SPXE vs. DBC

Last updated Jul 14, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and DBC (Invesco DB Commodity Index Tracking Fund) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. At a correlation of -1.00, they often move in opposite directions. SPXE charges 0.09%/yr vs 0.85%/yr for DBC.

Performance

SPXE vs. DBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and Invesco DB Commodity Index Tracking Fund (DBC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: -0.87%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBC

• 1D: 2.94%
• 1M: -0.77%
• 6M: 22.16%
• YTD: 26.70%
• 1Y: 30.09%
• 3Y*: 11.04%
• 5Y*: 11.23%
• 10Y*: 8.42%

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

SPXE vs. DBC - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.77%
DBC Invesco DB Commodity Index Tracking Fund	2.72%

Correlation

The correlation between SPXE and DBC is -1.00, 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 (All Time) Calculated using the full available price history since Jul 10, 2026	-1.00

Return for Risk

SPXE vs. DBC — Risk / Return Rank

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

SPXE

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

DBC

DBC Risk / Return Rank: 54
DBC Sharpe Ratio Rank: 60
DBC Sortino Ratio Rank: 58
DBC Omega Ratio Rank: 56
DBC Calmar Ratio Rank: 46
DBC Martin Ratio Rank: 48

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.

SPXE vs. DBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and Invesco DB Commodity Index Tracking Fund (DBC). 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.

	SPXE	DBC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.61	—
Sortino ratio: Return per unit of downside risk	—	2.21	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	1.83	—
Martin ratio: Return relative to average drawdown	—	6.41	—

Drawdowns

SPXE vs. DBC - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for SPXE and DBC.

Drawdown Indicators

	SPXE	DBC	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-76.36%	+75.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.71%	—
Current Drawdown Current decline from peak	-0.87%	-26.71%	+25.84%
Average Drawdown Average peak-to-trough decline	-0.44%	-46.13%	+45.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.71%	—

Volatility

Volatility by Period

	SPXE	DBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.97%	18.84%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	19.28%	-8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	17.80%	-6.83%

SPXE vs. DBC - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than DBC's 0.85% expense ratio.

Dividends

SPXE vs. DBC - Dividend Comparison

SPXE has not paid dividends to shareholders, while DBC's dividend yield for the trailing twelve months is around 2.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBC Invesco DB Commodity Index Tracking Fund	2.63%	3.33%	5.22%	4.94%	0.59%	0.00%	0.00%	1.59%	1.30%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXE and DBC in my portfolio?

SPXE and DBC have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXE or DBC?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or DBC?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.85% for DBC.

Which ETF pays a higher dividend yield, SPXE or DBC?

DBC has the higher dividend yield at 2.63%, compared with 0.00% for SPXE.

What is the main difference between SPXE and DBC?

SPXE is categorized as S&P 500, while DBC is Commodities. SPXE tracks S&P 500 Ex-Energy Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.09% for SPXE and 0.85% for DBC.