VTWO vs. DBE
VTWO (Vanguard Russell 2000 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - VTWO is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, VTWO returned 11.12%/yr vs 11.58%/yr for DBE. At a 0.26 correlation, their price movements are largely independent. VTWO charges 0.06%/yr vs 0.78%/yr for DBE.
Performance
VTWO vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, VTWO achieves a 18.87% return, which is significantly lower than DBE's 79.04% return. Both investments have delivered pretty close results over the past 10 years, with VTWO having a 11.12% annualized return and DBE not far ahead at 11.58%.
VTWO
- 1D
- 1.53%
- 1M
- 3.33%
- YTD
- 18.87%
- 6M
- 16.64%
- 1Y
- 41.90%
- 3Y*
- 19.24%
- 5Y*
- 6.60%
- 10Y*
- 11.12%
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%
VTWO vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWO Vanguard Russell 2000 ETF | 18.87% | 12.90% | 11.55% | 17.08% | -20.49% | 14.79% | 20.22% | 25.81% | -11.15% | 14.69% |
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 VTWO and DBE is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2010 | 0.26 |
The correlation between VTWO and DBE shifts across timeframes, from -0.30 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTWO vs. DBE — Risk / Return Rank
VTWO
DBE
VTWO vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 ETF (VTWO) 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.
| VTWO | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | 5.67 | -1.84 |
| Martin ratioReturn relative to average drawdown | 13.62 | 11.08 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTWO | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.33 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.65 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.41 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.09 | +0.44 |
Drawdowns
VTWO vs. DBE - Drawdown Comparison
The maximum VTWO drawdown since its inception was -41.19%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for VTWO and DBE.
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Drawdown Indicators
| VTWO | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.19% | -86.69% | +45.50% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -14.41% | +3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.57% | -23.89% | -3.68% |
Max Drawdown (5Y)Largest decline over 5 years | -31.88% | -38.74% | +6.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.19% | -60.84% | +19.65% |
Current DrawdownCurrent decline from peak | 0.00% | -32.03% | +32.03% |
Average DrawdownAverage peak-to-trough decline | -8.39% | -57.30% | +48.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 7.37% | -4.29% |
Volatility
VTWO vs. DBE - Volatility Comparison
The current volatility for Vanguard Russell 2000 ETF (VTWO) is 5.69%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that VTWO 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
| VTWO | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.69% | 13.05% | -7.36% |
Volatility (6M)Calculated over the trailing 6-month period | 13.57% | 30.97% | -17.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.12% | 35.07% | -15.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.49% | 29.41% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 28.34% | -5.26% |
VTWO vs. DBE - Expense Ratio Comparison
VTWO has a 0.06% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
VTWO vs. DBE - Dividend Comparison
VTWO's dividend yield for the trailing twelve months is around 1.07%, less 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% |
VTWO Vanguard Russell 2000 ETF | 1.07% | 1.25% | 1.21% | 1.45% | 1.48% | 1.13% | 0.92% | 1.36% | 1.41% | 1.18% | 1.27% | 1.23% |
Frequently Asked Questions
VTWO and DBE have a correlation of -0.30, 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 VTWO (5.69%). In terms of maximum drawdown, VTWO dropped -41.19% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.58% vs 11.12% for VTWO. On fees, VTWO is cheaper at 0.06% per year. On volatility, VTWO has been the lower-risk option at 5.69%. 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 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTWO is cheaper with a 0.06% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.16%, compared with 1.07% for VTWO.
VTWO is categorized as Small Cap Blend Equities, while DBE is Oil & Gas. VTWO tracks Russell 2000 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.06% for VTWO and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.33 vs 2.20), 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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