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SPXN vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXN vs. DBE

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, SPXN returned 16.26%/yr vs 12.03%/yr for DBE. At a 0.14 correlation, their price movements are largely independent. SPXN charges 0.09%/yr vs 0.78%/yr for DBE.

Performance

SPXN vs. DBE - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPXN achieves a 13.57% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, SPXN has outperformed DBE with an annualized return of 16.26%, while DBE has yielded a comparatively lower 12.03% annualized return.

SPXN

1D
-0.59%
1M
6.16%
YTD
13.57%
6M
13.21%
1Y
32.98%
3Y*
23.31%
5Y*
14.93%
10Y*
16.26%

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

SPXN vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXN
ProShares S&P 500 Ex-Financials ETF		13.57%18.74%24.35%28.57%-18.87%27.04%22.15%31.50%-3.85%20.84%
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 SPXN and DBE is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

0.14

The correlation between SPXN and DBE shifts across timeframes, from -0.32 (1 year) to 0.14 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares S&P 500 Ex-Financials ETF

Invesco DB Energy Fund

Often compared with SPXN:
SPXN vs. SPYSPXN vs. SPXLSPXN vs. SPXVSPXN vs. QQQSPXN vs. LITSPXN vs. VOOSPXN vs. IWY
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

SPXN vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXN
SPXN Risk / Return Rank: 7878
Overall Rank
SPXN Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPXN Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPXN Omega Ratio Rank: 7878
Omega Ratio Rank
SPXN Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPXN Martin Ratio Rank: 8282
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

SPXN vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.

SPXNDBEDifference
Sharpe ratioReturn per unit of total volatility
2.61
2.43

+0.19

Sortino ratioReturn per unit of downside risk
3.49
2.96

+0.53

Omega ratioGain probability vs. loss probability

1.47

1.40

+0.07

Calmar ratioReturn relative to maximum drawdown

3.58

5.89

-2.31

Martin ratioReturn relative to average drawdown

16.43

11.53

+4.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXN vs. DBE - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of SPXN and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPXNDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

2.43

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

0.67

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

0.43

+0.50

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.09

+0.83

Drawdowns

SPXN vs. DBE - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for SPXN and DBE.

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Drawdown Indicators

SPXNDBEDifference

Max Drawdown

Largest peak-to-trough decline

-32.10%

-86.69%

+54.59%

Max Drawdown (1Y)

Largest decline over 1 year

-9.26%

-14.41%

+5.15%

Max Drawdown (3Y)

Largest decline over 3 years

-19.56%

-23.89%

+4.33%

Max Drawdown (5Y)

Largest decline over 5 years

-24.47%

-38.74%

+14.27%

Max Drawdown (10Y)

Largest decline over 10 years

-32.10%

-60.84%

+28.74%

Current Drawdown

Current decline from peak

-0.59%

-30.27%

+29.68%

Average Drawdown

Average peak-to-trough decline

-4.00%

-57.31%

+53.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

7.35%

-5.34%

Volatility

SPXN vs. DBE - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.16%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that SPXN 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

SPXNDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.16%

12.95%

-9.79%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

30.86%

-21.17%

Volatility (1Y)

Calculated over the trailing 1-year period

12.70%

34.97%

-22.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.16%

29.39%

-12.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.64%

28.33%

-10.69%

SPXN vs. DBE - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

SPXN vs. DBE - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPXN
ProShares S&P 500 Ex-Financials ETF		0.87%0.98%1.12%1.19%1.35%0.94%1.09%1.41%1.76%1.54%2.60%0.52%

Frequently Asked Questions

SPXN and DBE have a correlation of -0.32, 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 SPXN (3.16%). In terms of maximum drawdown, SPXN dropped -32.10% vs DBE's -86.69%.

On 10-year performance, SPXN leads with 16.26% vs 12.03% for DBE. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXN has performed better with a 16.26% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXN is cheaper with a 0.09% expense ratio, compared with 0.78% for DBE.

DBE has the higher dividend yield at 2.10%, compared with 0.87% for SPXN.

SPXN is categorized as S&P 500, while DBE is Oil & Gas. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.09% for SPXN and 0.78% for DBE.

SPXN currently has the higher Sharpe Ratio (2.61 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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