SPVM vs. DBE
SPVM (Invesco S&P 500 Value with Momentum ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SPVM is a Momentum fund tracking the S&P 500 High Momentum Value Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SPVM returned 12.13%/yr vs 11.45%/yr for DBE. At a 0.29 correlation, their price movements are largely independent. SPVM charges 0.39%/yr vs 0.78%/yr for DBE.
Performance
SPVM vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, SPVM achieves a 14.27% return, which is significantly lower than DBE's 68.39% return. Over the past 10 years, SPVM has outperformed DBE with an annualized return of 12.13%, while DBE has yielded a comparatively lower 11.45% annualized return.
SPVM
- 1D
- 1.26%
- 1M
- 3.41%
- 6M
- 11.36%
- YTD
- 14.27%
- 1Y
- 30.31%
- 3Y*
- 18.95%
- 5Y*
- 12.38%
- 10Y*
- 12.13%
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%
SPVM vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPVM Invesco S&P 500 Value with Momentum ETF | 14.27% | 20.47% | 15.64% | 5.53% | -2.10% | 28.86% | -3.18% | 29.33% | -9.17% | 14.70% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between SPVM 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 (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011 | 0.29 |
The correlation between SPVM and DBE shifts across timeframes, from -0.20 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPVM vs. DBE — Risk / Return Rank
SPVM
DBE
SPVM vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Value with Momentum ETF (SPVM) 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.
| SPVM | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.28 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | 2.34 | +2.29 |
| Martin ratioReturn relative to average drawdown | 17.68 | 7.00 | +10.68 |
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Drawdowns
SPVM vs. DBE - Drawdown Comparison
The maximum SPVM drawdown since its inception was -45.35%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SPVM and DBE.
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Drawdown Indicators
| SPVM | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.35% | -86.69% | +41.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.57% | -24.72% | +18.15% |
Max Drawdown (3Y)Largest decline over 3 years | -18.66% | -24.72% | +6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | -38.74% | +19.26% |
Max Drawdown (10Y)Largest decline over 10 years | -45.35% | -60.84% | +15.49% |
Current DrawdownCurrent decline from peak | 0.00% | -36.07% | +36.07% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -57.19% | +52.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 8.26% | -6.54% |
Volatility
SPVM vs. DBE - Volatility Comparison
The current volatility for Invesco S&P 500 Value with Momentum ETF (SPVM) is 3.19%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that SPVM 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
| SPVM | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 11.68% | -8.49% |
Volatility (6M)Calculated over the trailing 6-month period | 7.68% | 32.70% | -25.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.36% | 35.99% | -24.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 29.88% | -13.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.50% | 28.39% | -8.89% |
SPVM vs. DBE - Expense Ratio Comparison
SPVM has a 0.39% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
SPVM vs. DBE - Dividend Comparison
SPVM's dividend yield for the trailing twelve months is around 1.94%, less than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
SPVM Invesco S&P 500 Value with Momentum ETF | 1.94% | 2.02% | 1.91% | 2.45% | 2.33% | 1.41% | 2.11% | 2.40% | 3.10% | 1.68% | 2.80% | 2.67% |
Frequently Asked Questions
SPVM 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.
DBE has higher volatility (11.68%) compared to SPVM (3.19%). In terms of maximum drawdown, SPVM dropped -45.35% vs DBE's -86.69%.
On 10-year performance, SPVM leads with 12.13% vs 11.45% for DBE. On fees, SPVM is cheaper at 0.39% per year. On volatility, SPVM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPVM has performed better with a 12.13% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPVM is cheaper with a 0.39% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 1.94% for SPVM.
SPVM is categorized as Momentum, while DBE is Oil & Gas. SPVM tracks S&P 500 High Momentum Value Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.39% for SPVM and 0.78% for DBE.
SPVM currently has the higher Sharpe Ratio (2.68 vs 1.61), 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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