USEP vs. DBE
USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, USEP returned 8.01%/yr vs 19.66%/yr for DBE. At a 0.14 correlation, their price movements are largely independent. USEP charges 0.79%/yr vs 0.78%/yr for DBE.
Performance
USEP vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, USEP achieves a 4.73% return, which is significantly lower than DBE's 83.68% return.
USEP
- 1D
- -0.08%
- 1M
- 1.65%
- YTD
- 4.73%
- 6M
- 5.26%
- 1Y
- 14.66%
- 3Y*
- 13.11%
- 5Y*
- 8.01%
- 10Y*
- —
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%
USEP vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 4.73% | 11.75% | 12.39% | 18.62% | -7.98% | 5.73% | 7.13% | 3.60% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 14.48% |
Correlation
The correlation between USEP 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 | 0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019 | 0.14 |
The correlation between USEP and DBE shifts across timeframes, from -0.32 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USEP vs. DBE — Risk / Return Rank
USEP
DBE
USEP vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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.
| USEP | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.40 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 5.89 | -2.23 |
| Martin ratioReturn relative to average drawdown | 18.85 | 11.53 | +7.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USEP | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.43 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | 0.67 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | 0.09 | +0.91 |
Drawdowns
USEP vs. DBE - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for USEP and DBE.
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Drawdown Indicators
| USEP | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -86.69% | +73.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -14.41% | +10.38% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -23.89% | +14.17% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -38.74% | +26.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.08% | -30.27% | +30.19% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -57.31% | +55.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 7.35% | -6.57% |
Volatility
USEP vs. DBE - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 0.62%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that USEP 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
| USEP | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 12.95% | -12.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.00% | 30.86% | -26.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 34.97% | -29.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 29.39% | -21.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.06% | 28.33% | -20.27% |
USEP vs. DBE - Expense Ratio Comparison
USEP has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
USEP vs. DBE - Dividend Comparison
USEP has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% | 0.00% |
Frequently Asked Questions
USEP 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 USEP (0.62%). In terms of maximum drawdown, USEP dropped -13.37% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 8.01% for USEP. On fees, DBE is cheaper at 0.78% per year. On volatility, USEP has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for USEP.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for USEP.
USEP is categorized as Defined Outcome, while DBE is Oil & Gas. USEP tracks S&P 500 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for USEP and 0.78% for DBE.
USEP currently has the higher Sharpe Ratio (2.70 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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