52% | -86.69% | +72.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -14.41% | +5.75% |
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 DrawdownCurrent decline from peak | -0.56% | -30.27% | +29.71% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -57.31% | +54.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 7.35% | -4.86% |
Volatility
SMDX vs. DBE - Volatility Comparison
The current volatility for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is 4.26%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that SMDX 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
| SMDX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 12.95% | -8.69% |
Volatility (6M)Calculated over the trailing 6-month period | 11.50% | 30.86% | -19.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 34.97% | -18.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.19% | 29.39% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.19% | 28.33% | -7.14% |
SMDX vs. DBE - Expense Ratio Comparison
SMDX has a 0.35% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SMDX vs. DBE - Dividend Comparison
SMDX's dividend yield for the trailing twelve months is around 0.53%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.53% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDX and DBE have a correlation of -0.31, 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 SMDX (4.26%). In terms of maximum drawdown, SMDX dropped -14.52% vs DBE's -86.69%.
On 1-year performance, DBE leads with 84.41% vs 28.25% for SMDX. On fees, SMDX is cheaper at 0.35% per year. On volatility, SMDX has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DBE has performed better with a 84.41% return vs 28.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDX is cheaper with a 0.35% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.53% for SMDX.
SMDX is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. They also come from different issuers: Intech and Invesco. Their fees differ too: 0.35% for SMDX and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 1.72), 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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