SPRX vs. DBE
SPRX (Spear Alpha ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. SPRX is actively managed, while DBE is passively managed. Over the past 3 years, SPRX returned 48.52%/yr vs 23.42%/yr for DBE. At a 0.08 correlation, their price movements are largely independent. SPRX charges 0.75%/yr vs 0.78%/yr for DBE.
Performance
SPRX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SPRX achieves a 50.26% return, which is significantly lower than DBE's 83.68% return.
SPRX
- 1D
- -1.57%
- 1M
- 33.49%
- YTD
- 50.26%
- 6M
- 44.40%
- 1Y
- 109.60%
- 3Y*
- 48.52%
- 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%
SPRX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPRX Spear Alpha ETF | 50.26% | 41.91% | 20.58% | 88.02% | -44.99% | 8.91% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 12.00% |
Correlation
The correlation between SPRX and DBE is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021 | 0.08 |
The correlation between SPRX and DBE shifts across timeframes, from -0.20 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPRX vs. DBE — Risk / Return Rank
SPRX
DBE
SPRX vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) 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.
| SPRX | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.40 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 5.89 | -1.34 |
| Martin ratioReturn relative to average drawdown | 14.41 | 11.53 | +2.88 |
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
| SPRX | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 2.43 | +0.11 |
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 | 0.59 | 0.09 | +0.50 |
Drawdowns
SPRX vs. DBE - Drawdown Comparison
The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SPRX and DBE.
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Drawdown Indicators
| SPRX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.21% | -86.69% | +35.48% |
Max Drawdown (1Y)Largest decline over 1 year | -24.21% | -14.41% | -9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -42.12% | -23.89% | -18.23% |
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 | -1.57% | -30.27% | +28.70% |
Average DrawdownAverage peak-to-trough decline | -17.65% | -57.31% | +39.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 7.35% | +0.28% |
Volatility
SPRX vs. DBE - Volatility Comparison
Spear Alpha ETF (SPRX) has a higher volatility of 14.91% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that SPRX'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.
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Volatility by Period
| SPRX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.91% | 12.95% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 35.46% | 30.86% | +4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.53% | 34.97% | +8.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.74% | 29.39% | +12.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.74% | 28.33% | +13.41% |
SPRX vs. DBE - Expense Ratio Comparison
SPRX has a 0.75% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SPRX vs. DBE - Dividend Comparison
SPRX has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| 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% |
SPRX Spear Alpha ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPRX and DBE have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPRX has higher volatility (14.91%) compared to DBE (12.95%). In terms of maximum drawdown, SPRX dropped -51.21% vs DBE's -86.69%.
On 3-year performance, SPRX leads with 48.52% vs 23.42% for DBE. On fees, SPRX is cheaper at 0.75% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPRX has performed better with a 48.52% return vs 23.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPRX is cheaper with a 0.75% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for SPRX.
SPRX is categorized as Technology Equities, while DBE is Oil & Gas. They also come from different issuers: Spear and Invesco. Their fees differ too: 0.75% for SPRX and 0.78% for DBE.
SPRX currently has the higher Sharpe Ratio (2.53 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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