SMOG vs. DBE

Last updated Jun 3, 2026

SMOG (VanEck Low Carbon Energy ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SMOG returned 12.83%/yr vs 11.78%/yr for DBE. At a 0.29 correlation, their price movements are largely independent. SMOG charges 0.61%/yr vs 0.78%/yr for DBE.

Performance

SMOG vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Low Carbon Energy ETF (SMOG) 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, SMOG achieves a 19.60% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, SMOG has outperformed DBE with an annualized return of 12.83%, while DBE has yielded a comparatively lower 11.78% annualized return.

SMOG

• 1D: 1.97%
• 1M: 0.12%
• YTD: 19.60%
• 6M: 19.05%
• 1Y: 45.62%
• 3Y*: 11.30%
• 5Y*: 2.30%
• 10Y*: 12.83%

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)

SMOG vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMOG VanEck Low Carbon Energy ETF	19.60%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%
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 SMOG and DBE is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.29

The correlation between SMOG and DBE shifts across timeframes, from -0.24 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMOG vs. DBE — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 70
SMOG Sharpe Ratio Rank: 66
SMOG Sortino Ratio Rank: 61
SMOG Omega Ratio Rank: 61
SMOG Calmar Ratio Rank: 87
SMOG Martin Ratio Rank: 75

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 71
DBE Sortino Ratio Rank: 61
DBE Omega Ratio Rank: 64
DBE Calmar Ratio Rank: 92
DBE Martin Ratio Rank: 65

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.

SMOG vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.

	SMOG	DBE	Difference
Sharpe ratio Return per unit of total volatility	2.24	2.37	-0.13
Sortino ratio Return per unit of downside risk	2.88	2.91	-0.03
Omega ratio Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio Return relative to maximum drawdown	5.10	6.10	-1.00
Martin ratio Return relative to average drawdown	14.52	11.98	+2.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOG vs. DBE - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 2.24, which is comparable to the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of SMOG 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.

Sharpe Ratios by Period

	SMOG	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.37	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.66	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.42	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.09	-0.02

Drawdowns

SMOG vs. DBE - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SMOG and DBE.

Drawdown Indicators

	SMOG	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-86.69%	+2.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-14.41%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-28.72%	-23.89%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	-38.74%	-9.12%
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	-60.84%	+9.74%
Current Drawdown Current decline from peak	-13.57%	-31.85%	+18.28%
Average Drawdown Average peak-to-trough decline	-52.48%	-57.31%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	7.34%	-4.24%

Volatility

SMOG vs. DBE - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 7.42%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that SMOG 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

	SMOG	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	13.47%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	15.46%	30.80%	-15.34%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	35.02%	-14.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	29.37%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	28.33%	-2.60%

SMOG vs. DBE - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

SMOG vs. DBE - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.31%, less than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SMOG VanEck Low Carbon Energy ETF	1.31%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%

Frequently Asked Questions

Can I hold both SMOG and DBE in my portfolio?

SMOG and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMOG or DBE?

DBE has higher volatility (13.47%) compared to SMOG (7.42%). In terms of maximum drawdown, SMOG dropped -84.39% vs DBE's -86.69%.

Which ETF is better, SMOG or DBE?

On 10-year performance, SMOG leads with 12.83% vs 11.78% for DBE. On fees, SMOG is cheaper at 0.61% per year. On volatility, SMOG has been the lower-risk option at 7.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOG or DBE?

Over the 10-year period, SMOG has performed better with a 12.83% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOG or DBE?

SMOG is cheaper with a 0.61% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.15%, compared with 1.31% for SMOG.

What is the main difference between SMOG and DBE?

SMOG is categorized as Alternative Energy Equities, while DBE is Oil & Gas. SMOG tracks MVIS Global Low Carbon Energy Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.61% for SMOG and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.37 vs 2.24), 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.