UDN vs. DBE
UDN (Invesco DB US Dollar Index Bearish Fund) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, UDN returned -0.35%/yr vs 11.15%/yr for DBE. At a 0.19 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.78%/yr for DBE.
Performance
UDN vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UDN achieves a -2.14% return, which is significantly lower than DBE's 66.08% return. Over the past 10 years, UDN has underperformed DBE with an annualized return of -0.35%, while DBE has yielded a comparatively higher 11.15% annualized return.
UDN
- 1D
- -0.28%
- 1M
- -1.38%
- 6M
- -1.60%
- YTD
- -2.14%
- 1Y
- -1.78%
- 3Y*
- 1.62%
- 5Y*
- -0.53%
- 10Y*
- -0.35%
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%
UDN vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -2.14% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
DBE Invesco DB Energy Fund | 66.08% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between UDN and DBE is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | 0.19 |
The correlation between UDN and DBE shifts across timeframes, from -0.25 (1 year) to 0.19 (all time), 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.
Return for Risk
UDN vs. DBE — Risk / Return Rank
UDN
DBE
UDN vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 2.16 | -2.51 |
| Martin ratioReturn relative to average drawdown | -0.72 | 6.57 | -7.29 |
Loading charts...
Drawdowns
UDN vs. DBE - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UDN and DBE.
Loading charts...
Drawdown Indicators
| UDN | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -86.69% | +45.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.13% | -24.72% | +19.59% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -24.72% | +16.13% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -38.74% | +18.03% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -60.84% | +35.12% |
Current DrawdownCurrent decline from peak | -28.81% | -36.95% | +8.14% |
Average DrawdownAverage peak-to-trough decline | -20.65% | -57.20% | +36.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 8.13% | -5.66% |
Volatility
UDN vs. DBE - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.41%, while Invesco DB Energy Fund (DBE) has a volatility of 12.49%. This indicates that UDN 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.
Loading charts...
Volatility by Period
| UDN | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 12.49% | -11.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 32.73% | -28.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 36.03% | -30.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.40% | 29.89% | -22.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 28.40% | -21.55% |
UDN vs. DBE - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
UDN vs. DBE - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 3.00%, more than DBE's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.33% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
UDN Invesco DB US Dollar Index Bearish Fund | 3.00% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Frequently Asked Questions
UDN and DBE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.49%) compared to UDN (1.41%). In terms of maximum drawdown, UDN dropped -41.67% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.15% vs -0.35% for UDN. On fees, UDN is cheaper at 0.77% per year. On volatility, UDN has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.15% return vs -0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UDN is cheaper with a 0.77% expense ratio, compared with 0.78% for DBE.
UDN has the higher dividend yield at 3.00%, compared with 2.33% for DBE.
UDN is categorized as Currency, while DBE is Oil & Gas. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.77% for UDN and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.49 vs -0.30), 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.
Find the right allocation for UDN and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer