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VGLT vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGLT vs. DBE

Last updated Jun 4, 2026

VGLT (Vanguard Long-Term Treasury ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, VGLT returned -1.10%/yr vs 12.03%/yr for DBE. At a correlation of -0.23, they often move in opposite directions. VGLT charges 0.03%/yr vs 0.78%/yr for DBE.

Performance

VGLT vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury ETF (VGLT) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VGLT achieves a -0.41% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, VGLT has underperformed DBE with an annualized return of -1.10%, while DBE has yielded a comparatively higher 12.03% annualized return.

VGLT

1D
-0.40%
1M
0.71%
YTD
-0.41%
6M
-1.68%
1Y
5.25%
3Y*
-0.72%
5Y*
-5.30%
10Y*
-1.10%

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

VGLT vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VGLT
Vanguard Long-Term Treasury ETF		-0.41%5.35%-6.28%3.27%-29.34%-4.98%17.57%14.30%-1.54%8.64%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between VGLT and DBE is -0.41, 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

-0.41

Correlation (3Y)
Calculated over the trailing 3-year period

-0.23

Correlation (5Y)
Calculated over the trailing 5-year period

-0.19

Correlation (10Y)
Calculated over the trailing 10-year period

-0.20

Correlation (All Time)
Calculated using the full available price history since Nov 25, 2009

-0.23

The correlation between VGLT and DBE shifts across timeframes, from -0.41 (1 year) to -0.19 (5 years), 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.

Vanguard Long-Term Treasury ETF

Invesco DB Energy Fund

Often compared with VGLT:
VGLT vs. TLTVGLT vs. VGITVGLT vs. EDVVGLT vs. BNDVGLT vs. VCLTVGLT vs. BLVVGLT vs. SPTL
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

VGLT vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGLT
VGLT Risk / Return Rank: 1818
Overall Rank
VGLT Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
VGLT Sortino Ratio Rank: 1717
Sortino Ratio Rank
VGLT Omega Ratio Rank: 1616
Omega Ratio Rank
VGLT Calmar Ratio Rank: 1818
Calmar Ratio Rank
VGLT Martin Ratio Rank: 1818
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

VGLT vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.

VGLTDBEDifference

Sharpe ratio

Return per unit of total volatility

0.59

2.43

-1.83

Sortino ratio

Return per unit of downside risk

0.92

2.96

-2.04

Omega ratio

Gain probability vs. loss probability

1.10

1.40

-0.30

Calmar ratio

Return relative to maximum drawdown

0.75

5.89

-5.14

Martin ratio

Return relative to average drawdown

1.96

11.53

-9.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGLT vs. DBE - Sharpe Ratio Comparison

The current VGLT Sharpe Ratio is 0.59, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of VGLT 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.

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Sharpe Ratios by Period

VGLTDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.59

2.43

-1.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.37

0.67

-1.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.08

0.43

-0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.09

+0.09

Drawdowns

VGLT vs. DBE - Drawdown Comparison

The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for VGLT and DBE.

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Drawdown Indicators

VGLTDBEDifference

Max Drawdown

Largest peak-to-trough decline

-46.18%

-86.69%

+40.51%

Max Drawdown (1Y)

Largest decline over 1 year

-7.01%

-14.41%

+7.40%

Max Drawdown (3Y)

Largest decline over 3 years

-17.68%

-23.89%

+6.21%

Max Drawdown (5Y)

Largest decline over 5 years

-40.98%

-38.74%

-2.24%

Max Drawdown (10Y)

Largest decline over 10 years

-46.18%

-60.84%

+14.66%

Current Drawdown

Current decline from peak

-36.83%

-30.27%

-6.56%

Average Drawdown

Average peak-to-trough decline

-15.06%

-57.31%

+42.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

7.35%

-4.67%

Volatility

VGLT vs. DBE - Volatility Comparison

The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.59%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that VGLT 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

VGLTDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.59%

12.95%

-10.36%

Volatility (6M)

Calculated over the trailing 6-month period

5.94%

30.86%

-24.92%

Volatility (1Y)

Calculated over the trailing 1-year period

8.88%

34.97%

-26.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.58%

29.39%

-14.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.81%

28.33%

-14.52%

VGLT vs. DBE - Expense Ratio Comparison

VGLT has a 0.03% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

VGLT vs. DBE - Dividend Comparison

VGLT's dividend yield for the trailing twelve months is around 4.61%, more than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%0.00%0.00%0.00%
VGLT
Vanguard Long-Term Treasury ETF		4.61%4.44%4.33%3.33%2.84%1.82%2.15%2.46%2.71%2.55%2.69%3.21%

Frequently Asked Questions

VGLT and DBE have a correlation of -0.41, 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 VGLT (2.59%). In terms of maximum drawdown, VGLT dropped -46.18% vs DBE's -86.69%.

On 10-year performance, DBE leads with 12.03% vs -1.10% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.59%. 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 12.03% return vs -1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VGLT is cheaper with a 0.03% expense ratio, compared with 0.78% for DBE.

VGLT has the higher dividend yield at 4.61%, compared with 2.10% for DBE.

VGLT is categorized as Government Bonds, while DBE is Oil & Gas. VGLT tracks Bloomberg U.S. Long Treasury Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for VGLT and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 0.59), 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.

Portfolio Optimizer

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