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VOO vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOO vs. DBE

Last updated Jun 4, 2026

VOO (Vanguard S&P 500 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - VOO is a S&P 500 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 10 years, VOO returned 15.56%/yr vs 12.03%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. VOO charges 0.03%/yr vs 0.78%/yr for DBE.

Performance

VOO vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 10.91% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, VOO has outperformed DBE with an annualized return of 15.56%, while DBE has yielded a comparatively lower 12.03% annualized return.

VOO

1D
-0.70%
1M
5.04%
YTD
10.91%
6M
10.93%
1Y
28.04%
3Y*
22.44%
5Y*
13.90%
10Y*
15.56%

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)

VOO vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOO
Vanguard S&P 500 ETF		10.91%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%
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 VOO and DBE is -0.33, 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

-0.33

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

-0.07

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

0.09

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

0.19

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

0.26

The correlation between VOO and DBE shifts across timeframes, from -0.33 (1 year) to 0.26 (all time), 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 S&P 500 ETF

Invesco DB Energy Fund

Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

VOO vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7070
Sortino Ratio Rank
VOO Omega Ratio Rank: 7070
Omega Ratio Rank
VOO Calmar Ratio Rank: 6262
Calmar Ratio Rank
VOO Martin Ratio Rank: 7575
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.

VOO vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

VOODBEDifference

Sharpe ratio

Return per unit of total volatility

2.39

2.43

-0.04

Sortino ratio

Return per unit of downside risk

3.25

2.96

+0.30

Omega ratio

Gain probability vs. loss probability

1.43

1.40

+0.03

Calmar ratio

Return relative to maximum drawdown

3.16

5.89

-2.73

Martin ratio

Return relative to average drawdown

14.73

11.53

+3.20

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

VOO vs. DBE - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.39, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of VOO 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

VOODBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.39

2.43

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

0.67

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.87

0.43

+0.44

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.09

+0.79

Drawdowns

VOO vs. DBE - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for VOO and DBE.

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Drawdown Indicators

VOODBEDifference

Max Drawdown

Largest peak-to-trough decline

-33.99%

-86.69%

+52.70%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-14.41%

+5.51%

Max Drawdown (3Y)

Largest decline over 3 years

-18.69%

-23.89%

+5.20%

Max Drawdown (5Y)

Largest decline over 5 years

-24.52%

-38.74%

+14.22%

Max Drawdown (10Y)

Largest decline over 10 years

-33.99%

-60.84%

+26.85%

Current Drawdown

Current decline from peak

-0.70%

-30.27%

+29.57%

Average Drawdown

Average peak-to-trough decline

-3.69%

-57.31%

+53.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.91%

7.35%

-5.44%

Volatility

VOO vs. DBE - Volatility Comparison

The current volatility for Vanguard S&P 500 ETF (VOO) is 2.84%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that VOO 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

VOODBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

12.95%

-10.11%

Volatility (6M)

Calculated over the trailing 6-month period

8.90%

30.86%

-21.96%

Volatility (1Y)

Calculated over the trailing 1-year period

11.80%

34.97%

-23.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.81%

29.39%

-12.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

28.33%

-10.32%

VOO vs. DBE - Expense Ratio Comparison

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

Dividends

VOO vs. DBE - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, less 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%
VOO
Vanguard S&P 500 ETF		1.03%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

VOO and DBE have a correlation of -0.33, 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 VOO (2.84%). In terms of maximum drawdown, VOO dropped -33.99% vs DBE's -86.69%.

On 10-year performance, VOO leads with 15.56% vs 12.03% for DBE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.56% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

DBE has the higher dividend yield at 2.10%, compared with 1.03% for VOO.

VOO is categorized as S&P 500, while DBE is Oil & Gas. VOO tracks S&P 500 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 VOO and 0.78% for DBE.

DBE currently has the higher Sharpe Ratio (2.43 vs 2.39), 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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