SPHB vs. DBE
SPHB (Invesco S&P 500® High Beta ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SPHB returned 18.92%/yr vs 12.03%/yr for DBE. At a 0.33 correlation, their price movements are largely independent. SPHB charges 0.25%/yr vs 0.78%/yr for DBE.
Performance
SPHB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SPHB achieves a 30.36% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, SPHB has outperformed DBE with an annualized return of 18.92%, while DBE has yielded a comparatively lower 12.03% annualized return.
SPHB
- 1D
- -0.67%
- 1M
- 12.37%
- YTD
- 30.36%
- 6M
- 31.36%
- 1Y
- 69.40%
- 3Y*
- 29.63%
- 5Y*
- 15.19%
- 10Y*
- 18.92%
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%
SPHB vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 30.36% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 33.96% | -15.55% | 17.87% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between SPHB and DBE is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 6, 2011 | 0.33 |
The correlation between SPHB and DBE shifts across timeframes, from -0.30 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHB vs. DBE — Risk / Return Rank
SPHB
DBE
SPHB vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) 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.
| SPHB | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.40 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 6.52 | 5.89 | +0.63 |
| Martin ratioReturn relative to average drawdown | 25.92 | 11.53 | +14.39 |
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
| SPHB | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.16 | 2.43 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | 0.67 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.43 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.09 | +0.43 |
Drawdowns
SPHB vs. DBE - Drawdown Comparison
The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SPHB and DBE.
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Drawdown Indicators
| SPHB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.84% | -86.69% | +39.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -14.41% | +3.71% |
Max Drawdown (3Y)Largest decline over 3 years | -29.21% | -23.89% | -5.32% |
Max Drawdown (5Y)Largest decline over 5 years | -31.49% | -38.74% | +7.25% |
Max Drawdown (10Y)Largest decline over 10 years | -46.84% | -60.84% | +14.00% |
Current DrawdownCurrent decline from peak | -0.67% | -30.27% | +29.60% |
Average DrawdownAverage peak-to-trough decline | -8.50% | -57.31% | +48.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 7.35% | -4.66% |
Volatility
SPHB vs. DBE - Volatility Comparison
The current volatility for Invesco S&P 500® High Beta ETF (SPHB) is 7.14%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that SPHB 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
| SPHB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.14% | 12.95% | -5.81% |
Volatility (6M)Calculated over the trailing 6-month period | 16.99% | 30.86% | -13.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.16% | 34.97% | -12.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.38% | 29.39% | -2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.45% | 28.33% | +0.12% |
SPHB vs. DBE - Expense Ratio Comparison
SPHB has a 0.25% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SPHB vs. DBE - Dividend Comparison
SPHB's dividend yield for the trailing twelve months is around 0.52%, less than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
SPHB Invesco S&P 500® High Beta ETF | 0.52% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
Frequently Asked Questions
SPHB and DBE have a correlation of -0.30, 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 SPHB (7.14%). In terms of maximum drawdown, SPHB dropped -46.84% vs DBE's -86.69%.
On 10-year performance, SPHB leads with 18.92% vs 12.03% for DBE. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPHB has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHB has performed better with a 18.92% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB is cheaper with a 0.25% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.52% for SPHB.
SPHB is categorized as S&P 500, while DBE is Oil & Gas. SPHB tracks S&P 500 High Beta Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.25% for SPHB and 0.78% for DBE.
SPHB currently has the higher Sharpe Ratio (3.16 vs 2.43), 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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