VDE vs. DBE
VDE (Vanguard Energy ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, VDE returned 9.47%/yr vs 11.58%/yr for DBE. A 0.64 correlation means they provide meaningful diversification when combined. VDE charges 0.09%/yr vs 0.78%/yr for DBE.
Performance
VDE vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VDE achieves a 32.48% return, which is significantly lower than DBE's 79.04% return. Over the past 10 years, VDE has underperformed DBE with an annualized return of 9.47%, while DBE has yielded a comparatively higher 11.58% annualized return.
VDE
- 1D
- 0.18%
- 1M
- -1.99%
- YTD
- 32.48%
- 6M
- 28.99%
- 1Y
- 48.54%
- 3Y*
- 18.32%
- 5Y*
- 20.47%
- 10Y*
- 9.47%
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%
VDE vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VDE Vanguard Energy ETF | 32.48% | 7.11% | 6.75% | 0.03% | 62.89% | 56.31% | -33.02% | 9.28% | -19.95% | -2.50% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between VDE and DBE is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.64 |
The correlation between VDE and DBE has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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
VDE vs. DBE — Risk / Return Rank
VDE
DBE
VDE vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy ETF (VDE) 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.
| VDE | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.13 | 5.67 | -1.54 |
| Martin ratioReturn relative to average drawdown | 12.11 | 11.08 | +1.04 |
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
| VDE | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.41 | 2.33 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.65 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.41 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.09 | +0.19 |
Drawdowns
VDE vs. DBE - Drawdown Comparison
The maximum VDE drawdown since its inception was -74.20%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for VDE and DBE.
Loading charts...
Drawdown Indicators
| VDE | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.20% | -86.69% | +12.49% |
Max Drawdown (1Y)Largest decline over 1 year | -11.80% | -14.41% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -21.41% | -23.89% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -38.74% | +12.16% |
Max Drawdown (10Y)Largest decline over 10 years | -69.29% | -60.84% | -8.45% |
Current DrawdownCurrent decline from peak | -6.27% | -32.03% | +25.76% |
Average DrawdownAverage peak-to-trough decline | -19.96% | -57.30% | +37.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.02% | 7.37% | -3.35% |
Volatility
VDE vs. DBE - Volatility Comparison
The current volatility for Vanguard Energy ETF (VDE) is 7.99%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that VDE 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
| VDE | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.99% | 13.05% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.27% | 30.97% | -14.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.34% | 35.07% | -14.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.40% | 29.41% | -3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.93% | 28.34% | +1.59% |
VDE vs. DBE - Expense Ratio Comparison
VDE has a 0.09% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
VDE vs. DBE - Dividend Comparison
VDE's dividend yield for the trailing twelve months is around 2.37%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% | 0.00% | 0.00% |
VDE Vanguard Energy ETF | 2.37% | 3.11% | 3.23% | 3.34% | 3.65% | 4.13% | 4.76% | 3.42% | 3.35% | 2.90% | 2.31% | 3.17% |
Frequently Asked Questions
VDE and DBE have a correlation of 0.64, 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 VDE (7.99%). In terms of maximum drawdown, VDE dropped -74.20% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.58% vs 9.47% for VDE. On fees, VDE is cheaper at 0.09% per year. On volatility, VDE has been the lower-risk option at 7.99%. 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 11.58% return vs 9.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VDE is cheaper with a 0.09% expense ratio, compared with 0.78% for DBE.
VDE has the higher dividend yield at 2.37%, compared with 2.16% for DBE.
VDE is categorized as Energy Equities, while DBE is Oil & Gas. VDE tracks MSCI US Investable Market Energy 25/50 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.09% for VDE and 0.78% for DBE.
VDE currently has the higher Sharpe Ratio (2.41 vs 2.33), 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 VDE 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