VGLT vs. DBE
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 -1.80%/yr vs 13.17%/yr for DBE. Their -0.23 correlation means they have often moved in opposite directions in the past. VGLT charges 0.03%/yr vs 0.78%/yr for DBE.
Performance
VGLT vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -3.26% return, which is significantly lower than DBE's 78.87% return. Over the past 10 years, VGLT has underperformed DBE with an annualized return of -1.80%, while DBE has yielded a comparatively higher 13.17% annualized return.
VGLT
- 1D
- -0.62%
- 1M
- -3.51%
- 6M
- -3.14%
- YTD
- -3.26%
- 1Y
- -1.67%
- 3Y*
- -0.62%
- 5Y*
- -7.07%
- 10Y*
- -1.80%
- ALL TIME*
- 2.27%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $95.69M | $98.86M | $108.97M |
VGLT vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -3.26% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
DBE Invesco DB Energy Fund | 78.87% | -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 -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | -0.23 |
Over the past year, the inverse relationship between VGLT and DBE has strengthened: their correlation has moved from -0.23 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VGLT vs. DBE — Risk / Return Rank
VGLT
DBE
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.
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.
| VGLT | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.29 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.59 | -2.65 |
| Martin ratioReturn relative to average drawdown | -0.12 | 8.14 | -8.26 |
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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
| VGLT | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -86.69% | +40.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -24.72% | +17.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -24.72% | +11.34% |
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 DrawdownCurrent decline from peak | -38.64% | -32.09% | -6.55% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -57.13% | +41.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 8.15% | -4.96% |
Volatility
VGLT vs. DBE - Volatility Comparison
The current volatility for Vanguard Long-Term Treasury ETF (VGLT) is 2.24%, while Invesco DB Energy Fund (DBE) has a volatility of 14.12%. 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
| VGLT | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.24% | 14.12% | -11.88% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 33.95% | -27.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.47% | 37.47% | -29.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.45% | 30.09% | -15.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 28.58% | -14.83% |
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 4.77%, 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.37% | 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 -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (14.12%) compared to VGLT (2.24%). In terms of maximum drawdown, VGLT dropped -46.18% vs DBE's -86.69%.
On 10-year performance, DBE leads with 13.17% vs -1.80% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.24%. 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 13.17% return vs -1.80%. 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 4.37%, compared with 2.16% 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 (1.71 vs -0.04), 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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