UBRL vs. DBE

Last updated Jul 14, 2026

UBRL (GraniteShares 2x Long UBER Daily ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UBRL is a Leveraged Equities fund actively managed by GraniteShares, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. UBRL is actively managed, while DBE is passively managed. Over the past year, UBRL returned -49.40% vs 53.22% for DBE. At a correlation of -0.02, they often move in opposite directions. UBRL charges 1.15%/yr vs 0.78%/yr for DBE.

Performance

UBRL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long UBER Daily ETF (UBRL) 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, UBRL achieves a -25.49% return, which is significantly lower than DBE's 66.08% return.

UBRL

• 1D: -0.70%
• 1M: 14.41%
• 6M: -30.17%
• YTD: -25.49%
• 1Y: -49.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBE

• 1D: 6.87%
• 1M: -1.18%
• 6M: 62.18%
• YTD: 66.08%
• 1Y: 53.22%
• 3Y*: 17.13%
• 5Y*: 16.54%
• 10Y*: 11.15%

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

UBRL vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UBRL GraniteShares 2x Long UBER Daily ETF	-25.49%	45.90%	-35.13%
DBE Invesco DB Energy Fund	66.08%	-2.17%	5.70%

Correlation

The correlation between UBRL and DBE is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	-0.02

Return for Risk

UBRL vs. DBE — Risk / Return Rank

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

UBRL

UBRL Risk / Return Rank: 3
UBRL Sharpe Ratio Rank: 3
UBRL Sortino Ratio Rank: 4
UBRL Omega Ratio Rank: 4
UBRL Calmar Ratio Rank: 2
UBRL Martin Ratio Rank: 2

DBE

DBE Risk / Return Rank: 53
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 53
DBE Omega Ratio Rank: 52
DBE Calmar Ratio Rank: 54
DBE Martin Ratio Rank: 49

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.

UBRL vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long UBER Daily ETF (UBRL) 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.

	UBRL	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.49	-2.23
Sortino ratio: Return per unit of downside risk	-0.97	2.09	-3.06
Omega ratio: Gain probability vs. loss probability	0.89	1.26	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.85	2.16	-3.01
Martin ratio: Return relative to average drawdown	-1.32	6.57	-7.89

UBRL vs. DBE - Sharpe Ratio Comparison

The current UBRL Sharpe Ratio is -0.74, which is lower than the DBE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of UBRL 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.

Drawdowns

UBRL vs. DBE - Drawdown Comparison

The maximum UBRL drawdown since its inception was -58.45%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UBRL and DBE.

Drawdown Indicators

	UBRL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-86.69%	+28.24%
Max Drawdown (1Y) Largest decline over 1 year	-58.45%	-24.72%	-33.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-52.47%	-36.95%	-15.52%
Average Drawdown Average peak-to-trough decline	-29.74%	-57.20%	+27.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.39%	8.13%	+29.26%

Volatility

UBRL vs. DBE - Volatility Comparison

GraniteShares 2x Long UBER Daily ETF (UBRL) has a higher volatility of 25.93% compared to Invesco DB Energy Fund (DBE) at 12.49%. This indicates that UBRL'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.

Volatility by Period

	UBRL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.93%	12.49%	+13.44%
Volatility (6M) Calculated over the trailing 6-month period	49.77%	32.73%	+17.04%
Volatility (1Y) Calculated over the trailing 1-year period	67.18%	36.03%	+31.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.34%	29.89%	+46.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.34%	28.40%	+47.94%

UBRL vs. DBE - Expense Ratio Comparison

UBRL has a 1.15% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

UBRL vs. DBE - Dividend Comparison

UBRL's dividend yield for the trailing twelve months is around 14.02%, more than DBE's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.33%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
UBRL GraniteShares 2x Long UBER Daily ETF	14.02%	10.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UBRL and DBE in my portfolio?

UBRL and DBE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBRL or DBE?

UBRL has higher volatility (25.93%) compared to DBE (12.49%). In terms of maximum drawdown, UBRL dropped -58.45% vs DBE's -86.69%.

Which ETF is better, UBRL or DBE?

On 1-year performance, DBE leads with 53.22% vs -49.40% for UBRL. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBRL or DBE?

Over the 1-year period, DBE has performed better with a 53.22% return vs -49.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBRL or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.15% for UBRL.

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

UBRL has the higher dividend yield at 14.02%, compared with 2.33% for DBE.

What is the main difference between UBRL and DBE?

UBRL is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 1.15% for UBRL and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.49 vs -0.74), 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.