SOFX vs. DBE

Last updated Jul 17, 2026

SOFX (Defiance Daily Target 2X Long SOFI ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SOFX is a Leveraged Equities fund actively managed by Defiance, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. SOFX is actively managed, while DBE is passively managed. Over the past year, SOFX returned -61.88% vs 57.64% for DBE. At a correlation of -0.04, they often move in opposite directions. SOFX charges 1.29%/yr vs 0.78%/yr for DBE.

Performance

SOFX vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SOFI ETF (SOFX) 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, SOFX achieves a -66.88% return, which is significantly lower than DBE's 68.39% return.

SOFX

• 1D: -6.27%
• 1M: -7.38%
• 6M: -66.87%
• YTD: -66.88%
• 1Y: -61.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: -1.09%
• 1M: 6.25%
• 6M: 65.69%
• YTD: 68.39%
• 1Y: 57.64%
• 3Y*: 17.96%
• 5Y*: 17.10%
• 10Y*: 11.45%

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

SOFX vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
SOFX Defiance Daily Target 2X Long SOFI ETF	-66.88%	54.87%
DBE Invesco DB Energy Fund	68.39%	-10.78%

Correlation

The correlation between SOFX and DBE is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	-0.04

The correlation between SOFX and DBE shifts across timeframes, from -0.14 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SOFX vs. DBE — Risk / Return Rank

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

SOFX

SOFX Risk / Return Rank: 5
SOFX Sharpe Ratio Rank: 5
SOFX Sortino Ratio Rank: 6
SOFX Omega Ratio Rank: 6
SOFX Calmar Ratio Rank: 3
SOFX Martin Ratio Rank: 4

DBE

DBE Risk / Return Rank: 57
DBE Sharpe Ratio Rank: 60
DBE Sortino Ratio Rank: 57
DBE Omega Ratio Rank: 55
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 52

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.

SOFX vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SOFI ETF (SOFX) 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.

	SOFX	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.61	-2.17
Sortino ratio: Return per unit of downside risk	-0.40	2.21	-2.61
Omega ratio: Gain probability vs. loss probability	0.95	1.28	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.75	2.34	-3.09
Martin ratio: Return relative to average drawdown	-1.14	7.00	-8.14

SOFX vs. DBE - Sharpe Ratio Comparison

The current SOFX Sharpe Ratio is -0.56, which is lower than the DBE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SOFX 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

SOFX vs. DBE - Drawdown Comparison

The maximum SOFX drawdown since its inception was -83.23%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SOFX and DBE.

Drawdown Indicators

	SOFX	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-83.23%	-86.69%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-83.23%	-24.72%	-58.51%
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	-79.93%	-36.07%	-43.86%
Average Drawdown Average peak-to-trough decline	-45.05%	-57.19%	+12.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.35%	8.26%	+46.09%

Volatility

SOFX vs. DBE - Volatility Comparison

Defiance Daily Target 2X Long SOFI ETF (SOFX) has a higher volatility of 25.93% compared to Invesco DB Energy Fund (DBE) at 11.68%. This indicates that SOFX'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

	SOFX	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.93%	11.68%	+14.25%
Volatility (6M) Calculated over the trailing 6-month period	76.62%	32.70%	+43.92%
Volatility (1Y) Calculated over the trailing 1-year period	110.96%	35.99%	+74.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	120.50%	29.88%	+90.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	120.50%	28.39%	+92.11%

SOFX vs. DBE - Expense Ratio Comparison

SOFX has a 1.29% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

SOFX vs. DBE - Dividend Comparison

SOFX's dividend yield for the trailing twelve months is around 38.24%, more than DBE's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.29%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
SOFX Defiance Daily Target 2X Long SOFI ETF	38.24%	12.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOFX and DBE in my portfolio?

SOFX and DBE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOFX or DBE?

SOFX has higher volatility (25.93%) compared to DBE (11.68%). In terms of maximum drawdown, SOFX dropped -83.23% vs DBE's -86.69%.

Which ETF is better, SOFX or DBE?

On 1-year performance, DBE leads with 57.64% vs -61.88% for SOFX. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 11.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOFX or DBE?

Over the 1-year period, DBE has performed better with a 57.64% return vs -61.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOFX or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.29% for SOFX.

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

SOFX has the higher dividend yield at 38.24%, compared with 2.29% for DBE.

What is the main difference between SOFX and DBE?

SOFX is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: Defiance and Invesco. Their fees differ too: 1.29% for SOFX and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.61 vs -0.56), 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.