UTEN vs. DBE
UTEN (US Treasury 10 Year Note ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UTEN is a Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, UTEN returned 1.92%/yr vs 22.41%/yr for DBE. At a correlation of -0.19, they often move in opposite directions. UTEN charges 0.15%/yr vs 0.78%/yr for DBE.
Performance
UTEN vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UTEN achieves a -0.55% return, which is significantly lower than DBE's 79.04% return.
UTEN
- 1D
- 0.14%
- 1M
- -0.03%
- YTD
- -0.55%
- 6M
- -0.80%
- 1Y
- 3.58%
- 3Y*
- 1.92%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
UTEN vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTEN US Treasury 10 Year Note ETF | -0.55% | 7.82% | -1.67% | 3.18% | -7.79% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | -6.52% |
Correlation
The correlation between UTEN and DBE is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.19 |
Over the past year, the inverse relationship between UTEN and DBE has strengthened: their correlation has moved from -0.19 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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
UTEN vs. DBE — Risk / Return Rank
UTEN
DBE
UTEN vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) 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.
| UTEN | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.39 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 5.67 | -4.89 |
| Martin ratioReturn relative to average drawdown | 2.36 | 11.08 | -8.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UTEN | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 2.33 | -1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.09 | -0.08 |
Drawdowns
UTEN vs. DBE - Drawdown Comparison
The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UTEN and DBE.
Loading charts...
Drawdown Indicators
| UTEN | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -86.69% | +73.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -14.41% | +9.84% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -23.89% | +15.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -2.91% | -32.03% | +29.12% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -57.30% | +52.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 7.37% | -5.85% |
Volatility
UTEN vs. DBE - Volatility Comparison
The current volatility for US Treasury 10 Year Note ETF (UTEN) is 1.71%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that UTEN 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
| UTEN | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 13.05% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 30.97% | -27.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 35.07% | -29.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 29.41% | -21.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.05% | 28.34% | -20.29% |
UTEN vs. DBE - Expense Ratio Comparison
UTEN has a 0.15% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
UTEN vs. DBE - Dividend Comparison
UTEN's dividend yield for the trailing twelve months is around 4.04%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
UTEN US Treasury 10 Year Note ETF | 4.04% | 4.11% | 4.13% | 3.62% | 1.39% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UTEN and DBE have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to UTEN (1.71%). In terms of maximum drawdown, UTEN dropped -13.36% vs DBE's -86.69%.
On 3-year performance, DBE leads with 22.41% vs 1.92% for UTEN. On fees, UTEN is cheaper at 0.15% per year. On volatility, UTEN has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 22.41% return vs 1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTEN is cheaper with a 0.15% expense ratio, compared with 0.78% for DBE.
UTEN has the higher dividend yield at 4.04%, compared with 2.16% for DBE.
UTEN is categorized as Government Bonds, while DBE is Oil & Gas. UTEN tracks ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: US Benchmark Series and Invesco. Their fees differ too: 0.15% for UTEN and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 0.69), 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 UTEN 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