TAN vs. DBE

Last updated Jun 3, 2026

TAN (Invesco Solar ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - TAN is a Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, TAN returned 13.81%/yr vs 11.78%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. TAN charges 0.69%/yr vs 0.78%/yr for DBE.

Performance

TAN vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Solar ETF (TAN) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAN achieves a 47.13% return, which is significantly lower than DBE's 79.50% return. Over the past 10 years, TAN has outperformed DBE with an annualized return of 13.81%, while DBE has yielded a comparatively lower 11.78% annualized return.

TAN

• 1D: 1.60%
• 1M: 21.93%
• YTD: 47.13%
• 6M: 51.73%
• 1Y: 127.12%
• 3Y*: 0.29%
• 5Y*: -0.77%
• 10Y*: 13.81%

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)

TAN vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAN Invesco Solar ETF	47.13%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	233.96%	66.53%	-25.67%	54.38%
DBE Invesco DB Energy Fund	79.50%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%

Correlation

The correlation between TAN and DBE is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 16, 2008	0.26

The correlation between TAN and DBE shifts across timeframes, from -0.21 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAN vs. DBE — Risk / Return Rank

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

TAN

TAN Risk / Return Rank: 89
TAN Sharpe Ratio Rank: 93
TAN Sortino Ratio Rank: 87
TAN Omega Ratio Rank: 80
TAN Calmar Ratio Rank: 96
TAN Martin Ratio Rank: 91

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.

TAN vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) 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.

	TAN	DBE	Difference
Sharpe ratio Return per unit of total volatility	3.44	2.37	+1.07
Sortino ratio Return per unit of downside risk	3.94	2.91	+1.04
Omega ratio Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio Return relative to maximum drawdown	9.06	6.10	+2.96
Martin ratio Return relative to average drawdown	22.01	11.98	+10.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAN vs. DBE - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 3.44, which is higher than the DBE Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of TAN 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.

Sharpe Ratios by Period

	TAN	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	2.37	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.66	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.42	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.09	-0.21

Drawdowns

TAN vs. DBE - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for TAN and DBE.

Drawdown Indicators

	TAN	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	-86.69%	-8.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-14.41%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	-23.89%	-40.51%
Max Drawdown (5Y) Largest decline over 5 years	-73.95%	-38.74%	-35.21%
Max Drawdown (10Y) Largest decline over 10 years	-78.53%	-60.84%	-17.69%
Current Drawdown Current decline from peak	-66.81%	-31.85%	-34.96%
Average Drawdown Average peak-to-trough decline	-78.51%	-57.31%	-21.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	7.34%	-1.73%

Volatility

TAN vs. DBE - Volatility Comparison

The current volatility for Invesco Solar ETF (TAN) is 11.81%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that TAN 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.

Volatility by Period

	TAN	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	13.47%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	25.30%	30.80%	-5.50%
Volatility (1Y) Calculated over the trailing 1-year period	37.21%	35.02%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	29.37%	+10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.98%	28.33%	+9.65%

TAN vs. DBE - Expense Ratio Comparison

TAN has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

TAN vs. DBE - Dividend Comparison

TAN has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TAN Invesco Solar ETF	0.00%	0.00%	0.50%	0.09%	0.00%	0.00%	0.09%	0.30%	0.69%	1.77%	5.04%	1.60%

Frequently Asked Questions

Can I hold both TAN and DBE in my portfolio?

TAN and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAN or DBE?

DBE has higher volatility (13.47%) compared to TAN (11.81%). In terms of maximum drawdown, TAN dropped -95.29% vs DBE's -86.69%.

Which ETF is better, TAN or DBE?

On 10-year performance, TAN leads with 13.81% vs 11.78% for DBE. On fees, TAN is cheaper at 0.69% per year. On volatility, TAN has been the lower-risk option at 11.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAN or DBE?

Over the 10-year period, TAN has performed better with a 13.81% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAN or DBE?

TAN is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.15%, compared with 0.00% for TAN.

What is the main difference between TAN and DBE?

TAN is categorized as Alternative Energy Equities, while DBE is Oil & Gas. TAN tracks MAC Global Solar Energy Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.69% for TAN and 0.78% for DBE.

Which has better risk-adjusted returns?

TAN currently has the higher Sharpe Ratio (3.44 vs 2.37), 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.