SPMV vs. DBE

Last updated Jun 3, 2026

SPMV (Invesco S&P 500 Minimum Variance ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. At a 0.14 correlation, their price movements are largely independent. SPMV charges 0.10%/yr vs 0.78%/yr for DBE.

Performance

SPMV vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Minimum Variance ETF (SPMV) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SPMV vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMV Invesco S&P 500 Minimum Variance ETF	0.87%	11.69%	18.78%	10.28%	-10.84%	24.35%	8.57%	32.13%	-6.28%	7.84%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	20.98%

Correlation

The correlation between SPMV and DBE is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.14

The correlation between SPMV and DBE shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPMV vs. DBE — Risk / Return Rank

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

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.

SPMV vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Minimum Variance ETF (SPMV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPMV	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.09	—

Drawdowns

Drawdown Indicators

	SPMV	DBE	Difference
Max Drawdown Largest peak-to-trough decline	—	-86.69%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.41%	—
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 Drawdown Current decline from peak	—	-31.85%	—
Average Drawdown Average peak-to-trough decline	—	-57.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.34%	—

Volatility

Volatility by Period

	SPMV	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	35.02%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	29.37%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	28.33%	—

SPMV vs. DBE - Expense Ratio Comparison

SPMV has a 0.10% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

SPMV vs. DBE - Dividend Comparison

SPMV's dividend yield for the trailing twelve months is around 1.45%, less than DBE's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPMV Invesco S&P 500 Minimum Variance ETF	1.45%	1.53%	1.53%	2.28%	1.79%	1.28%	1.71%	3.13%	2.11%	1.72%

Frequently Asked Questions

Can I hold both SPMV and DBE in my portfolio?

SPMV and DBE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMV or DBE?

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMV or DBE?

SPMV is cheaper with a 0.10% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.15%, compared with 1.45% for SPMV.

What is the main difference between SPMV and DBE?

SPMV is categorized as S&P 500, while DBE is Oil & Gas. SPMV tracks S&P 500 Minimum Volatility Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.10% for SPMV and 0.78% for DBE.